CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
US-based AES Corporation plans to build LNG hub in Vietnam
Linh Pham 16:16, 2019/10/24
LNG fits the new strategy of the government of Vietnam in power sector and becomes AES’ major focus in Vietnam.
The AES Corporation announced on October 18 the operations of AES Colón plant – the first liquefied natural gas (LNG) hub in Panama and Central America – a model that the company plans to build in Vietnam in the coming years.
 
AES Colón plant. Photo: AES
AES Colón plant. Photo: AES

AES plans to build a similar project in Vietnam in the coming years, which will bring many of these same benefits to Southeast Asia, David Stone, CEO and Managing Director of AES Vietnam said at the inauguration event of AES Colón plant.

AES Colón consists of the 180,000-cubic meter (m3) LNG tank and a 381-MW combined cycle power plant, which reached commercial operations in 2018 and had been previously operating with gas from temporary sources.
 
David Stone, CEO and Managing Director of AES Vietnam. Photo: DDDN
David Stone, CEO and Managing Director of AES Vietnam. Photo: DDDN

The use of LNG helps both reduce CO2 (carbon dioxide) emissions and increase renewable energy penetration. Furthermore, LNG conversion lowers electricity costs and provides greater price stability to support economic growth.

LNG has the potential to be a transformative energy technology by providing both economic and environmental benefits. It’s also AES’ major focus in Vietnam as it fits the new strategy of the government of Vietnam in power sector, Mr. David Stone said. 

“Recently, we were officially granted approval by the Government of Vietnam to develop Son My 2, a 2.25 GW combined cycle gas turbine power plant and 450 TBtu Son My LNG terminal in Binh Thuan province. With these two projects, AES is fully committed to the country’s growth in cleaner energy sources and offering the most reliable and affordable electricity to support the continued economic growth of Vietnam,” he emphasized.
 
AES Mong Duong Thermal Power Plant in Vietnam. Photo: AES
AES Mong Duong Power Plant in Vietnam. Photo: AES

Under the Vietnam Gas Industry Development Master Plan to 2035, the gas production volume across the country will increase from 10 billion cubic meter (cu.m) per year to 21 billion cu.m/year in the 2015 – 2035 period. 

To reach the goal, Vietnam will develop the LNG terminal systems and related facilities which will hit 3-4 LNG terminals with annual capacity of 1-3 million tons each depot for 2021-2025 and 5-6 LNG terminals of approximately 3 million tons/year each for 2026-2035.

AES Vietnam is running 1,200-MW Coal-fired Mong Duong 2 Power Plant in Vietnam’s northern province of Quang Ninh in partnership with South Korea’s Posco Energy and China Investment Corporation.
Comments
Other news
16:05, 2025/01/21
Sustainable fuel incurs new costs for Vietnamese airlines
Vietnamese airlines have been active in adopting Sustainable Aviation Fuel (SAF), making Vietnam's aviation sector greener.
21:12, 2025/01/12
Hanoi prioritizes key industrial products
The city is offering incentives to key manufacturers of industrial products, focusing on improving the business environment, advancing science and technology, and improving human resources.
16:42, 2025/01/12
AI set to drive Vietnam's economic growth in 2025
In 2024, Vietnam's digital economy saw a major uptick in interest in artificial intelligence (AI).
22:38, 2025/01/11
AEON Vietnam opens another department store in Hanoi
Vietnam remains AEON's second most important market in its medium- and long-term strategic plans.
22:32, 2025/01/09
Support measures to strengthen Hanoi's small businesses and local industries
In 2025, the geopolitical and economic landscape is expected to remain complex, affecting production, investment and trade activities.
17:17, 2025/01/08
European companies endorse Vietnam as investment destination
A large number of European companies foresee an improvement in the macroeconomic outlook for Vietnam in the first quarter of 2025.