Vingroup plans taxi IPO, scraps LNG power plant project

Title Vingroup's Shift Scrapping LNG Power Plant, IPO for Taxi Unit, 
and Electric Dreams

As the world grapples with the complexities of climate change and energy tr
transition, Vietnamese conglomerate Vingroup is making a significant pivot.
pivot. The group has scrapped plans to build the country's largest liquefie
liquefied natural gas (LNG)-fired power plant and instead will focus on ren
renewable energy sources. This development comes as Vingroup also prepares 
for an initial public offering (IPO) of its taxi unit, Green SM, in 2028.

Renewable Energy The New Frontier

In a signal of the times, Group Chairman Pham Nhat Vuong announced that Vin
VinGroup has submitted a proposal to the government for wind, solar energy,
energy, and battery energy storage systems. This marks a significant shift 
away from traditional fossil fuels and toward a more sustainable future.

We have already submitted a proposal to the government for wind, solar ene
energy, and a battery energy storage system, Vuong said during the shareho
shareholders' meeting.

IPO on the Horizon

The IPO of Green SM is expected to bring enormous value to Vingroup. The co
company has announced that preparations for the IPO will start in the next 
two to three months, with the listing planned for the second half of 2028.

The IPO is expected to bring enormous value for Vingroup, Vuong told shar
shareholders.

VinFast Breaking Even and Electric Dreams

Vingroup's electric vehicle (EV) unit, VinFast, is also making headlines. T
The company has confirmed that it will break even next year, a delay from e
earlier reports. However, VinFast remains committed to its electric dreams,
dreams, with plans to deliver 300,000 EVs this year, two-thirds of which wi
will be for the domestic market.

VinFast's focus on EVs is a significant departure from traditional internal
internal combustion engine cars. The company has no plans to return to prod
producing gasoline-powered vehicles.

Targeting Net Profit

Vingroup is targeting a net profit of 35 trillion dong ($1.33 billion) this
this year, up from 11.1 trillion dong last year. This ambitious target refl
reflects the company's commitment to growth and its confidence in the poten
potential of its various business units.

As Vingroup continues to evolve and adapt to changing market conditions, it
it is clear that the company is poised for significant success. Whether thr
through renewable energy, IPOs, or electric vehicles, Vingroup's future loo
looks bright indeed.

Conclusion

Vingroup's decision to scrap plans for an LNG power plant and instead focus
focus on renewable energy sources marks a significant step forward in the c
country's transition to a more sustainable future. The company's commitment
commitment to innovation and growth is evident in its plans for an IPO of G
Green SM and its continued investment in electric vehicles. As Vingroup con
continues to push the boundaries of what is possible, it will be exciting t
to see how the company's various business units evolve and contribute to th
the country's overall development.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.