Important role of Long Son LNG project
According to the adjusted Power Plan VIII, LNG gas power is allocated a significant proportion in the source structure thanks to its advantage in efficiency and lower emissions. In the period 2025-2035, the whole country is expected to have 22 LNG projects built and put into operation.
According to experts, to make this goal a reality, the problem is not only in building factories but also in synchronously removing bottlenecks in capital, market, infrastructure, and risk sharing mechanisms.
According to the Ho Chi Minh City People's Committee, the total on-site power source capacity currently reaches 4,510 MW, only meeting about 47% of the power demand. Therefore, the city is promoting the development of new power sources, including Long Son LNG, and at the same time proposing to accelerate the project progress in the 2026-2030 period to supplement power sources for the Southern power system as well as the national power system.
The project aims to accelerate the investment progress to be completed in the 2026-2030 period, to replace other power source projects that are behind schedule. The scale of phase 1 of the project is determined to have a capacity of about 1,500 MW, built on an area of more than 42 hectares outside Long Son Oil and Gas Industrial Park. The total investment capital is about nearly 40,000 billion VND (equivalent to about 1.6 billion USD).
The role of the Long Son LNG project is even clearer when this plant is located in the economic space of the Southeast region - one of the most important growth drivers in the country. Along with proposing to the Prime Minister to allow the increase in capacity of the Long Son LNG project phase 2 to 3,000 MW (total capacity of phase 2 reaches 4,500 MW), the Ho Chi Minh City People's Committee also proposed to allow the city to study the formation of a Energy Reserve Center in Long Son commune, gradually forming a National Energy Industry Center.
The strength of energy "giants" resolves objective disadvantages
Over the past time, geopolitical fluctuations in the world have caused LNG supply to decrease by 1/5, many forecasts worry that rising gas prices in the near future will affect Vietnam's gas power project development plans.
However, looking at the strengths of the two sides in the cooperation agreement between T&T Group and TotalEnergies, it can be seen that the objective disadvantages when developing Long Son LNG project will be resolved.
T&T Group's partner - TotalEnergies company is not only a manufacturer and supplier of liquefied natural gas from the world's leading source, but also owns international experience in developing, building and operating 16 large-scale gas-fired power units in Europe and the US (total capacity of about 6.7 GW).
In addition, TotalEnergies has participated in the LNG-to-Power project chain, connecting LNG sources for the 1GW project in Korea. In 2025, this French energy "giant" sold about 44 million tons of liquefied natural gas, equivalent to about 10% of the global LNG market share, being the 3rd largest LNG business in the world with operations spanning from production, transportation, regasification to LNG business. In Vietnam, TotalEnergies Gas & Power Activities has also participated in supplying LNG to Thi Vai warehouse, serving gas sources for Nhon Trach 3 and 4 power plants.
According to the agreement that T&T Group and TotalEnergies have reached, TotalEnergies not only arranges international finance for the project, but is also responsible for investing in the construction of a LNG power plant - infrastructure, and especially providing LNG gas sources at a competitive price.
Meanwhile, T&T Group is a leading multi-industry private economic group in Vietnam, in which clean energy development is a pillar with experience in developing large-scale energy projects in Vietnam and the region. This group currently has a portfolio of energy projects that have been and are being invested in about 2,900 MW, of which nearly 1,200 MW have been commercially operated.
In addition to a series of renewable energy projects in many provinces and cities of Vietnam, T&T Group also successfully developed the Savan 1 wind power project in Laos in difficult terrain, infrastructure and construction organization conditions. Phase 1 of the project (capacity of 300 MW) was completed in a record time of 16 months, put into operation from the end of 2025, providing about 0.9 billion kWh of electricity/year. Specifically for the gas power sector, T&T Group is working with Korean partners to implement phase 1 of the Hai Lang LNG project with a capacity of 1,500 MW in Quang Tri.
In the context of increasing electricity demand and Resolution 70-NQ/TW emphasizing the development of LNG infrastructure, while promoting the role of the private economy in the energy sector, the cooperation between T&T Group and TotalEnergies in Long Son shows the increasingly proactive participation of businesses in the goal of ensuring energy security. Towards success, the project will also contribute to transforming high-level foreign relations into resources, technology and international capital to serve national development.
Cooperation between T&T and TotalEnergies is one of the imprints showing the spirit of strengthening the Comprehensive Strategic Partnership between Vietnam and France. Accordingly, the two countries develop reliable and mutually beneficial economic partnerships, prioritizing strengthening exchanges between functional agencies and businesses of the two countries to support Vietnam in developing strategic infrastructure in many fields, including the energy sector.
