On August 7, 2025, Mr. Tran Quoc Nam, Vice Secretary of the Provincial Party Committee, Chairman of the Khanh Hoa People’s Committee, and Head of the National Assembly Delegation of the province, along with leaders of departments and sectors, had a meeting with the Sumitomo Group and Van Phong Power Company Limited (investor of Van Phong 1 BOT Thermal Power Plant).

During the meeting, Mr. Shuichiro Ikemoto, Director of International Energy Solution Department 2 of Sumitomo Group, and Mr. Nguyen The Vinh, Chairman of the Board of Members of Van Phong Power Company Limited, informed the provincial leaders about the operation of Van Phong 1 BOT Thermal Power Plant.

Accordingly, the Van Phong 1 BOT Thermal Power Plant has been officially operational since January 2024 with a total capacity of 1,320 MW, contributing VND 1,107 billion to the local budget and providing 6.75 million MWh. In the first six months of 2025, the power plant’s revenue reached VND 9,240 billion, contributing more than VND 506 billion to the local budget.

The leaders of the Sumitomo Group also discussed their investment orientation for the Van Phong 2 LNG Power Plant in Dong Ninh Hoa ward and offshore wind power projects. They expressed their hope for the provincial leaders’ support in proposing to central agencies for the implementation of the projects.

Mr. Tran Quoc Nam acknowledged the group’s proposals and investment intentions for new energy projects in Khanh Hoa province. He also expressed his hope that the Sumitomo Group would continue to research and invest in new projects in the province.

Earlier, in May, Japan’s Sumitomo Group announced its plan to transfer 50% of its capital contribution in Van Phong Power Company Limited (VPCL). VPCL is a subsidiary of Sumitomo and the investor of the Van Phong 1 BOT Thermal Power Project.

Explaining this decision, Sumitomo stated that it would continue to strengthen its energy business while transitioning to greener power generation with less environmental impact.

This transfer is subject to the approval of the relevant authorities. Sumitomo did not disclose the buyer or the transfer price. The transfer is expected to be completed during Sumitomo’s 2026 fiscal year.

In Vietnam, apart from Van Phong 1, Sumitomo has invested in another thermal power project, Phu My 2.2. This was the first BOT project in Vietnam to be licensed through international bidding. With a total investment of USD 400 million, the project was supported by three leading global corporations: EDF (France), Sumitomo, and JERA (Japan).

Located in Phu My town, Ba Ria-Vung Tau province, the Phu My 2.2 power plant has a capacity of 715 MW and commenced commercial operation on February 4, 2005. On February 4, 2025, after the end of the operation period specified in the BOT contract, the project was handed over to the Vietnamese side, represented by the Vietnam Electricity Group (EVN).

The Sumitomo Group has invested and participated in various sectors of Vietnam’s economy, including industrial parks, urban railways, power plants, airport projects, logistics, and real estate.

Sumitomo has left its mark on major projects such as the construction of the elevated section of Ho Chi Minh City’s first urban railway line (Ben Thanh – Suoi Tien), and as the main contractor for the Pha Lai, Duyen Hai 3 expansion, and Phu My 2.2 thermal power plants.

Sumitomo owns 58% of Thang Long Industrial Park Joint Venture Company Limited (TLIP). There are currently three TLIP industrial parks in Vietnam, located in Hanoi, Hung Yen, and Vinh Phuc.

Sumitomo has also partnered with the BRG Group to invest in the “Development of Smart City in Northern Hanoi” project, with a total investment of up to USD 4.2 billion. The group holds 50% of the capital in the Smart City Northern Hanoi Development Joint Stock Company, the project’s investor.

Additionally, Sumitomo collaborates with BRG to comprehensively develop the FujiMart supermarket chain in the Vietnamese market.