Vietnam’s Vingroup Plans $14 Billion Port, Logistics Complex in Haiphong

Vietnamese conglomerate Vingroup JSC plans to invest approximately $14 billion to develop a seaport and logistics center in Haiphong, northern Vietnam, with construction spanning from 2026 to 2040 in three phases. The company will finance 15% of the project through internal funds and seek external financing for the remaining 85%. This project is part of Vingroup's broader expansion, which includes a coastal tourism-urban complex near Ho Chi Minh City and renewable energy initiatives targeting over 25 gigawatt-hours by 2030. Vingroup's electric vehicle unit, VinFast, recently opened a factory in Tamil Nadu, India, with a 50,000 vehicle annual capacity. The announcement boosted Vingroup’s shares significantly, contributing to a 174% gain this year. Founded by billionaire Pham, Vietnam's richest person, Vingroup has diversified interests including real estate, retail, healthcare, education, automobiles, and technology.