Vingroup Launches Massive Energy Project; Vuong Transfers VIC Shares to VinEnergo
Vingroup has initiated a significant infrastructure project, breaking ground on the Tan Trao Industrial Park and the 4,800 MW Hai Phong LNG-to-power plant. Meanwhile, billionaire Pham Nhat Vuong is set to transfer a substantial number of shares, impacting the stakes of both VIC and VinEnergo.
Vingroup's latest venture involves the development of the Tan Trao Industrial Park and the Hai Phong LNG-to-power plant, with a combined capacity of 4,800 MW. This project is expected to significantly contribute to Vietnam's energy sector.
In a related development, Pham Nhat Vuong, the founder of Vingroup, plans to transfer over 60 million shares of VIC to VinEnergo. Following this transaction, Vuong's stake in VIC will reduce to 10.04%, while VinEnergo will hold a 4.27% stake. VinEnergo, established by Vuong in March 2025, is primarily focused on energy production and electrical equipment. Its first major project is the Hai Phong LNG power plant, a joint venture with Vingroup, involving an investment of over 178 trillion VND. This plant is expected to generate around 9.6 billion kWh annually in its first phase and 19.2 billion kWh in the second phase, starting operation by the end of 2030.
The total value of Vuong's share transfer exceeds VND10 trillion ($379 million). VinEnergo's ambitious plans include developing renewable energy in Gia Lai province with a total capacity of 20 GW and an estimated investment of $24 billion by 2035. The company aims to become a leading provider of sustainable energy solutions, focusing on renewable energy, carbon credits, energy storage, and new energy technologies. VinEnergo has already signed MoUs to install rooftop solar power systems integrated with battery energy storage systems with VinFast plants in Ha Tinh province.
Vingroup's latest infrastructure projects and Pham Nhat Vuong's strategic share transfer to VinEnergo signal significant investments in Vietnam's energy sector. These moves align with VinEnergo's ambition to become a leading provider of sustainable energy solutions, focusing on renewable energy and new technologies.
