HANOI: Vietnam's largest conglomerate Vingroup is seeking to develop renewable energy and liquefied natural gas power plants, state media reported on Tuesday (March 25), in what would be its first ventures into the energy sector.
The company is seeking approval from the government to add its proposed projects to a national power development plan that is being revised, online newspaper VietnamNet reported, citing a document the company sent to the government.
Vingroup did not immediately respond to a Reuters request for confirmation.
The projects include a US$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, the report said.
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 VFS.O with a market capitalisation of $8.45 billion. - Reuters
