Vietnam: Tien Bac (Haiphong) FSRU Project

Alexei Bykov
Jan 7
1 min read

December 22, 2025

Vingroup – the tech-industrial flagship of Vietnam – is a defining force in the country’s modern economy. With a market capitalization of $12 billion and 50,000 employees, it operates across sectors including real estate, electric vehicles, smart infrastructure, and healthcare.

Founded in 1993 in Ukraine (Mivina) by Mr. Pham Nhat Vuong, Vietnam’s first billionaire and a graduate of the Moscow Geological University, Vingroup has evolved into Vietnam’s most diversified and ambitious private enterprise.

Market Position

Real Estate: ~30% national market share (Vinhomes, Vincom)
EVs: Leading position through VinFast (50%+ domestic market share)
Top-tier operator in tourism (Vinpearl), healthcare (Vinmec), and education (Vinschool, VinUni)

Project Overview – LNG-to-Power (Tien Bac FSRU, Haiphong)

Vingroup, through its energy division VinEnergo, is developing a large-scale LNG-to-Power complex in the northern port city of Hai Phong. The project includes:

FSRU terminal (floating regasification)
Port berth and LNG unloading infrastructure
Pipeline network
Gas-fired power plant

Phase 1: 1,600 MW Phase 2: Expansion to 3,200 MW Total Investment: $7.7 billion

Project Probability to "Go"

The Hai Phong People’s Committee and the Prime Minister and the Ministry of Construction included the project to the Master Plan for the National Port System (2021–2030) and the Hai Phong Seaport Detailed Plan.
Investment Registration Certificate issued in June 2025.
Groundbreaking Ceremony: September 2025