At an investment promotion conference on Saturday, the provincial government granted in-principle approval for 25 projects worth about VND40 trillion ($1.52 billion) and signed memorandums of understanding for 78 others with proposed investment totaling more than VND1,000 trillion ($38.02 billion).

Renewable energy dominates investment pipeline

Renewable energy accounted for the largest share of both approved and proposed investments. Projects granted in-principle approval included the 304-MW Srepok 3 floating solar power plant, with investment of VND7.66 trillion ($291.29 million), and the 100-MW Thuan Phong Dak Lak wind farm, worth more than VND3.84 trillion.

The Srepok 3 project will be developed by Srepok 3 Solar Power JSC, a subsidiary of KN Holdings, while the Thuan Phong Dak Lak project will be undertaken by a consortium comprising Thai Binh Duong Group JSC and Thuan Phong Energy Investment & Development JSC.

A consortium comprising Hoa Binh Energy Investment Group JSC and Nguyen Thao Wind Power JSC has received in-principle approval for the NT1 and NT2 wind power projects, with a combined capacity of 75 MW and total investment of VND3.81 trillion.

Another consortium, comprising Dakrong Hydropower JSC, Phong Lieu Wind Power JSC, Dakrong Dong Van Hydropower JSC and Manh Viet Construction Consultancy Co., Ltd., will develop the Krong Nang 1.1 and 1.2 wind power projects, which have a combined capacity of 80 MW and require investment of nearly VND2.58 trillion ($98.02 million).

Among the proposed projects, Xuan Thien Group plans to study wind and solar power projects with a combined capacity of 5 GW, alongside a high-tech livestock complex integrated with renewable energy, with total investment estimated at VND192 trillion ($7.3 billion).

VinEnergo plans to study renewable energy projects with a combined capacity of about 6 GW and estimated investment of VND121.46 trillion.

T&T Group proposed mixed-use urban developments and renewable energy projects with combined investment of VND114.63 trillion.

Meanwhile, FLC Group is studying investments in urban and resort real estate, as well as renewable energy projects, with total proposed investment of VND25 trillion ($950.57 million).

BIN Corporation proposed developing the Hoa Thanh Industrial Park in the South Phu Yen Economic Zone and an AI data center complex powered by renewable energy, with combined investment of nearly VND54.4 trillion ($2.07 billion).

Many other companies, including Trung Nam, WPD Vietnam, Power Generation Corporation 3 (EVNGENCO3) and Vietnam Rubber Group, have registered to study wind and solar power projects, with proposed investment ranging from VND10 trillion ($380.23 million) to tens of trillions of dong per project.

Nguyen Quoc Tuan, deputy CEO of Vingroup, said Vietnam's electricity demand continues to grow rapidly, while many conventional and large-scale power projects have been delayed by land clearance, fuel supply and transmission infrastructure constraints.

"Ensuring national energy security is therefore more urgent than ever," he said.

Tuan said Dak Lak's abundant land resources and favorable wind and solar conditions give the province an opportunity to become one of Vietnam's leading renewable energy hubs.

Industrial, infrastructure projects also attract major investors

Beyond renewable energy, Dak Lak granted in-principle approval for several industrial park and urban development projects, while signing memorandums of understanding for transport infrastructure, industrial, commercial and tourism developments.

Transport Engineering Construction Corporation No. 5 – JSC (Cienco 5) received in-principle approval to develop the 392-hectare Hoa Xuan Tay Industrial Park, with investment of VND4.7 trillion ($178.7 million).

Capella Quang Nam JSC also received in-principle approval to develop the 425-hectare Hoa Xuan Dong Industrial Park, with investment of nearly VND3.81 trillion.

In the housing sector, Dak Lak awarded an investment decision to Cloud Land JSC for the An Phu Commune social housing project, with investment of VND2.58 trillion.

The Viet Phu An consortium, comprising Xuan Loc Real Estate JSC and Viet Phu An Construction Investment JSC, received approval to develop the 27-hectare Hoa Thang Commune New Rural Residential Area project, with investment of nearly VND2 trillion.

Hoa Phat Group signed a memorandum of understanding to develop a series of projects, including Hoa Tam Industrial Park, Bai Goc Port, a steel complex at Hoa Tam Industrial Park, and supporting residential developments, with total proposed investment of more than VND111.6 trillion.

Deo Ca Group proposed studying the Phu Yen-Dak Lak Expressway, a project estimated to require VND30 trillion ($1.14 billion) in investment.

Property developers including Sun Group, Ecopark Hai Duong, ROX Group, Kien A, APEC Group and Muong Thanh signed memorandums of understanding to study urban, residential, resort and golf course developments, with proposed investment ranging from several trillion to tens of trillions of dong (VND10 trillion = $380.23 million).

Dak Lak also attracted investment interest from major companies in the industrial, commercial, services and agricultural sectors.

One notable example is INDEL Investment and Development JSC, which is studying a proposal to develop a petroleum and gas storage facility in the South Phu Yen Economic Zone, with estimated investment of about VND5 trillion ($190 million).

Speaking at the event, General Phan Van Giang, Deputy Prime Minister and Minister of National Defence, called on Dak Lak to accelerate implementation of its provincial master plan, prioritize strategic public investment projects with strong regional connectivity, and foster new growth drivers in high-tech agriculture, processing industries, the forest and marine economies, logistics, science and technology, innovation, tourism and digital transformation.

He said the province should capitalize on its competitive advantages to become a major green energy and industrial hub for Vietnam's south-central and Central Highlands regions, while urging ministries to continue supporting strategic transport infrastructure linking the province to seaports, airports and international border gates.

Phu Yen and Dak Lak provinces were merged last July to form the new Dak Lak which borders Gia Lai, Khanh Hoa and Lam Dong provinces, Cambodia, and the East Sea.