Vietnam’s Long Son LNG Project Attracts 3 Bidders Ahead of Investor Selection
Key Facts
Vietnam’s Long Son LNG terminal project is competing among 3 bidders, including a consortium comprising T&T Group and TotalEnergies, according to a specialized tender report. Competing against it are a consortium of EVNGENCO3 and AG&P, as well as Ngoc Long Hai Son Group. The project is now entering the stage of selecting an official investor, before negotiations begin on gas supply arrangements. TotalEnergies said its memorandum of understanding with T&T aims to explore opportunities to develop the terminal, with the French company set to serve as the exclusive LNG supplier. Under the memorandum, the consortium would develop, build and operate the terminal, but these proposed roles do not mean it has won the contract.
The project targets the start of commercial operations in June 2031, placing it among long-term projects that require the completion of selection, negotiation and development stages before power generation begins. T&T’s portfolio of power projects in which it has invested or is investing totals about 2,900 megawatts, of which about 1,200 megawatts had entered commercial operation when the cooperation statement was published in September 2026. This provides context on the scale of the company’s activity in the energy sector, without determining the outcome of the current competition.
TotalEnergies and T&T signed two memoranda of understanding in Paris on 10 September 2026, during the Vietnam-France Leaders’ Forum, in the presence of French President Emmanuel Macron and Vietnamese President To Lam, according to the French company. One covered exploring opportunities to develop the Long Son terminal, while the cooperation memorandum supports the framework for the two parties’ energy partnership. The earlier announcement reflects the understanding reached between the companies, while the current competition is a separate step to identify the project’s investor. T&T said selecting the consortium as the official investor would precede negotiations on an LNG purchase agreement. If the consortium is selected, TotalEnergies would become a supplier to the project under the arrangement announced by its Vietnamese partner.
The project is part of a broader portfolio of LNG-fired power plants being tracked by Vietnamese authorities. At a government meeting in August 2026, the Ministry of Industry and Trade said 16 of 18 projects had selected their investors, while Long Son was among the two projects that had not selected an investor at that time. The ministry estimated in October that the 18 projects had total capacity of more than 20,000 megawatts, while only Hiep Phuoc was on track to meet its schedule, according to Vietnam News. These figures show the scale of the portfolio under development and the timing challenges around it, while placing the selection of an investor for Long Son in the context of broader government oversight. The competition’s outcome remains the project’s next step before it moves to negotiations on the gas agreement.
TotalEnergies shares closed at $87.88 on 10 November 2026, according to EL7 data. That price was recorded in the session before the news was published, and the available information does not include any other share-price movement in that session. The company’s link to the project is its proposed role in supplying LNG, as well as its participation in the consortium competing to develop the terminal. After the official investor is selected, negotiations on an LNG purchase agreement would precede the development and operations targeted for June 2031. The project has yet to be awarded to any of the bidders, pending the outcome of the competition.