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PIC Market update – 29 May 2023

PIC tracks the latest developments in Vietnam's power sector providing insight and analysis on the market and policy.

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Update on tariff approval and licensing progress of transitional renewable energy projects in Vietnam

As of 27 May 2023, Vietnam's Electric Power Trading Company (EVNEPTC), a subsidiary of Vietnam Electricity (EVN), has agreed Power Purchase Agreements (PPAs) with 40 transitional wind and solar projects. These projects have to date been unable to commence operation following the end of the Feed-in Tariff policy for solar power projects (1 January 2021) and wind power projects (1 November 2021). 16 projects are currently undergoing acceptance testing after being connected to the grid, while 19 projects have completed construction either partially or entirely. 26 projects have been granted electricity operation licenses. However, an additional 32 projects (with a combined capacity of 1,576.05 MW) are yet yet to submit necessary documents for PPA negotiations. Source

PTSC and Ørsted sign major contract for offshore wind farm foundations in Taiwan

On 19 May 2023, PetroVietnam Technical Services Corporation (PTSC) and Ørsted Taiwan Ltd (Ørsted) signed a significant contract for the manufacture and supply of foundations for the Greater Changhua 2b & 4 offshore wind farms in Taiwan. The contract involves PTSC producing 33 suction bucket jacket (SBJ) foundations for the wind farm with a capacity of 920 MW. The project is estimated to require 70,000 tons of steel and completion is expected by the end of 2024. This contract marks a major milestone for PTSC as it shifts towards large-scale, serial production methods in the renewable energy sector, diverging from traditional oil and gas projects. Source

VinES and Marubeni partner to drive battery energy storage adoption in Vietnam

VinES, a member of Vingroup, and Marubeni Green Power Vietnam, a subsidiary of Marubeni Corporation, have formed a strategic partnership to promote battery energy storage systems (BESS) adoption in Vietnam. The collaboration aims to install and operate BESS at various Vingroup business locations, enabling energy saving, load balancing, and more efficient power management. VinES, the sole BESS manufacturer in Vietnam, will provide safe, efficient, and cost-effective solutions required, while Marubeni plans to develop substantial BESS capacity in multiple phases. Source

John Cockerill collaborates to establish second hydrogen factory in Vietnam's Tra Vinh province

Belgian mechanical engineering group, John Cockerill, has partnered with ministries and local authorities in Vietnam to establish a hydrogen factory in Tra Vinh province, following a comprehensive field survey in the region. This project will be the second hydrogen factory in Tra Vinh once completed. During a recent business trip, John Cockerill CEO Francois Michel reached an agreement with Prime Minister Pham Minh Chinh to develop the hydrogen factory in Tra Vinh, along with a factory for producing activated carbon from coconut shells in Ben Tre province. Once operational, the hydrogen factory is expected to produce 24,000 tonnes of hydrogen and 195,000 tonnes of oxygen annually, generating employment opportunities for 300-500 workers. Source

BII support Southeast Asia in energy transition

British International Investment (BII) has invested USD 15 million in the SUSI Asia Energy Transition Fund (SAETF) in South-East Asia, marking its re-entry into the region and commitment to providing up to GBP 500 million in climate finance. SAETF focuses on energy transition infrastructure investments in emerging economies, supporting clean energy solutions and reliable electricity supply. BII's investment aims to attract additional capital to help countries like Indonesia, Vietnam, and the Philippines achieve their clean energy goals. Managed by SUSI Partners, SAETF has already invested in rooftop solar, energy efficiency, and renewable energy projects in the region. This investment demonstrates BII's renewed focus on climate finance in South-East Asia and the potential for further growth in the region. Source

For further details and inquiries, please contact us via:

Pioneer International Consulting

Tel: +84 24 3204 3048 (Vietnam) | +852 2892 7301 (Hong Kong)


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