Vingroup launches US$6.9 billion industrial and energy projects
Once completed, the two projects are expected to spur economic restructuring and foster green and digital growth by attracting high-tech investment, advancing climate-resilient energy, and generating thousands of new jobs.
THE HANOI TIMES — Vietnam’s largest conglomerate Vingroup on September 26 broke ground on two projects with a total investment of VND182 trillion (US$6.9 billion) in Haiphong, focusing on industrial infrastructure and power generation.
The groundbreaking ceremony of two projects in Haiphong on September 26. Photos: Nhat Bac/VGP
Vingroup was recognized as the largest private contributor to Vietnam’s state budget in 2024, with total payments exceeding VND56.2 trillion ($2.13 billion), accounting for nearly 40% of the total contributions from the country’s top 10 private firms, published by Vietnamese financial outlet CafeF.
The two newly kicked off projects include the Tan Trao Industrial Park, backed by Vinhomes Haiphong, which covers about 227 hectares with a Phase 1 investment of over VND4 trillion ($151 million) for the construction from 2025 to 2030.
It aims to become Vietnam’s modern industrial–technology hub and a new growth engine for Haiphong. The park is expected to house diverse sectors, namely electronics, telecommunications, pharmaceuticals, supporting industries, new materials and renewable energy, and tens of thousands of skilled workers.
Rendered image of the Haiphong LNG Thermal Power Plant, the biggest of its kind in Vietnam. Photo: Haiphong.gov.vn
Meanwhile, the Haiphong LNG Thermal Power Plant at the Tan Trao Industrial Park, developed by Vingroup–VinEnergo joint venture, costs VND178 trillion ($6.74 billion) in investment and has a designed capacity of 4,800 MW.
Scheduled to operate by late 2030 after five years of construction, it will supply between 9.6 and 19.2 billion kWh annually to the park and the national grid, reducing reliance on traditional energy. This will be Vietnam’s largest thermal power plant under the National Power Development Plan VIII (PDP8) by 2045 and among the world’s leading LNG-fired power plants.
At the groundbreaking ceremony, Chairman of the Haiphong People’s Committee Le Ngoc Chau said the launch of two major projects just nine months after the establishment of the city’s Southern Coastal Economic Zone proves its sound investment policies and decisive leadership.
Regarding the industrial park, Chau said it will be a green, multi-sector hub for high-tech, seaport services, logistics and free trade, positioning Haiphong as a leading marine economy.
By 2030, the city targets annual GRDP growth of 13%–14%, VND245.5 trillion ($9.3 billion) in budget revenue, VND2.4 quadrillion ($90.9 billion) in total investment, over $75 billion in exports, and about 87,000 operating businesses.
Once completed, the two projects will generate significant industrial output, contribute to state budget revenues and boost GRDP growth, while creating thousands of jobs.
Prime Minister Pham Minh Chinh speaks at the event.
Speaking at the event, Prime Minister Pham Minh Chinh said that Vietnam is pursuing its centennial goals (2030 and 2045) amid a complex global context, calling for rapid, sustainable development while maintaining independence and strategic initiative.
He highlighted Haiphong’s role as a leader in innovation and growth, noting Politburo directives on science, technology, private-sector development, integration, law, education, health, and energy.
The prime minister said the two new projects will drive economic restructuring, green and digital growth, high-tech investment, workforce development and climate-resilient energy.
He urged Haiphong to continue a “say-and-do” approach, ensure efficient procedures and facilitate businesses, while investors adopt a “fast, green, sustainable” model to guarantee quality, safety, environmental standards and job creation.
Chairman of the Haiphong People’s Committee Le Ngoc Chau at the event.
