HANOI — Vietnamese conglomerate Vingroup is ditching plans to build the country’s largest liquefied natural gas-fired power plant and will turn to renewables for the project, its chairman told shareholders on Wednesday as he also flagged an initial public offering (IPO) for the group’s taxi unit in 2028.
In a signal of how the Middle East war is affecting business, Group Chairman Pham Nhat Vuong said Vingroup had scrapped plans to build a 4.8-gigawatt liquefied natural gas power plant in Haiphong, which would have been the largest in the country, confirming an exclusive report from Reuters in March.
Instead, the group now wanted to use renewable energy to fuel the power plant.