Vingroup Vietnam plans LNG and renewable energy ventures

Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector.

The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government, that the company wanted to be added to a revised national power development plan.

Vingroup responded to the request for comment by saying it was "interested and studying this issue" and that more information would be provided at a future date.

VietnamNet reports that the projects include an $5.5 billion 5 gigawatt LNG plant in Haiphong City which is scheduled to be completed by 2030, and 20.5 GW of renewable energy capacity, to be developed between 20 billion and 25 billion dollars by 2030.

The article did not specify the number of plants or types of renewable energy.

Vingroup was once a conglomerate of real estate and retail. It has now grown into one of Vietnam's largest firms. VinFast, a Nasdaq listed electric vehicle manufacturer, is its parent company.

(source: Reuters)