Thai Tycoon Revives Vietnam LNG Power Projects

Thai billionaire Sarath Ratanavadi is reviving investment plans in Vietnam's liquefied natural gas (LNG) power sector as his Gulf Development group seeks further growth opportunities abroad. According to Bloomberg, Gulf is reactivating its gas projects in Vietnam after a period of little progress. Gulf's return comes as Vietnam faces pressure to supplement its power sources to meet growing demand. Bloomberg quoted Sarath as saying that Vietnam's rapid economic growth is driving up electricity demand, with an economic growth target of at least 10% continuing to strain the power system. Electricity demand in Vietnam is forecast to increase by about 8.5% in 2026 under a base scenario, and could reach 14.1% in a high-demand scenario, according to the Electricity Regulatory Authority of Vietnam under the Ministry of Industry and Trade. Vietnam has been one of the overseas markets pursued by Sarath's group for years, with electricity demand projected to continue rising. Vietnam had bet on LNG to help reduce its reliance on coal while transitioning to renewable energy, aiming to develop about 22.5GW of LNG power capacity by 2030. However, with only four years left to achieve this goal, most LNG projects remain stalled due to various reasons, including electricity pricing issues, power purchase agreements that do not meet the requirements of international financial institutions, and the financial viability of the projects. In March 2026, Vietnam's richest man, billionaire Pham Nhat Vuong, halted the country's largest LNG power plant project in Hai Phong. According to experts, Vietnam's new government is taking a more cautious approach to LNG, prioritizing renewable energy and electricity storage systems more. Sarath Ratanavadi, 61, is the founder and CEO of Gulf Development, one of Thailand's major energy conglomerates. Forbes estimates his net worth at around $18.1 billion, placing him among the 200 richest people in the world in 2026. He started his career in the power sector and founded Gulf in 2007. Today, Sarath has diversified Gulf far beyond electricity, expanding into telecommunications, digital infrastructure, data centers, and finance, according to Forbes. During a meeting with General Secretary and President To Lam in Bangkok in May, Sarath Ratanavadi stated that Gulf wishes to become a long-term strategic partner of Vietnam in energy security through investments in LNG and renewable energy. In June, Gulf held discussions with Vietnam Electricity (EVN) regarding the potential development of LNG and renewable energy projects, according to Vietnamese media. Gulf reaffirmed its ambition to become a long-term partner in Vietnam's energy sector, while EVN expressed its readiness to cooperate in researching projects. In 2019, Gulf had proposed investing approximately $7.8 billion in the Ca Na LNG power complex in Ninh Thuan province, with a capacity of 6,000MW. Gulf later signed an agreement with the province to study the project's feasibility, but the plan did not proceed. The Ca Na project was later included in the master plan and has since been transferred to another investor consortium. Gulf also partnered with TTC Group to develop two solar power projects in Tay Ninh, with capacities of 68.8MW and 50MW, respectively, which have been operational since 2019. In Ben Tre, Gulf had announced plans to develop a 30MW solar power project and a 310MW offshore wind power project. The wind power project was later developed under the name Mekong Wind and currently has a capacity of 128MW, with full commercial operation since July 2023. © 2026 BBC. BBC is not responsible for the content of external sites. Learn how we approach linking to external websites.