Vietnam’s T&T Group partners TotalEnergies on $1.5 billion LNG project

T&T Energy Group, a subsidiary of T&T Group, and TotalEnergies Gas & Power Activities exchanged a memorandum of understanding (MOU) in Paris on Thursday as part of the state visit by Vietnamese Party General Secretary and President To Lam to France from September 10-12.

According to T&T Group, the Long Son LNG power project has an estimated investment of nearly VND40 trillion ($1.5 billion) and is expected to become one of Vietnam’s largest LNG-fired power plants once completed.

The project has received investment policy approval from Ho Chi Minh City and is included in Vietnam’s adjusted Power Development Plan VIII.

Under the MoU, the two companies will study the formation of a consortium to develop, build and operate the plant.

TotalEnergies is expected to participate as an investor and co-developer, with responsibilities including investment in the power plant and LNG infrastructure, arranging project financing and supplying LNG at competitive prices.

T&T Energy Group would also act as an investor and co-developer while handling legal and regulatory matters in Vietnam.

TotalEnergies is one of the world’s largest LNG players, with a global portfolio of 44 million tonnes per year in 2025 and operations spanning production, transportation, regasification, trading and supply.

In Vietnam, the group is already among the LNG suppliers to the Thi Vai terminal, which provides fuel for the Nhon Trach 3 and Nhon Trach 4 power plants.

T&T Group currently has an energy portfolio of around 2,900MW, with nearly 1,200MW in commercial operation.

Its projects include renewable energy developments in Vietnam, the Savan 1 wind project in Laos and the 1,500MW first phase of the Hai Lang LNG project in Quang Tri Province.

The group aims to expand its power portfolio to 25-30GW by 2035, equivalent to around 10 percent of Vietnam’s total installed generation capacity.