Vietnam billionaire Pham Nhat Vuong sets up energy developer VinEnergo

Pham Nhat Vuong, chairman of Vietnam’s leading private conglomerate Vingroup (HoSE: VIC), will transfer ownership of over 35 million VIC shares to newly-founded subsidiary VinEnergo JSC to become its controlling shareholder.

The transaction will be carried out through the Vietnam Securities Depository and Clearing Corporation (VSDC) from April 17 to May 16, according to a Friday announcement by VinEneregy.

As a result, VinEnergo will hold more than 35 million VIC shares, accounting for 0.9% of Vingroup’s charter capital.

At Friday’s close, VIC hit its ceiling price for the second consecutive session amid the market rally following news of a U.S. tariff delay, reaching VND65,100 ($2.53) per share.

Based on this price, the market value of the shares contributed by Vuong to VinEnergo is nearly VND2.3 trillion (approximately $93 million).

Following the transfer, Vuong’s ownership in Vingroup will decrease from 691.27 million shares (17.82%) to 656.23 million shares (16.92%).

VinEnergo began operations in March 2025, with its primary business being electricity generation. The company is headquartered at the Symphony Office Building, Vinhomes Riverside, Hanoi - home to several of Vingroup’s tech subsidiaries.

Vingroup posted a net revenue of nearly VND192.16 trillion ($7.5 billion) in 2024, up 19% year-on-year and setting a new annual record.

According to its 2024 earnings report, it earned a net profit of VND5.25 trillion ($209.37 million), up 155% from 2023 and exceeding its target.

This strong growth was primarily driven by robust earnings from large-scale real estate projects launched by its subsidiary Vinhomes (HoSE: VHM) and strong deliveries of electric vehicles by its EV manufacturer VinFast (Nasdaq: VFS).

As of end-2024, Vingroup's total assets hit VND839.2 trillion ($33.46 billion), surging by 25.7% from early last year.

Vingroup recently sold its 65% stake in AI company MovianAI to chip giant Qualcomm, but the transfer price was not disclosed.

At the end of 2024, Vingroup sold another AI company, VinBrain, to Nvidia. The value of the deal was not disclosed.

After selling MovianAI, Vingroup still has a number of other subsidiaries in the field of AI and technology such as VinAI, VinMotion, VinBigData, VinRobotics, VinITIS, VinHMS, VinCSS, and VinTech.

Vingroup is seeking the government's permission to develop seven renewable energy projects worth $20-25 billion and a $5.5 billion LNG-fired power project from 2025-2030. The proposal was mentioned in a dispatch sent to the government last month, which asked for the projects to be included in the adjusted PDP VIII.

Vingroup, listed on the Ho Chi Minh Stock Exchange as VIC, and its subsidiaries are well known for their significant property developments and electric vehicle manufacturing.