GE Vernova (NYSE: GEV) announced a $200 million investment to establish a new manufacturing facility in Hai Phong, Vietnam, expanding capacity within its Electrification segment.

The facility will manufacture large power transformers primarily for High-Voltage Direct Current projects, complementing existing HVDC transformer manufacturing sites in Stafford, UK, and India. The investment is part of GE Vernova's planned $11 billion in capital expenditures and research and development spending from 2025 through 2028.

The Hai Phong facility is planned for phased development with full operations expected in 2028, subject to regulatory approvals. The project is expected to create approximately 450 jobs by 2030, with a significant number planned to be filled locally.

"Electrification is accelerating globally, and reliable power infrastructure is increasingly essential to support economic growth and energy security," said Philippe Piron, CEO of GE Vernova's Electrification segment. "This investment expands our manufacturing capacity in a region experiencing strong demand growth while reinforcing a diversified supply chain."

The facility will primarily serve growing demand across Asia while contributing to GE Vernova's broader transformer manufacturing capacity. GE Vernova plans to implement workforce training and knowledge-sharing programs in Vietnam to build local capabilities.

GE Vernova's equipment currently supports up to 30% of Vietnam's electricity needs. The company employs more than 1,100 people across nine locations in Vietnam and operates the Phu My repair facility and the Dung Quat HRSG manufacturing plant in the country.

The announcement follows GE Vernova's completion of the $5.3 billion acquisition of Prolec GE and more than $300 million in investments in grid facilities in the United States.