Vietnamese firm Phu My Group is planning to establish a green hydrogen factory project in Binh Dinh province, Vietnam, with a significant capacity of 2,000 MW. The project will be implemented in two phases, with the first phase targeting 450-500 MW between 2026-2030 and the second phase aiming for the full 2,000 MW by 2035. The factory is expected to produce 20,000 tons and 160,000 tons of hydrogen in the initial and subsequent phases respectively, with technology sourced from Siemens Energy and other G7 countries. However, the project faces challenges related to high initial investment demands, particularly in electrolysis, offshore wind power, and green hydrogen technologies. Sales of green hydrogen have been slow due to limited market demand, prompting Binh Dinh authorities to advocate for government incentives to boost production. Huong Viet Investment Consultant Corporation, a key stakeholder in Phu My Group, is exploring a comprehensive project worth VND21,000 billion ($825 million) that comprises a hydrogen production facility, general port, and industrial park. In parallel, Binh Dinh province is working on administrative processes to support an 820-hectare industrial park within the complex, focusing on green hydrogen and green ammonia sectors. Although the province has attracted numerous businesses in the chemical industry, challenges remain in securing high-value projects due to land constraints, infrastructure complexities, and limited expertise in safety and environmental governance.