Lilama 10

What Lilama 10 does

Lilama 10 is a Vietnamese public EPC (Engineering, Procurement, and Construction) contractor (stock symbol: hose:L10) founded in 1960 and headquartered in Hanoi, with 1,001–5,000 employees. The company concentrates on construction, installation, and completion of large-scale industrial projects, with current emphasis on power generation infrastructure. Its core revenue engine is one-time, project-based EPC contracts for large-scale LNG-fired and gas-fired power plants, won through competitive bidding with Vietnamese state-owned utilities. Contract values typically range from hundreds of millions to billions of dollars per project, and pricing is not publicly disclosed.

The company's product portfolio is anchored on two flagship LNG power projects. First, the Nhon Trach 3&4 combined-cycle LNG-fired power plant (1.6 GW, total project value approximately $1.4B) in Ong Keo Industrial Park, Dong Nai province, constructed in partnership with Samsung C&T for PV Power and which entered commercial operation in January 2026 — Vietnam's first LNG-powered facility and the first deployment of GE Vernova's 9HA.02 HA-class gas turbines (combined-cycle efficiency above 63%). Second, the Quang Trach II LNG-fired power plant (1,612 MW, $974M contract value) in Quang Tri province, executed through a consortium with PowerChina under a contract awarded by EVN, scheduled for full operation by 2030.

Go-to-market is enterprise field sales via direct competitive bidding with state utilities; channels are direct government procurement rather than conventional marketing. The customer base is highly concentrated — EVN and PV Power are both named "Primary Customer" partners — and operating geographies are exclusively Vietnam. The financial trajectory shows revenue accelerating from ~43.2T VND (2023) to ~42.3T VND (2024) and ~54.7T VND (2025), with EBITDA expanding materially, indicating that the LNG project backlog is converting into topline and margin growth, and positioning Lilama as a key domestic EPC for Vietnam's coal-to-gas transition supporting the country's 2050 net-zero pathway.

Name

Lilama 10

Website

https://lilama10.com.vn

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lilama 10 is a Vietnamese public EPC contractor that builds large-scale industrial and power infrastructure projects, primarily LNG-fired power plants. It serves Vietnamese state-owned utilities — EVN and PV Power — through international consortia with PowerChina, Samsung C&T, and GE Vernova.

Ownership category

akta.pro rank

Product category

Industrial Construction Services

NAICS

Engineering Services (54133), Engineering Services (541330)

SIC

Services-Engineering Services (8711), Electrical Work (1731)

akta.pro primary industry

Power Generation Plant Construction (Thermal, Hydro, Nuclear) (IMAFADAC)

akta.pro secondary industries

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ), Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

Keywords

• Industrial construction services
• Power plant construction
• EPC contracting
• LNG power infrastructure
• Energy construction

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. EPC Contracts for Power Infrastructure: Revenue generated through Engineering, Procurement, and Construction (EPC) contracts for large-scale power generation facilities, including LNG-fired power plants. Contract values are typically in the hundreds of millions to billions of dollars per project.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Lilama 10 is a Vietnamese EPC (Engineering, Procurement, and Construction) contractor specializing in construction, installation, and completion of large-scale industrial projects, particularly LNG and gas-fired power plants. The company executes multi-hundred-million to billion-dollar power infrastructure projects in consortium with international partners (PowerChina, Samsung C&T, GE Vernova) for Vietnamese state-owned utilities such as EVN and PV Power.

Product overview

Lilama 10 is a Vietnamese construction company specializing in large-scale power plant construction, particularly liquefied natural gas (LNG) and gas-fired power generation facilities. The company operates as part of international construction consortia and has delivered major power infrastructure projects including the Quang Trach II LNG-fired power plant (1,612 MW) and Nhon Trach 3&4 gas-fired power plant (1.6 GW).

Differentiator

Problem solved

Functional benefit

Products and services

• Quang Trach II LNG-Fired Power Plant Construction

Quantifiable outcome

• 1,612 MW of new LNG power generation capacity by 2030
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• PowerChinacoreStrategic or Co-development PartnerPowerChina and Lilama formed a consortium to secure and execute the $974 million Quang Trach II LNG-fired power plant construction contract awarded by Vietnam's state utility EVN. PowerChina provides international engineering and construction expertise while Lilama contributes local execution capabilities.
• GE VernovacoreTechnology or IntegrationGE Vernova supplies advanced HA gas turbines for projects constructed by Lilama. The company provided 9HA.02 turbines achieving over 63% combined-cycle efficiency for the Nhon Trach 3&4 plant.
• Samsung C&TcoreStrategic or Co-development PartnerSamsung C&T partnered with Lilama to construct the 1.6 GW Nhon Trach 3&4 LNG-fired power plant, Vietnam's first LNG-powered facility.
• EVN (Vietnam Electricity)coreOthersVietnam's state utility that awards major power infrastructure contracts. EVN awarded the $974 million Quang Trach II contract to the PowerChina-Lilama consortium.
• PV Power (PetroVietnam Power Corporation)coreOthersPV Power owns the Nhon Trach 3&4 LNG-fired power plant that Lilama constructed with Samsung C&T. The plant entered commercial operation in January 2026.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Samsung C&T Corporation: Korean construction major and Lilama 10's consortium partner on the $1.4B Nhon Trach 3&4 LNG power plant. Both companies execute large-scale power infrastructure EPC projects in Vietnam and other geographies.
• Doosan Enerbility: Korean power EPC contractor with significant presence in Vietnam's thermal and gas-fired power plant buildout. Comparable to Lilama 10 in delivering large-scale power generation EPC for state utilities.
• PowerChina: Chinese state-owned EPC giant and Lilama 10's consortium partner on the $974M Quang Trach II LNG project. Both companies deliver large-scale power plant EPC in Vietnam, with PowerChina acting as the senior international partner and Lilama 10 providing local execution.
• Doosan Heavy Industries & Construction: Korean EPC contractor with extensive power plant construction experience in Vietnam. Both companies compete for thermal and gas-fired power plant contracts from Vietnamese state utilities.
• Hyundai Engineering & Construction: Major Korean EPC contractor with established power plant construction operations in Vietnam and Southeast Asia. Competes with Lilama 10 for state-utility EPC awards and operates in a similar consortium model.

Direct peers

• Toyo-Vietnam Corporation: Vietnamese-based EPC contractor focused on industrial and power infrastructure projects. Directly comparable to Lilama 10 in serving Vietnamese state utilities on power plant construction.
• Vinaconex: Major Vietnamese state-owned construction and infrastructure group with significant exposure to power infrastructure and EPC projects. Competes with Lilama 10 for Vietnamese government infrastructure contracts.
• Lilama Corporation: Lilama 10's parent-affiliated group of Vietnamese industrial construction companies. Operates the same business model of large-scale industrial and power plant EPC in Vietnam, particularly for state-owned utilities.
• PetroVietnam Construction Joint Stock Corporation (PVC): Vietnamese construction company affiliated with PetroVietnam group, active in power and energy infrastructure EPC. Comparable to Lilama 10 in its focus on energy infrastructure projects in Vietnam.

Others

• GE Vernova: LNG turbine technology supplier and partner on Nhon Trach 3&4 (9HA.02 turbines). While not a direct competitor, GE Vernova is a critical technology enabler for the same LNG power plant projects Lilama 10 helps construct.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lilama 10