The plant is a key step in Vietnam's shift towards cleaner energy sources and reflects growing strategic cooperation with Japan in the energy sector. This large-scale project is of strategic importance for Vietnam's socioeconomic development and plays a critical role in ensuring national energy security. The plant is being developed by Thai Binh LNG Power JSC, a joint venture including three stakeholders: Tokyo Gas of Japan holds a 40 per cent stake, Kyuden International (also of Japan) owns 30 per cent, and Vietnam's Truong Thanh Vietnam Group (TTVN Group) holds the remaining 30 per cent. With a total investment exceeding VND47 trillion (approximately $2 billion), the plant is designed to deliver a capacity of 1,500MW, over roughly 269.43 hectares both onshore and offshore.