Vietnam’s conglomerate Vingroup, known for its electric vehicle (EV) manufacturer VinFast, has established Vin Oil&Gas Global, a subsidiary to trade petroleum and gas, with a charter capital of VND10 trillion ($38.5 million).

In a filing with the stock market regulators on September 25, Vingroup said it would contribute 51 percent of the charter capital of the new company, equivalent to VND510 billion, or $19.6 million. Vin Oil&Gas Global is based at a Vingroup office in Hanoi.

Vin Oil&Gas Global is Vingroup’s second entrance into the energy sector, amid the volatile market energy in the world. Vingroup did not provide further details related to operations, products, or projects of Vin Oil&Gas Global.

Previously, Vingroup entered the energy market with renewable energy developer VinEnergo. A key project of VinEnergo is the 4,800-MW Hai Phong LNG-to-power plant in Vietnam’s northern coastal city of Hai Phong city. The under-construction project has an investment of VND178 trillion ($6.8 billion).

In the first half of 2026, Vingroup posted a revenue of about VND222.3 trillion ($8.6 billion), up 72.5 percent from a year earlier. Its net profit reached VND20.4 trillion, ($784 million), up 4.5-fold the result of 2025.

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