Leading Chinese corporations keen on expanding investments in Vietnam

Chinese powerhouses in EVs, renewable energy, and technical consulting on Sunday expressed strong interest in expanding investments in Vietnam during their meetings with Prime Minister Pham Minh Chinh in Tianjin, China.

PM Chinh is on a working trip to attend the Shanghai Cooperation Organisation (SCO) Summit 2025.

Peng Gangping, chairman of China Huadian Engineering Co., Ltd., a subsidiary of China Huadian Corporation Ltd. (CHD), revealed the company’s ambition to scale up its investments in Vietnam in such fields as wind power, green hydrogen, pumped-storage hydropower, and grid upgrading.

The company, a Fortune Global 500 enterprise for 13 consecutive years, also wishes to cooperate in scientific and technological innovation to establish a research & development center, he said.

CHD, one of China’s top five power producers, has already invested over $2.8 billion in Vietnam, with the 1,320 MW Duyen Hai 2 thermal power plant in the Mekong Delta province of Vinh Long being its largest overseas project by installed capacity.

Peng affirmed CHD’s long-term investment strategy in Vietnam under the formula “1+1+1+N” (one business entity, one research center, one manufacturing base, plus multiple cooperation projects). All are aimed at contributing to Vietnam’s energy transition and sustainable development.

In response, Prime Minister Chinh said he welcomed Huadian’s long-term vision, calling it a “right and timely choice.”

Highlighting Vietnam’s GDP growth target of 8.3-8.5% this year and double-digit targets in the years ahead, he emphasized the urgent need for clean energy solutions and urged the group to expand investment in wind, solar, and hydrogen power.

He also encouraged Huadian to step up technology transfer, managerial experience sharing, workforce training, and partnerships with Vietnamese enterprises.

Later the same day, PM Chinh met with Wang Jiazhong, senior vice president of Yadea, the world’s No.1 electric two-wheeler manufacturer by sales for eight consecutive years.

Wang said that Yadea wants to engage in electric motorbike projects and auxiliary services in Vietnam, contributing to building green transportation in the country.

Since 2019, Yadea has operated an EV factory in the former northern province of Bac Giang (now Bac Ninh) and is investing an additional $100 million to raise its annual capacity to 2 million units. The group has also established an R&D center in Vietnam.

In reply, the PM highlighted Vietnam’s push toward economic restructuring and green growth, urging Yadea to continue its expansion with a focus on high localization, technology transfer, and job creation. He welcomed the company’s support in promoting green transportation across the country.

Meeting with Yang Weidong, chairman of China Design Group Co. Ltd. (Huatie), PM Chinh invited the firm to assist in consulting for the Lang Son-Cao Bang Expressway project, slated for completion this year.

The cabinet leader also suggested Huatie to enhance collaboration with Vietnamese partners in sectors like transport, electricity, oil & gas, and digital infrastructure.

Listed on the Shanghai Stock Exchange since 2014, China Design Group is China’s first independent A-share listed engineering design company. It has already opened a representative office in Vietnam and has partnered with Deo Ca Group to build training and human resource development models.

Yang said his firm is devising investment and business plans and will continue to discuss with Vietnamese partners and authorities to implement them in the near future.

Prime Minister Chinh arrived in Tianjin on August 30 evening for the SCO Summit 2025 and a working trip to China. From August 31 to September 1, he is scheduled to meet with high-level Chinese officials and major corporations to strengthen collaboration on trade, investment, and strategic infrastructure development.