The provincial Investment Promotion Center stated that the Gia Lai People’s Committee has approved results of the invitations for investor interest regarding the Van Canh 1, Van Canh 2 and Vinh Thuan wind power projects, with total investment topping VND19.35 trillion ($736.74 million).

A wind power project in Gia Lai province, central Vietnam. Photo courtesy by The Investor/Nguyen Tri.

Accordingly, Saigon-Bac Giang Industrial Park Corp. has met the requirements for Van Canh 1 and Van Canh 2.

The Van Canh 1 plant will be developed on about 56 hectares in Canh Lien commune, at the cost of more than VND6.9 trillion ($262.66 million), including VND23.8 billion for compensation and resettlement.

The 160MW project is expected to generate about 502 million kWh annually, with output connected to the national grid via a 220-kV transmission line.

Meanwhile, the 62-hectare Van Canh 2 project in Canh Lien and Van Canh communes has an investment of over VND7.77 trillion ($295.81 million), including over VND27 billion for compensation and resettlement.

It is designed with a capacity of 180MW, producing about 623.2 million kWh a year. It will also be connected to the national grid via a 220 kV transmission line.

Saigon-Bac Giang Industrial Park Corp., based at Quang Chau Industrial Park in the northern province of Bac Ninh, is a subsidiary of KinhBac City Development Holding Corporation (KBC).

As of September 30, 2025, KBC held a 96.45% economic interest and 100% of the voting rights in the company.

By December 31, 2024, Saigon-Bac Giang Industrial Park Corp. reported total assets of more than VND7.93 trillion ($301.94 million).

In 2024, the company posted revenue of VND1.01 trillion ($38.37 million) and net profit of VND465 billion ($17.7 million), up 41% and 36.2%, respectively, from a year earlier.

For the Vinh Thuan wind power project, VinEnergo Energy JSC has met the set requirements.

The project will cover more than 50 hectares in Vinh Quang commune, with an investment of VND4.68 trillion ($178.11 million), including nearly VND34 billion for compensation and resettlement.

Designed with a capacity of 143MW, it is set to generate about 239.9 million kWh a year, and connected to the national grid via a 110kV transmission line.

VinEnergo was founded in March 2025 by Pham Nhat Vuong, chairman of Vingroup (HoSE: VIC), with the aim of becoming a leading developer and provider of sustainable energy solutions.

The People’s Committee stipulated that the investors are barred from transferring the three projects, or selling or transferring ownership in any form, including shares or capital stakes in the project companies, without written approval from the committee.

Any breach could result in the projects being terminated and reclaimed, with authorities bearing no obligation to provide compensation.

At the same time, the investors are required to report on their investment activities in accordance with the law and submit periodic progress reports to the provincial Department of Finance and Department of Industry and Trade for monitoring.

If, within 12 months from the date the invitation-for-interest results are approved, the investors fail to carry out investment preparation, proceed with the investment, or demonstrate their ability to implement the projects in line with the registered timeline without a valid reason, the projects may be considered for termination in accordance with regulations.