Vingroup's Billionaire Founder Boosts VinEnergo's Stake as Conglomerate Expands Energy Ambitions
Vingroup, Vietnam's largest private conglomerate, has announced significant developments in its energy sector. Billionaire Pham Nhat Vuong will transfer a substantial number of shares to VinEnergo, while the company breaks ground on major infrastructure projects and signs agreements for renewable energy initiatives.
VinEnergo, Vingroup's energy arm, will receive over 60 million VIC shares from Pham Nhat Vuong, valued at VND10 trillion ($379 million). This transaction sees Vuong's stake in Vingroup reduce to 10.04%, with VinEnergo's stake increasing to 4.27%.
Vingroup has commenced work on the Tan Trao Industrial Park infrastructure and the 4,800 MW Hai Phong LNG-to-power plant project. Additionally, VinEnergo has signed MoUs with VinFast and Ha Tinh's battery factories for rooftop solar power systems integrated with battery energy storage systems.
VinEnergo's strategic focus lies in five key areas, aiming to become a leading sustainable energy solutions provider. The company also plans to invest $24 billion in developing renewable energy in Gia Lai province, targeting a total capacity of 20 GW by 2035.
These moves strengthen VinEnergo's position within the Vingroup ecosystem and underscore the conglomerate's commitment to sustainable energy development in Vietnam. The transferred shares and signed agreements signal a significant shift in Vingroup's energy strategy, with VinEnergo playing a pivotal role.
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