GE Vernova to invest $200m in Việt Nam transformer plant to support power demand

GE Vernova to invest $200m in Việt Nam transformer plant to support power demand

The Hải Phòng facility will be developed in phases, with full operations expected by 2028, subject to regulatory approvals.

Representatives from EVN and GE Vernova pose for a group photo after signing the MoU. — Photo provided by the agency

GE Vernova plans to invest about US$200 million to expand its manufacturing capacity in Việt Nam with a new facility in Hải Phòng, aiming to support growing global demand for electrification infrastructure.

The planned plant will manufacture large power transformers primarily for High-Voltage Direct Current (HVDC) projects, the company said at its Energy of Change Summit in Hà Nội on Tuesday.

The site will complement GE Vernova’s existing HVDC transformer manufacturing facilities in Stafford, UK and India.

HVDC technology enables electricity to be transmitted efficiently over long distances and helps power networks manage rising demand reliably.

The Hải Phòng facility will be developed in phases with full operations expected by 2028, subject to regulatory approvals. Once operational the plant is expected to produce critical power equipment at scale to support GE Vernova’s global project pipeline, with a focus on meeting growing regional demand.

Also at the event GE Vernova signed a non-binding memorandum of understanding with Electricity of Vietnam (EVN) to explore potential collaboration on HVDC technology aligned with Việt Nam’s power development plan.

Under the agreement the two sides will study how HVDC solutions could support the expansion of Việt Nam's transmission infrastructure as electricity demand rises.

GE Vernova said its equipment currently provides up to 30 per cent of the electricity used in Việt Nam. The company employs more than 1,100 people across nine locations in the country and operates facilities including GE Vernova’s Phú Mỹ repair facility and Dung Quất HRSG manufacturing plant in Việt Nam.

"Việt Nam has emerged as one of Asia's fastest growing economies, with a power system undergoing rapid and ambitious transformation," said Scott Strazik, President and CEO of GE Vernova.

"As the country enters a decisive execution phase, GE Vernova is proud to stand alongside Việt Nam in this journey. From supplying our HA technology for Nhơn Trạch 3 and 4, the country's first LNG-to-power plants - to establishing our HVDC manufacturing presence for the region's growing electrification needs, what we build here extends far beyond Việt Nam's borders."

He added that these investments strengthen supply chains, build local skills and industrial capability and lay the foundation to power economies across Asia and beyond.

The summit brought together more than 400 senior representatives from government, national utilities, suppliers and energy ecosystem stakeholders across Việt Nam and Asia.

Centred on the theme Powering Việt Nam: From Concept to Reality, the summit examined the country's power sector as an integral part of Asia's broader energy future.

Discussions covered the next phase of PDP8R execution, from strengthening local capability and deepening supply chain integration to enhancing system flexibility for a more diversified energy mix, alongside the latest advances in generation and transmission technologies and best practices from leading markets worldwide.

In his keynote Acting Minister of Industry and Trade Lê Mạnh Hùng underscored Việt Nam's commitment to accelerating its energy transition, emphasising the need to meet rapidly growing energy demand while ensuring long-term sustainable economic growth. 

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