Gate News message, April 22 — Vietnam-based conglomerate Vingroup has dropped plans for a 4.8 gigawatt LNG power plant in Haiphong, shifting instead to wind and solar power coupled with battery storage. Chairman Pham Nhat Vuong cited risks linked to the Middle East conflict as a factor in the strategic pivot.
The company has requested government approval to replace the LNG facility with renewable energy infrastructure. This move aligns with Vietnam’s updated Power Development Plan VIII, which significantly increased battery energy storage system (BESS) targets to support grid stability and renewable integration.
Separately, Vingroup plans to list its taxi unit Green SM in the second half of 2028. The company’s EV arm VinFast is expected to achieve profitability in 2027 and deliver 300,000 vehicles in 2026.
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