Vingroup is a major conglomerate in Vietnam, with the image showing one of its department stores. (Photo: iStock)
Vietnam's business giant Vingroup, globally known for its electric vehicles, is set to enter the energy sector, focusing on wind, solar, and liquefied natural gas (LNG) power plants. The total investment could reach up to $30 billion.
The proposal is currently under review by the Vietnamese government, and if approved, it will be included in the country's Power Development Plan (PDP8).
Vingroup targets 47.5 GW of clean energy by 2035
According to a report by Vietnam's state-run media VietnamNet, documents submitted by Vingroup show that the company has followed government regulations and collaborated with local authorities and the Ministry of Industry and Trade on research.
To enhance project efficiency and meet power distribution standards, Vingroup has also considered factors such as land resources in certain provinces and power connectivity potential. Future large-scale power plants, with capacities up to 5 GW, will be located near key energy demand centers.
Vingroup noted that the plants will be situated in regions most favorable for wind and solar power. Based on technological advancements and site selection, the company will determine development timelines, production efficiency, and cost recovery details. The goal is to complete a total installed capacity of 47.5 GW by 2035, with an estimated investment of $20 to 25 billion. The first phase aims to achieve 20.5 GW within the next five years.
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Vingroup plans to build large-scale wind and solar power plants, with capacities up to 5 GW. (Image: iStock)
LNG plant in Hai Phong aims to bridge power gap
For LNG power, Vingroup plans to establish a plant in Hai Phong, a manufacturing hub, with an investment of $5.5 billion, aiming to increase the region’s installed capacity by 5 GW in five years. Due to delays in four major thermal power plants in Nam Dinh and other areas, Vingroup hopes that the new proposal will help fill the power gap.
When Reuters sought a response from Vingroup, the company confirmed, "The company is interested and conducting research," but did not provide further details on the number of power plants or other specifics.
Vingroup, initially a real estate venture, has grown into one of Vietnam’s largest conglomerates, branching into retail, healthcare, and agriculture under founder Pham Nhat Vuong’s leadership.
Its electric vehicle brand, VinFast, went public on the U.S. Nasdaq in 2023, with a market value exceeding $8 billion. The company is now targeting Southeast Asian markets, with a presence in countries like Indonesia and the Philippines.
Source: Reuters, VietnamNet
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