Bac Lieu hopes 4-billion-USD LNG project will attract more FDI

The People’s Committee of Bac Lieu province hopes the licence it granted to a Singapore company for a liquefied natural gas-fired (LNG) power plant in the province is going to be a significant factor in attracting further foreign direct investment (FDI).

The Bac Lieu provincial People’s Committee grants an investment certificate to Singapore’s Delta Offshore Energy Pte Ltd Co for an LNG-fired power plant in January (Photo courtesy of the Bac Lieu People’s Committee).

Last month, the provincial People’s Committee approved the construction of the plant by Delta Offshore Energy Pte. Ltd, the largest foreign project in the Mekong Delta to date.

Chairman of the provincial People’s Committee Duong Thanh Trung hoped the plant, worth some 4 billion USD, would help change the province’s economic structure.

It is expected to create thousands of jobs and contribute more than 3 trillion VND (129.6 million USD) a year to the State budget, he said.

Trung urged the company and its partners to ensure the project progresses on schedule, promising them most favourable conditions possible.

The 3,200MW plant will have four turbines of 750MW each and one with a capacity of 200MW, the former to go on stream at the end of 2023 and the latter in 2027.

Bac Lieu wants to attract investments in certain sectors such as renewable energy, hi-tech agriculture, trade, services, tourism, education, and healthcare, Trung said.

The province aims to become a regional and national energy hub by 2030, he added.

Bac Lieu has a 56km coastline where the wind blows steadily, making it ideal for generating renewable energy.

The project has lifted the province to 21st position from 44th in cumulative foreign direct investment (FDI) attraction in the country and third in the Mekong Delta, after Long An and Kien Giang province.

Vietnam attracted FDI worth 5.33 billion USD in January, up 2.8 times year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Besides, investment through mergers and acquisitions was worth 534.8 million USD, it said.

Singapore was the largest investor with 4.16 billion USD, or 78.1 percent of all investment.

It was followed by the Republic of Korea with 264.5 million USD and Hong Kong with 212 million USD.

Source: en.vietnamplus.vn