Vingroup plans $14.3 bln port, logistics center project in northern Vietnam

Vietnamese conglomerate Vingroup (HoSE: VIC) plans to invest VND373.84 trillion ($14.3 billion) in a port and logistics center in the northern coastal city of Hai Phong.

According to the plan approved by Vingroup’s board of directors, the proposed Nam Do Son port and logistics center will span nearly 4,400 hectares in the Hai Phong Southern Coastal Economic Zone in Kien Hai commune and Nam Do Son ward. The development will operate under a 70-year license.

The megaproject will be implemented in three phases. Specifically, VND29.1 trillion ($1.11 billion) will be earmarked for phase one (2026-2030), VND206.3 trillion ($7.88 billion) for phase two (2031-2035), and VND138.5 trillion ($5.29 billion) for phase three (2036-2040).

Vingroup intends to fund 15% of the total investment, with the remainder sourced through external financing.

This massive investment reinforces Vingroup’s growing footprint in Hai Phong, where the group and its member companies already operate multiple large-scale projects.

In manufacturing, Vingroup has poured $1.5 billion into the VinFast automotive plant on Cat Hai island.

In real estate, its residential arm Vinhomes is developing a fourth project in Duong Kinh ward, spanning 240 hectares. Previous projects in the city include Royal Island, Imperia, and Mariana.

In the industrial sector, Vingroup plans to begin construction of the Tan Trao and Ngu Phuc industrial parks in early 2026, both located in the southern coastal zone. The group is also preparing to launch an LNG-to-power project in the area.

Hai Phong has emerged as one of northern Vietnam’s leading manufacturing and logistics hubs. Following its recent merger with Hai Duong province, the expanded Hai Phong now hosts over 15 major industrial parks.

The city is also home to one of northern Vietnam’s largest deep-sea port systems, with annual cargo throughput growing at 12-15%. In 2024, its ports handled 190 million tons of goods, and the figure is expected to rise to 212 million tons by year-end.