GE Vernova Inc. announced on March 10, 2026 a planned investment of approximately $200 million to build a large power transformer manufacturing facility at Nam Dinh Vu Industrial Park in Hai Phong, Vietnam, dedicated to producing equipment for high-voltage direct current transmission projects. The announcement was made at GE Vernova’s inaugural Energy of Change Summit in Hanoi, attended by Vietnam’s Acting Minister of Industry and Trade Le Manh Hung and the U.S. Embassy’s Chargé d’Affaires John W. McIntyre.
Key Facts At A Glance
- Investment announced: approximately $200 million
- Location: Nam Dinh Vu Industrial Park, Hai Phong, Vietnam
- Primary output: large power transformers for HVDC transmission projects
- Planned phased development, with full operations targeted by 2028, subject to regulatory approvals
- Expected to create approximately 450 jobs by 2030, with priority hiring for local workers
- The Hai Phong facility will be the third HVDC transformer manufacturing site in GE Vernova’s global network, alongside existing plants in Stafford, United Kingdom, and India
- GE Vernova and Vietnam Electricity (EVN) separately signed a non-binding memorandum of understanding at the same event to explore HVDC technology collaboration aligned with Vietnam’s Revised Power Development Plan VIII
- GE Vernova’s equipment currently supports up to 30% of Vietnam’s electricity supply; the company employs more than 1,100 people across nine locations in the country
GE Vernova Inc. announced on March 10, 2026 that it will invest approximately $200 million to establish a new manufacturing facility in Hai Phong, Vietnam, producing large power transformers primarily for high-voltage direct current transmission projects. The investment was disclosed at GE Vernova’s inaugural Energy of Change Summit in Hanoi, a gathering that brought together more than 400 representatives from government agencies, national utilities, international suppliers, and energy sector stakeholders across Vietnam and the broader Asia-Pacific region.
The announcement was made by GE Vernova President and Chief Executive Officer Scott Strazik, and was witnessed by Vietnam’s Acting Minister of Industry and Trade Le Manh Hung and U.S. Embassy Chargé d’Affaires John W. McIntyre. Acting Minister Le Manh Hung described cooperation with international partners as central to meeting Vietnam’s rising electricity demand while pursuing its commitment to net-zero emissions by 2050.
The Facility And Its Technology Role
The Hai Phong plant will be developed in phases at Nam Dinh Vu Industrial Park within the Dinh Vu–Cat Hai Economic Zone and Hai Phong Free Trade Zone, with full operations expected by 2028 subject to regulatory approvals. Once operational, the site will manufacture large power transformers designed for HVDC systems — equipment that enables efficient transmission of electricity over long distances and supports grid stability as variable renewable energy sources are integrated at scale.
The facility will complement GE Vernova’s existing HVDC transformer manufacturing plants in Stafford, United Kingdom, and India, making it the third such site globally in GE Vernova’s Electrification segment network. The company described the investment as part of its broader planned capital expenditure and research and development outlay of $11 billion between 2025 and 2028, which includes $1 billion for its Prolec GE transformer unit from 2026 to 2028.
Philippe Piron, Chief Executive Officer of GE Vernova’s Electrification segment, said the investment was designed to expand manufacturing capacity in a region with strong demand growth while reinforcing a diversified supply chain for customers across Asia.
The Vietnam Grid Context
The investment is directly relevant to the infrastructure demands set out in Vietnam’s Revised Power Development Plan VIII, approved by the government in April 2025. The Revised PDP8 explicitly mandates the development of a nationwide HVDC transmission system as part of a broader grid expansion program, including HVDC lines connecting the country’s Central, South Central, and Northern regions to move electricity generated by offshore wind farms. The plan projects total investment requirements for power generation and transmission of approximately $835 billion from 2026 to 2050, with the grid component alone requiring approximately $33.4 billion by 2035.
Vietnam’s power system has faced persistent congestion in recent years, particularly in the South Central region where rapid deployment of solar and wind capacity has outpaced grid infrastructure. HVDC technology is among the solutions identified to address this imbalance, enabling high-capacity transmission across geographic distances that conventional alternating current systems cannot efficiently serve.
At the same summit, GE Vernova and Vietnam Electricity signed a non-binding memorandum of understanding to study how HVDC solutions could support the expansion of Vietnam’s transmission infrastructure in alignment with the Revised PDP8’s timelines and capacity targets.
Broader Summit Commitments
The Energy of Change Summit also served as the venue for GE Vernova to announce equipment agreements with three Vietnamese LNG power developers. The company was selected to supply its 9HA.02 gas turbines and H78 generators to PV Power’s Quynh Lap LNG project, VinEnergo’s Hai Phong LNG plant developed in partnership with Vingroup, and Vietnam Electricity’s Quang Trach II LNG facility — a combined total of six turbines and six generators across the three projects, each plant targeting approximately 1.6 gigawatts of installed capacity and commissioning by 2030. The Quang Trach II plant was originally designed as a coal-fired facility; its conversion to LNG was approved by the Vietnamese government and represents a step in the country’s coal reduction trajectory under the Revised PDP8.
GE Vernova President Strazik noted that Vietnam had entered a decisive execution phase under the Revised PDP8 and described the Hai Phong facility as infrastructure that would extend beyond domestic markets, supporting energy customers across Asia through a diversified supply chain.