Vietnamese conglomerate Vingroup is making a bold move into the energy sector, proposing to integrate large-scale renewable energy and liquefied natural gas (LNG) power projects into the nation’s revised Power Development Plan VIII. The company's ambitious proposal, submitted to the Vietnamese government, outlines a potential investment of $25-30 billion.

Vingroup's document, addressed to Prime Minister and Deputy Prime Minister Bui Thanh Son, details its extensive research and collaboration with local authorities and the Ministry of Industry and Trade. This effort aims to ensure the projects align with Vietnam's national energy strategies, following directives from the Government Office.

The core of Vingroup’s proposal centers on the development of renewable energy sources, targeting a deployment of 47,500 MW between 2025 and 2035. The initial phase, spanning from 2025 to 2030, aims to establish 20,500 MW of renewable capacity, requiring an estimated investment of $20-25 billion. These projects will prioritize locations with high wind and solar potential, optimizing power capacity distribution and efficiency. Specifically, Vingroup is proposing to develop 13.9 GW of solar power and 6.6 GW of wind energy.

In addition to renewable energy, Vingroup has proposed the construction of a 5,000 MW LNG power plant in Hai Phong with an investment of $5.5 billion. This plant is intended to offset delays in several thermal power projects and bolster the region’s power supply. Hai Phong is also the location of Vingroup's electric vehicle (EV) arm, VinFast’s factory.

Vingroup has committed to delivering 25,500 MW of renewable and LNG power capacity between 2025 and 2030, with the remaining 27,000 MW scheduled for 2031-2035. The company aims to establish large-scale energy hubs that optimize production efficiency while aligning with Vietnam’s clean energy transition goals.

However, the proposed projects have not yet been included in the latest draft of the revised national power plan, according to The Business Times. The Ministry of Trade and Industry has indicated that while it is open to considering a 1.6-GW LNG power plant proposed by the Hai Phong government for the 2031-2035 plan, this is significantly less than Vingroup's proposed 5-GW plant.

The revised national power plan aims to increase Vietnam’s total installed power capacity to 183-236 GW by 2030, up from the initially approved 150 GW. New targets for solar and wind capacity have been markedly increased, reflecting Vietnam's commitment to clean energy. The plan estimates the cost of energy-source development at approximately $118.2 billion in the next five years.