Vietnam’s Newest Billion-Dollar Startup Launches $8.7 Billion Projects, Matching Combined Capacity of Three Major Hydropower Plants

VinEnergo Continually Increases Charter Capital, Changes CEO

VinEnergo, officially established on March 12, is responsible for renewable energy and is one of Vingroup’s six current core pillars.

Initially, VinEnergo had a charter capital of 2,000 billion VND. Vingroup contributed 19%; billionaire Pham Nhat Vuong contributed 71%; and his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each contributed 5%.

After the company’s establishment, billionaire Pham Nhat Vuong repeatedly used VIC shares to contribute capital to VinEnergo.

In June, the company increased its capital to 10,000 billion VND, including 2,900 billion VND in cash and 7,100 billion VND in other assets.

By October 23, 2025, VinEnergo saw a massive capital increase from 10,000 billion VND to 28,335 billion VND. Of this, 44.6% (12,134 billion VND) was contributed in cash, and 55.4% (15,701 billion VND) was contributed in other assets.

Currently, Mr. Nguyen Anh Khoa (born in 1989) serves as the CEO and legal representative of the company. He was appointed in early December 2025, replacing Ms. Nguyen Thanh Thuy.

Before joining VinEnergo, Mr. Khoa spent many years at VinaCapital, including as Deputy CEO of the energy infrastructure investment department.

Additionally, VinEnergo has added new business lines, such as producing electricity from non-renewable and renewable energy sources, and repairing and maintaining electrical equipment.

What Projects is VinEnergo Currently Undertaking?

Since the beginning of the year, VinEnergo, a Vingroup subsidiary, has consistently appeared as the investor in large-scale green electricity, infrastructure, and industrial projects in Vietnam.

VinEnergo is currently implementing three projects with a total investment of over 217,000 billion VND and a combined capacity of 5,700 MW. This is equivalent to the total capacity of Vietnam’s three largest hydropower plants: Son La (2,400 MW), Hoa Binh (1,920 MW), and Lai Chau (1,200 MW).

VinEnergo, in partnership with Vingroup, is the investor in the Hai Phong LNG Thermal Power Plant project, which began construction on September 26, 2025, along with the Tan Trao Industrial Zone infrastructure development project (Phase 1).

The Hai Phong LNG Thermal Power Plant project is located within the Tan Trao Industrial Zone, covering nearly 100 hectares, with a total investment of over 178,000 billion VND.

The plant is expected to be completed in five years and will begin operations by the end of 2030. It will supply approximately 9.6 billion kWh/year (Phase 1) and 19.2 billion kWh/year (Phase 2), meeting the electricity needs of the entire Tan Trao Industrial Zone and significantly contributing to the national power grid. This will help reduce reliance on traditional energy sources.

The plant has a designed capacity of 4,800 MW (1,600 MW in Phase 1 and 3,200 MW in Phase 2), making it Vietnam’s largest thermal power plant. It is listed in the National Power Development Plan VIII and is among the world’s leading LNG-based power plants.

Additionally, VinEnergo will invest in two wind power projects in Ha Tinh: the Ky Anh Wind Power Plant and the Eco Wind Ky Anh Wind Power Plant.

The first project has a capacity of 400 MW, with an expected annual output of 1,053 GWh, and a total investment of approximately 17,051 billion VND. It will install 47 wind turbines, utilizing over 825 hectares of water surface and 5.5 hectares of land.

The second project is larger, with a capacity of nearly 500 MW and a total investment of over 22,600 billion VND. It will install 59 wind turbines and construct a 66/500 kV substation, connecting to the 500 kV Ha Tinh – Vung Ang transmission line.

VinEnergo plans to complete the paperwork by Q3/2026, start construction in Q4/2026, and begin operations by Q4/2028.

Implementing Solar Power Solutions Integrated with Energy Storage Systems (BESS)

On August 5, 2025, in Ha Tinh, VinEnergo signed a memorandum of understanding to implement solar power solutions integrated with energy storage systems (BESS) for VinFast, VinES, and the V-G joint venture factories.

The total installed capacity for the factories in the Vung Ang Economic Zone (Ha Tinh) is expected to be 43MWp for solar power and 45MWh for BESS.

The system is estimated to generate nearly 50 million kWh annually, equivalent to reducing over 33,000 tons of CO2 per year. This project will contribute to Vingroup’s goal of achieving net-zero emissions by 2040.