The conglomerate named eight of them in its announcement Thursday: the Olympic-standard sports urban area in Hanoi, Ben Thanh-Can Gio metro line in HCMC, Hanoi-Quang Ninh high-speed rail, urban area in HCMC’s coastal Can Gio Commune, VinMetal steel plant, LNG plant in the northern city of Hai Phong, and two wind power plants in the north-central province of Ha Tinh.
“They require a large amount of capital, time and resources to carry out.”
It had applied to build the North-South railroad through its subsidiary VinSpeed, founded to operate in railroad construction and rolling stock manufacturing.
This graphic shows some of Vingroup’s major projects across Vietnam. |
The projects it listed are expected to cost over VND1.75 quadrillion (US$66.5 billion), nine times Vingroup’s revenues in its best year (2024) and five times the cost of the Long Thanh International Airport.
It is also around 15% of Vietnam’s 2024 GDP and almost the same as the cost of the railroad (VND1.7 quadrillion).
The biggest of the listed projects is the sports urban area, expected to cost VND925 trillion and meant to host major international events like the Asian Games and Olympics.
It will span over 9,000 hectares across 11 communes in southern Hanoi and include the Trong Dong stadium, a 135,000-seat facility that will be the second largest of its kind in the world. The stadium, particularly, is scheduled to be completed in 2028.
The biggest now is the Rungrado 1st of May Stadium in North Korea with a reported capacity of 150,000 seats, according to the International Olympic Committee.
Vingroup broke ground in April on the Can Gio urban area, which is projected to cost at least VND265 trillion.
It expects the 2,870-hectare development to attract up to nine million tourists a year, nearly half the number of international visitors to Vietnam in the first 11 months of 2025.
It is also building the Ben Thanh-Can Gio metro line to connect the area with HCMC.
The 54-kilometer line is expected to cost VND102.43 trillion and slated for completion in 2028.
The other rail project, the 120-km Hanoi-Quang Ninh high-speed railroad, is estimated to cost VND138.93 trillion. It will run from the Vietnam Exposition Center in Hanoi to Ha Long Bay.
Vingroup is building an urban area called Vinhomes Ha Long Xanh at the line’s terminal station in Ha Long.
Of the power projects, the Hai Phong LNG plant is the largest at a cost of VND178 trillion. The 4,800-MW plant will supply 19.2 billion kWh of energy annually to the national grid.
The two wind power plants in Ha Tinh’s Ky Anh Commune are expected to cost VND22.647 trillion and VND17 trillion. The steel plant has an estimated cost of VND88 trillion.
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Pham Nhat Vuong, chairman of Vingroup. Photo by Read/Ngoc Thanh |
Vuong and his group of companies are also rolling out several large projects abroad, including a US$2-billion factory that is producing VinFast electric cars in India’s Tamil Nadu state.
VinFast is also planning to expand its $1.2-billion plant in Indonesia’s West Java Province to boost its annual capacity from 50,000 to 350,000 vehicles.
Vingroup has a record of exiting projects it deems incompatible with its main sectors or long-term plans.
It shut down Vinpearl Air in 2020 when the carrier had passed several inspections and was just months away from getting approval for its first flight.
It sold its Vinmart and Vinmart+ retail chains in 2019 though they generated over $1 billion in annual revenues.
Vingroup, launched 32 years ago, now has over VND1 quadrillion in assets.
In the first nine months of 2025 it reported post-tax profits of VND7.56 trillion on revenues of nearly VND170 trillion, up 34% from a year ago.
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