SK Innovation to develop $2.3-billion LNG power plant in Vietnam

Vietnam

HANOI, February 19, 2026 – South Korea’s SK Innovation will build and operate a USD 2.3-billion LNG-to-power project in Vietnam, Argus reported on Thursday.

The Quynh Lap LNG project will be located in Nghe An province and will feature a 250,000-cubic-metre LNG import terminal linked to a 1.5-GW combined-cycle gas turbine plant. Construction is due to begin in 2027, with completion targeted for 2030, and will be operated by a consortium bringing together SK Innovation with Vietnam’s state utility PV Power and sugar manufacturing company NASU.

The project is part of Vietnam’s April 2025 power development plan, which aims to construct 15 LNG plants to reduce the country’s reliance on coal and hydropower for power generation amid rising electricity demand.

SK Innovation said it intends to help stabilise LNG supply and prices in Vietnam by contributing volumes from its global LNG portfolio, which stands at 6 million tonnes per year (tpy) and is projected to grow to 10 million tpy by 2030.

A subsidiary of South Korea’s SK Group, SK Innovation has operations across oil and gas exploration, refining, chemicals and battery manufacturing. The company said it intends to establish AI data centres and logistics hubs near the Quynh Lap LNG plant.

Photo of Thi Vai LNG terminal courtesy of PV Gas