SK Innovation Launches $3.3 Billion LNG Project in Vietnam

At the groundbreaking ceremony for the Quynh Lap LNG project technical infrastructure in the Tan Mai area of Nghe An Province, Vietnam, key participants pose for a commemorative photo. Among them are SK Innovation CEO Choo Hyung-wook (second from right), Vo Trong Hai, Chairman of the Provincial People's Committee (fifth from right), Deputy Prime Minister Le Tien Chau (sixth from right), Doan Minh Huong, President of the Ho Chi Minh National Academy of Politics (eighth from right), Nguyen Khac Than, Secretary of Nghe An Province (ninth from right), Thai Thi Huong, Chairwoman of TH Group (twelfth from right), Seo Won-sam, Minister-Counselor and Consul General at the Embassy of the Republic of Korea in Vietnam (thirteenth from right), and Hoang Van Quang, Chairman of PV Power (fourteenth from right), among other attendees. SK Innovation

SK Innovation announced on May 19 that a consortium formed with Vietnam's state-owned power company PV Power and local partner NASU held a groundbreaking ceremony for the “Quynh Lap LNG Project” and related technical infrastructure in the Tan Mai area of Nghe An Province on May 18.

The Quynh Lap LNG project is a large-scale energy initiative that includes the construction of a 1.5GW LNG combined-cycle power plant and an LNG terminal in the Quynh Lap district of Nghe An Province, located about 220 kilometers south of Hanoi. The total investment is estimated at $2.3 billion (approximately 3.3 trillion won), with commercial operations targeted for December 2030.

SK Innovation said the project is significant because it represents a real-world implementation of the “Specialized Energy-Industrial Cluster (SEIC)” model proposed by SK Group to the Vietnamese government as a future industrial ecosystem strategy.

The plan involves supplying electricity generated by the plant to nearby advanced industrial complexes while applying a “Korean-style AI full-stack” value chain, including AI data centers, to support Vietnam's industrial advancement.

To bring the project to fruition, SK Group Chairman Chey Tae-won and other top executives have actively engaged with Vietnam's senior leadership, including the Communist Party chief, president, and prime minister.

Chey personally introduced the SEIC vision and helped strengthen bilateral trust by supporting Vietnam's National Innovation Center (NIC) and contributing to the development of local high-tech industries, laying the groundwork for securing the project.

SK Innovation CEO Choo Hyung-wook said, “This groundbreaking marks a historic first step toward resolving Vietnam's power shortages and building an advanced industrial ecosystem, as well as ensuring the successful completion of the Quynh Lap project.”

He added, “We will work closely with our partners, including PV Power and NASU, to achieve the goal of launching commercial operations in 2030 and establishing the project as a key pillar of Vietnam's energy security.”