At a government meeting last week, Industry and Trade Minister Le Manh Hung said LNG Hiep Phuoc is the sole project still on schedule. A government account of the meeting cited widespread hang-ups with clearing land and sites, securing financing, and signing power-purchase agreements.
Deputy Industry and Trade Minister Truong Thanh Hoai told the meeting that while investors have been chosen for 16 of the 18 projects, just two have moved into construction.
All told, the 18 planned gas plants would add more than 20 gigawatts of capacity. Local media report the LNG Hiep Phuoc facility in Ho Chi Minh City is targeting commercial operations in the fourth quarter of 2028. Of the remaining 17 gas-fired stations, roughly five are meant to be done before 2030.
Acting Deputy Prime Minister Pham Gia Tuc directed authorities to set detailed timetables for each project to catch delays earlier. The trade ministry warned last month that, because of these setbacks, the country could face power shortages starting next year.
Energy infrastructure delays become growth constraints a few years later. Market Briefs covers the build-out free every weekday.
Coal still does the heavy lifting in Vietnam's grid. Last year, coal supplied 46% of electricity, hydropower 34% and solar 8%, according to BloombergNEF.
BNEF now projects Vietnam will import 3 million tons of LNG in 2030, a change from a 2025 estimate that had placed the level at 4.9 million tons. Vietnam only began bringing in LNG in 2023, yet the global LNG industry still sees it as a significant growth opportunity.
Vietnam is aiming for economic expansion of at least 10% a year through 2030, and that factory and infrastructure buildout is straining the grid. If gas projects slip, the risk of shortages flagged by the trade ministry could affect the pace of new power supply, which can ripple into energy, utilities and businesses tied to Vietnam's electricity demand.
A country that cannot import gas fast enough will burn something dirtier. Join Market Briefs free and follow the gap.
