The People's Committee of Binh Dinh Province has recently reported to the Ministry of Industry and Trade the progress of implementing Vietnam's Chemical Industry Development Strategy by 2030, with a vision towards 2040. The highlight of the strategy is the green hydrogen production project implemented by Phu My Investment Group Joint Stock Company.

The green hydrogen production project is planned to be implemented in two phases. The first phase (2026-2030) will have a capacity of 450 - 500 MW, with a pilot of 50 MW, producing about 20,000 tons of hydrogen per year. The second phase (2030 - 2035) will increase the capacity to 2,000 MW with an output of 160,000 tons per year. The technology used in the project will be provided by Siemens Energy and partners from the G7 group.

However, the project is facing many challenges, including high investment costs, especially for electrolysis equipment and offshore wind power; the lack of mastery in hydrogen production technology; the high cost of green hydrogen; and limited domestic market demand. The People's Committee of Binh Dinh Province proposed that the Ministry of Industry and Trade support preferential policies to attract investment to ensure the project's progress.

The project is located in the Phu My Industrial Park, with the largest scale in the province. The master plan was approved by the Chairman of the Provincial People's Committee in March 2024, completed in October 2024, and submitted for opinions to the Ministry of Planning & Investment, Ministry of Construction, Ministry of National Defense, and Ministry of Public Security.

Previously, at the Announcement Conference of the Binh Dinh Provincial Master Plan for the period 2021 - 2030, with a vision to 2050, at the end of 2023, the Provincial People's Committee granted the decision approving the investment policy and the investment registration certificate for the hydrogen production complex, port, and Phu My industrial park, with an estimated investment of about 21,000 billion VND.

The project's investor, Phu My Investment Group JSC, has a charter capital of 1,425 billion VND, with three major shareholders: Mandala Group JSC (65%), Huong Viet Investment Consultant JSC (20%), and Vietnam Seaport Investment JSC (15%). The company's director and legal representative is Mr. Tran Nhu Long (born in 1979).

The green hydrogen production project in Binh Dinh is not only strategically important for economic development but also contributes to making this province a renewable energy hub of Vietnam. With its scale and stature, the project requires the involvement of ministries as well as domestic and international investors.