GE Vernova to build $200 mln plant in northern Vietnam, supply equipment for country's LNG power projects

U.S. energy group GE Vernova has unveiled plans to invest about $200 million in a high-voltage direct current (HVDC) equipment manufacturing plant in the northern port city of Hai Phong, and to supply equipment for several of Vietnam’s strategic LNG power projects.

This investment is part of GE Vernova’s broader $11 billion investment and R&D plan for the 2025-2028 period, aiming to expand its electrification capabilities and meet the rapidly growing energy demand across Asia, the firm said at the Energy for Change Summit 2026 held on Tuesday in Hanoi.

The new plant will manufacture large power transformers primarily for HVDC projects, complementing GE Vernova’s existing HVDC transformer manufacturing facilities in Stafford (the UK) and India. These technologies are used to transmit electricity efficiently over long distances and ensure power grids can safely and reliably meet increasing electricity demand.

At the summit, the U.S. energy corporation also signed an MoU with state utility Vietnam Electricity (EVN) to study and explore potential cooperation opportunities in HVDC technology.

In addition, GE Vernova announced the commercial operation of the Nhon Trach 3 & 4 power plants, developed by PV Power in the southern province of Dong Nai, with a total capacity of 1.6 GW.

Its 9HA.02 gas turbines and H78 generators have been selected for three strategic LNG power projects, including PV Power’s LNG project; VinEnergo’s Hai Phong LNG power plant; and EVN’s Quang Trach II LNG power plant. In total, these projects will use six HA gas turbines and six H78 generators.

According to GE Vernova, its equipment currently supports up to 30% of Vietnam’s electricity demand.

Commenting on Vietnam’s energy development, Scott Strazik, president and CEO of GE Vernova, stated that Vietnam is emerging as one of the fastest-growing economies in Asia, with a strong and ambitious transformation of its energy system.

From providing high-class (HA) gas turbine technology for the Nhon Trach 3 & 4 power plants to building HVDC manufacturing capacity to serve the region’s growing electrification needs, what GE Vernova is contributing extends far beyond Vietnam’s borders. These investments help strengthen supply chains, develop domestic skills and industrial capabilities, and lay the foundation to power economies across Asia and beyond, he said.

Energy cooperation contributes to strengthening Vietnam-US relations

Speaking at the event, acting Minister of Industry and Trade Le Manh Hung affirmed that his ministry always values and stands ready to accompany international enterprises in the development of Vietnam’s energy system.

In the coming time, the ministry will continue to advise competent authorities on improving the legal framework, enhancing the investment environment, and promoting cooperation mechanisms to facilitate deeper participation of enterprises in developing energy projects in Vietnam, he added.

Earlier, during a meeting with Scott Strazik on Monday, Vietnam’s Party General Secretary To Lam affirmed that Vietnam always creates favorable conditions for U.S. energy corporations to invest and operate in the country, bringing practical benefits to people and businesses of both nations and contributing to the development of bilateral relations.

Lam emphasized the critical importance of energy for Vietnam’s breakthrough development goals and encouraged GE Vernova to expand cooperation with Vietnam in energy infrastructure, technology, and human resource development.

Welcoming GE Vernova’s initiative to organize the annual “Future Energy Leadership” conference in Vietnam with many practical themes, he noted that Vietnam is ready to serve as a bridge and gateway for GE Vernova to strengthen cooperation with regional countries, especially ASEAN members.

The Energy for Change Summit 2026 was attended by more than 400 senior delegates from regulatory agencies, power companies, suppliers, and partners across the energy ecosystem in Vietnam and Asia.

Organized by GE Vernova, the event focused discussions on accelerating Vietnam’s energy transition as the country enters a large-scale implementation phase under the adjusted Power Development Plan VIII (PDP8), while also highlighting the role of Vietnam’s power sector in the broader outlook for Asia’s energy future.