Quang Ngai Sugar develops sugar, biomass power projects worth $179 mln in central Vietnam

Quang Ngai Sugar JSC (UPCom: QNS), a top sugar producer in Vietnam, will simultaneously hold groundbreaking or inauguration ceremonies on Friday for three projects worth over VND4.7 trillion ($178.5 million) in Gia Lai province.

These are among the eight projects commencing construction or inaugurated in Gia Lai province on Friday to celebrate the 14th National Congress of the Party. They involve infrastructure, industrial production, energy, and urban development, local authorities said.

The three projects of Quang Ngai Sugar, all located in An Khe ward, include the phase 2 of the An Khe Sugar Plant, and the inauguration of the An Khe Sugar Plant phase 1 and a biomass power plant.

Specifically, Quang Ngai Sugar will break ground on the second phase of the An Khe Sugar Plant, increasing crushing capacity to 25,000 tons of cane per day, with an investment of VND1.17 trillion ($44.45 million).

Two other projects will be inaugurated, including the An Khe Sugar Plant (phase 1) with a capacity of 18,000 tons per day, worth over VND1.63 trillion ($62.05 million), and phase one of the An Khe Biomass Power Plant, with a capacity of 95 megawatts and investment capital of VND1.92 trillion ($72.92 million).

After 25 years of operations in Gia Lai, Quang Ngai Sugar has developed an integrated sugarcane, sugar and biomass power complex. The An Khe Sugar Plant currently accounts for more than 20% of Vietnam’s total sugar output, the company said.

The company plans to increase the An Khe Biomass Power Plant's capacity to 135 MW with a third engine and building an ethanol plant in An Khe.

In September, Gia Lai authorities approved adjustments to the An Khe Biomass Power Plant project, raising its total capacity to 135 MW and total investment to more than VND2.75 trillion ($104.6 million).

Qang Ngai Sugar, based in Quang Ngai province, owns Vietnam’s largest sugar production facility and is a leading producer of soybean milk through its Vinasoy brand.

Currently, the company has 16 subsidiaries; including many well-known brands such as Dung Quat Brewery, VInasoy of Vietnam Soy Milk Factory, An Khe Sugar Factory, Biscafun confectionery factory, and Thach Bich Mineral Water Factory.

In the third quarter of 2025, the company reported net revenue of nearly VND2.69 trillion ($102.04 million), down slightly from a year earlier, while net profit fell 28.4% to about VND381 billion ($14.48 million), down 28.4%.

For the first nine months of 2025, net profit declined nearly 25% to over VND1.32 trillion ($50.1 million) on net revenue of over VND7.87 trillion ($299.2 million), the company said.

In 2025, QNS plans to achieve total revenue of VND10 trillion ($380.1 million) and after-tax profit of VND1.79 trillion ($68.03 million). Thus, the company had achieved 73.6% of its profit target.

In addition to the three projects of Quang Ngai Sugar, Gia Lai province has also commenced or inaugurated a series of other construction projects.

The province commenced construction on component project 1 (in An Nhon ward) and component project 3 (in Hoi Phu ward) of the Quy Nhon-Pleiku Expressway Investment and Construction Project.

The province also started construction on the project connecting the North-South Expressway to Phu My Industrial Park (investment of nearly VND 2.12 trillion); and the project connecting National Highway 1 to the coastal road (DT.639) connecting to De Gi Port (over VND1.43 trillion).

Projects using non-budgetary investment capital will also be started on Friday, including: Binh Nghi Industrial Park Project (total investment capital of VND1.46 trillion); AI Artificial Intelligence Research Center Project (VND 613 billion); Mixed-use apartment building project (VND 3.51 trillion); and Point No. 2 (2-2) Nhon Ly-Cat Tien Beach Tourist Area Project (over VND 2.58 trillion).

Kon Tum and Quang Ngai provinces were merged in July to form the new Quang Ngai province, which borders Gia Lai province, Da Nang city, Laos, Cambodia, and the East Sea.

On the unlisted public companies market t(UPCoM), QNS shares closed Thursday at VND44,800 ($1.7) apiece.