Vingroup’s VinEnergo expands into power transmission, electricity retail

VinEnergo JSC, a subsidiary of Vingroup (HoSE: VIC), has expanded its business scope to include power transmission and electricity retail, marking a deeper push by Vietnam’s largest private conglomerate into the energy sector.

According to a recent corporate filing, VinEnergo now operates across nine business lines, including electricity generation, electrical equipment manufacturing, power system installation, and power distribution.

Two newly added activities under the electricity transmission and distribution category are wholesale and retail electricity sales.

The move aligns with Vietnam’s roadmap toward developing a competitive retail electricity market. While state-owned Vietnam Electricity (EVN) remains the dominant supplier, more than 700 institutions already act as intermediary retailers serving industrial and residential zones, accounting for about 8.6% of total system output, said EVN deputy general director Nguyen Xuan Nam.

Trinh Quoc Vu, deputy director of the Electricity Regulatory Authority under the Ministry of Industry and Trade, said the government’s plan to expand retail electricity competition will allow more entities to buy and sell electricity directly to end-users.

Established in March 2025, VinEnergo recently tripled its charter capital to VND28.3 trillion ($1.08 billion) to fund power and infrastructure expansion.

Its flagship project, the Hai Phong LNG power plant, broke ground in September with a total investment of VND178 trillion ($6.77 billion). Spanning nearly 100 hectares in the northern port city of Hai Phong, the plant will have a designed capacity of 4,800 MW, making it Vietnam’s largest LNG-fired power facility.

VinEnergo has also proposed regulatory changes to allow urban developers and residential operators with internal grid systems to sell electricity directly to consumers, instead of relying solely on EVN’s distribution network.

According to Vingroup’s Q3 consolidated financial report, total assets exceeded VND1 quadrillion ($38 billion), making it the first private non-bank enterprise in Vietnam to reach that milestone.

The capital hike comes as the group accelerates investment across its core and emerging businesses. Vingroup deployed VND144.5 trillion ($5.49 billion) in the first nine months of 2025, including VND104.4 trillion ($3.97 billion) in capital injections to subsidiaries and VND68.8 trillion ($2.62 billion) for purchases and construction of fixed assets.

Electric vehicle maker VinFast remains the group’s main investment focus, with VND17.7 trillion ($673 million) in construction-in-progress. VinFast aims to sell 200,000 vehicles across 50 markets in 2025, twice last year’s volume, as it launched a plant in the central province of Ha Tinh and has been expanding production overseas.

Vingroup’s real estate arm continues to serve as its key profit engine, pushing ahead with major developments, including the $10-11 billion Vinhomes Can Gio project, Vinhomes Royal Island in Hai Phong city, Vinhomes Phuoc Vinh Tay in Long An province, and seven Happy Home social housing projects nationwide.

The group is also venturing into new industries, establishing subsidiaries such as VinMetal, VinSpeed, VinEnergo, Vin New Horizon, V-Film, and VinSpace.