On March 28, the two parties signed a cooperation agreement to assess the project, which will be developed in two phases. The first phase is expected to have a total capacity of around 2,000 MW, followed by an expansion to approximately 3,000 MW in the second phase, with total investment estimated at VND210 trillion ($8 billion).

Once completed, the complex is expected to form a large-scale clean energy hub, contributing to Vietnam’s long-term energy security while driving socioeconomic development in Gia Lai. The agreement marks a significant step in VinEnergo’s strategy to expand its renewable energy portfolio and reflects Vingroup’s commitment to supporting localities in advancing the green transition and sustainable development goals.

Nguyen Huong Giang, deputy CEO of VinEnergo, said the project would make a meaningful contribution to reducing environmental pollution and addressing global climate change through the development of clean energy sources.

“We are committed to making long-term, well-structured investments in full compliance with legal regulations to ensure economic efficiency and harmonise the interests of the state, local authorities, businesses, and communities,” she said.

Nguyen Huu Que, Vice Chairman of the Gia Lai People’s Committee, noted, "We highly value the company’s capabilities in the renewable energy sector and are committed to creating improvements for the investor to swiftly carry out research and project development."

VinEnergo is currently investing in a series of large-scale renewable energy projects across Vietnam, including the Ky Anh Wind Power Plant (Ha Tinh province, 400 MW), Eco Wind Ky Anh (Ha Tinh, 498 MW), Dien Bien 1 Solar Power Plant (Dien Bien, 300 MW), Ban Chat 1 Floating Solar Power Plant (Lai Chau, 250 MW), and Ban Chat 2 Floating Solar Power Plant (Lai Chau, 300 MW).

With ambitions to expand globally, VinEnergo has announced a target of developing 100 GW of renewable energy capacity over the next three years in key international markets such as North America, Northern Europe, the Mediterranean, and Southeast Asia, while also exploring potential markets in Central Asia and Africa. The company has already secured initial agreements for international portfolios in Denmark, Sweden, and the Philippines, with a total capacity of 10GW.