Ha Tinh province in central Vietnam has officially approved an investment plan for the North Central LNG Terminal project in Hoanh Son ward, with a total capital for its first phase estimated at over VND26.7 trillion (approximately $1.02 billion).

The North Central LNG Terminal, also known as the Vung Ang LNG Terminal, is a large-scale project of strategic importance to Vietnam's national energy security. It is also expected to drive significant industrial and service development for the southern part of Ha Tinh province and the wider north central region.

The project will be developed by Petrovietnam Gas Joint Stock Corporation (PV GAS). It is slated for construction on some 53 ha of land and 426 ha of water surface in Hoanh Son ward, located within the Vung Ang Economic Zone. This zone is a key economic driver for Ha Tinh, already attracting significant investment from both domestic and foreign companies.

According to the plan, the project will be implemented in two phases, with the first phase expected to be operational by 2029-2030. The terminal will have an import and processing capacity of 1 to 3 million tons of liquefied natural gas (LNG) per annum. In phase 2 (post-2030), apotential capacity expansion will be considered, contingent on future approved plans and market demand.

The project is set to have an operational lifespan of 35 years from the date of land handover and lease.