The land planned to develop the two industrial parks, including Tan Trao Industrial Park, where the LNG plant will be located

Vingroup’s board of directors issued a resolution on June 6 approving the group’s participation in the consortium.

The project will cover 98.5 hectares in Tan Trao Industrial Park, and be developed in two phases, with the first delivering 1,600 MW and the second adding 3,200 MW. It will operate under a 50-year term starting from the date of approval.

The board authorised the CEO of Vingroup or a legally authorised delegate to determine terms and sign the consortium agreement, complete legal procedures for project implementation, establish a project company if necessary, and carry out other relevant tasks.

VinEnergo was established on March 12 and operates in electricity generation and electrical equipment manufacturing. Billionaire Vuong holds a 71 per cent stake, while his eldest son, Pham Nhat Quan Anh, and second son, Pham Nhat Minh Hoang, each own 5 per cent. The remaining 19 per cent is held by Vingroup.

In a document submitted to the government in March, Vingroup said the project’s total investment would amount to around $5.5 billion.

As part of its renewable energy development strategy, Vingroup plans to roll out a series of power plants between 2025 and 2035 with a combined capacity of 47,500 MW.

Through 2030 alone, Vingroup has proposed a total installed capacity of 20,500 MW, with an investment ranging from $20 billion to $25 billion. The portfolio includes solar power plants (13,900 MW) and wind power facilities (6,600 MW).

In addition to Haiphong, the projects are expected to be deployed across several provinces, including the northern province of Son La, the Central Highlands province of Dak Lak, the south-central provinces of Ninh Thuan and Khanh Hoa, and Binh Phuoc, Dong Nai, Tra Vinh, and Soc Trang in the south.

To support LNG power development, Vietnam has cut import duties on LNG from 5 per cent to 2 per cent. The country will guarantee an offtake of at least 65 per cent of annual electricity output from projects using imported LNG power for up to 10 years.

Vingroup’s subsidiary, Vinhomes Haiphong Industrial Park Investment JSC, is expected to be the investor of the 226-hectare Tan Trao IP (Phase 1), which will cost VND4 billion ($160 million) in Kien Thuy district, with an implementation timeline of five years from the second quarter this year. The venture aims to draw multi-sector investments, create jobs, contribute to industrial development, and drive the socioeconomic growth of the city.