Vietnam conglomerate Vingroup to expand into infrastructure, green energy

Vingroup, Vietnam’s leading conglomerate, plans to expand into infrastructure and green energy, complementing its existing pillars of real estate and manufacturing, said chairman Pham Nhat Vuong.

Speaking at Vingroup's (HoSE: VIC) 2025 AGM on Thursday, Vuong elaborated that the company will invest in the Phu My Hung-Can Gio high-speed railway in the south and the Hanoi-Quang Ninh railway in the north. He added that the conglomerate is also seeking approval to invest in seaports.

The group aims to generate 25.5 gigawatts of renewable and LNG-based power by 2030, with a target of 52.5 gigawatts by 2035.

Explaining the rationale behind the foray into green energy, Vuong said: “Many people say our electric cars are not truly green because they rely on thermal power for charging. So we will produce green electricity, making our cars environmentally friendly from start to finish,” Vuong told shareholders.

"Besides, Vietnam is facing an electricity shortage, and Vingroup wants to respond to the government’s call for large enterprises to contribute to national development," he added.

Regarding Vingroup’s EV subsidiary VinFast, Vuong said construction of its U.S. factory is currently on hold, with the opening postponed from 2025 to 2028.

“At present, entering the U.S. market causes us losses, so there is no need to rush,” he stressed, citing high logistics costs, taxes, and fees driven by geopolitical tensions.

VinFast will instead focus on boosting sales in Asian markets such as India, Indonesia, and the Philippines. The company is set to launch a factory in India this June and another in Indonesia in October. It also plans to further invest in charging station infrastructure in overseas markets, Vuong noted.

VinFast aims to sell around 200,000 vehicles in Vietnam this year, which would account for approximately 40% of the domestic EV market. Reaching this target would allow the company to break even, he added.

As for Vinhomes (HoSE: VHM), the group’s real estate development arm, Vuong said it will continue to build large-scale urban projects based on ESG principles. This effort begins with the Vinhomes Green Paradise project, which broke ground in Ho Chi Minh City on April 19.

Regarding Vinpearl, Vingroup’s hospitality subsidiary, Vuong revealed that the company expects to complete listing procedures this month and officially debut on the stock exchange in May.

Vinpearl will focus on consolidating its domestic market presence while expanding its international customer base, particularly in India, the Middle East, and Southeast Asia. It also aims to strengthen its online distribution channels and position MICE tourism as a key revenue driver in the future.

Regarding business goals, Vingroup targets a net profit of VND10 trillion ($384.17 million) on net revenue of VND300 trillion ($11.53 billion) for 2025, up 90% and 56% year-on-year, respectively.