Phu My Group, a Vietnamese firm, is planning to establish a 2,000 MW green hydrogen factory in Binh Dinh, Vietnam. The project will be executed in two phases, with the first phase (2026-2030) having a capacity of 450-500 MW and the second phase (2030-2035) scaling up to 2,000 MW. The factory aims to produce 20,000 tons and 160,000 tons of hydrogen annually in the respective phases. The project will utilize equipment and technology provided by Siemens Energy and other G7 countries. However, the venture demands substantial initial investment capital due to high costs associated with electrolysis, offshore wind power, and green hydrogen production, which has led to concerns about competitiveness and slow sales. To address these challenges, Binh Dinh authorities are seeking incentives from the Ministry of Industry and Trade to bolster green hydrogen production. Concurrently, Huong Viet Investment Consultant Corporation is exploring a multi-billion dollar project that includes a hydrogen production facility, a general port, and an industrial park, with a specific focus on green hydrogen and green ammonia sectors. Despite attracting numerous businesses in the chemical industry, Binh Dinh province faces hurdles in securing high-quality and large-scale projects, primarily due to land requirements, infrastructure complexities, and distance from urban centers.