The People's Committee of Ha Tinh Province in central Vietnam has officially approved the investment policy for the North Central LNG Terminal Project (Vung Ang LNG Terminal) and selected PetroVietnam Gas Joint Stock Corporation (PV Gas) as the investor.

With a total investment of over VND26.735 trillion (over $1 billion), including over VND8 trillion in equity and nearly VND18.715 trillion in loans, the project will be developed in the Vung Ang Economic Zone in Hoanh Son Ward of the central province,  covering 53 ha of land and 426 ha of water surface.

The North Central LNG Terminal plays a strategic role in supplying liquefied natural gas (LNG) to thermal power plants listed in the country's revised Power Development Plan VIII, such as Vung Ang III, Quang Trach II, and Quang Trạch III. It also aims to meet the growing demand from industrial consumers in Vung Ang and surrounding areas.

According to the plan, Phase 1 of the project (2029–2030) will have a capacity of 1 to 3 million tons of LNG per year. After 2030, PV Gas will consider expanding the capacity based on market demand and approved planning. The project is expected to operate for 35 years, with completion and commissioning scheduled for Q4/2029.