HANOI :Vietnam’s largest conglomerate Vingroup is seeking to develop renewable energy and liquefied natural gas power plants, the company said on Tuesday, in what would be its first ventures into the energy sector.
State-run newspaper VietnamNet had reported that the company was seeking approval from the government to add its proposed projects to a national power development plan that is being revised, citing a document the company submitted to the government.
In response to Reuters’ request for comment, Vingroup said it was “interested in and currently studying this matter” and would provide more updates at a later time.
According to VietnamNet, the projects include a $5.5 billion 5-gigawatt LNG power plant in Haiphong City, slated for completion by 2030 and projects with 20.5 GW renewable capacity to be developed by 2030 with investment of $20 billion to $25 billion,
It did not specify how many plants or what type of renewable energy.
Vingroup, once a real estate and retail conglomerate, has grown to become one of Vietnam’s biggest firms and is the parent of Nasdaq-listed electric vehicle maker VinFast with a market capitalisation of $8.45 billion.
