Thai billionaire revives Vietnam gas projects in overseas push
The South-east Asian nation’s ‘strong potential’ and rapid economic growth drive rising electricity demand, says tycoon Sarath Ratanavadi
Thai billionaire Sarath Ratanavadi is reigniting plans for large gas-fired power projects in Vietnam, citing the Southeast Asian nation's strong potential and rapid economic growth. Gulf Development, Sarath's private power producer, is revisiting the idea after previously suspending the venture. Speaking at Gastech 2026, Sarath stated that Vietnam's demand for electricity is rising due to the country's economic expansion.
He hinted at potential further investments in Vietnam at the conference in Bangkok. Vietnam aims for at least 10% economic growth, putting pressure on its power grid. In 2019, Gulf signed an agreement with Vietnam to study a 6,000-megawatt gas-fired plant and LNG terminal in Ninh Thuan province. Meanwhile, the company is also exploring expansion opportunities in Europe, focusing on renewable energy projects. In Southeast Asia, Gulf operates power assets in the US, UK, Germany, Laos, and Vietnam.
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