Vietnam's top private firm Vingroup proposes $4.5 bln wind power project in HCMC

Vingroup, a leading Vietnamese property developer and carmaker, has proposed to invest in a nearshore wind power project worth $4.5 billion in Can Gio, the only coastal district in Ho Chi Minh City.

In a document recently sent to the municipal People's Committee, the corporation proposed a 3,000 MW project which will produce an estimated 9 billion kWh of electricity per year. The investment will be phased out in accordance with the electricity load demand in each phase.

The project is aimed at meeting the electricity demand of Vingroup's sea encroachment tourism-urban area, Vinhomes Green Paradise, in Can Gio and its other needs.

Vingroup asked the people's committee to allow it to research and survey 1,163 hectares in the entire Can Gio coastal area.

In response, the committee has assigned the Department of Finance to coordinate with relevant agencies to guide the company in terms of procedures.

On May 21, 2025, the finance department sent a document to Vingroup asking for provision of legal documents related to its proposal. The documents must include a report on the project's schedule, land use status, obstacles, and other recommendations.

Vingroup on April 19 broke ground on its sea encroachment tourism-urban area project, Vinhomes Green Paradise, in Can Gio district.

Vinhomes Green Paradise will have total investment capital of more than VND217.05 trillion ($8.44 billion), according to the 1/500 detailed planning approved by HCMC authorities earlier this year. Of this, nearly VND33 trillion ($1.28 billion) will come from the investor's equity.

With a scale of 2,870 hectares, a population of 230,000 people, and special ecological advantages, it seeks to become a leading ESG urban area in the world, according to a Vingroup release.

Chairman Pham Nhat Vuong recently stated that Vingroup plans to explore two new business pillars: infrastructure and energy, in addition to its existing three major sectors - real estate, technology & industry, and social philanthropy.

The corporation has proposed several major infrastructure projects to the government, including the Phu My Hung-Can Gio high-speed railway, the Hanoi-Quang Ninh railway, and a seaport development.

It is also 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 group said that the projects they proposed have been studied based on the direction of management agencies. It also studied other criteria such as localities with potential land funds, grid connection capabilities, and proximity to large load centers so that the group could build large-capacity projects which will become national energy centers (over 5,000 MW).

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.

On the Ho Chi Minh Stock Exchange, Vingroup's VIC shares closed last Friday at VND93,000 ($3.58) apiece.

Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.

The figure, mentioned in its Q1/2025 financial statement, represented a 287% surge year-on-year and 28% of the year's revenue target.

Real estate was the primary driver of growth, contributing nearly VND55.3 trillion ($2.13 billion), 12 times higher than the same period last year.

After expenses, Vingroup posted a pre-tax profit of VND7.38 trillion, nearly three times higher than Q1/2024. Its post-tax profit reached VND2.24 trillion ($86.14 million), up 65% year-on-year.

For 2025, the corporation has set targets of VND300 trillion ($11.54 billion) in revenue and VND10 trillion ($384.54 million) in after-tax profit, up 59% and 88% respectively compared to last year.