Vietnam’s Ministry of Industry and Trade has approved the inclusion of 142 solar power projects, which were previously inspected, into the implementation scheme of the Power Development Plan for the period 2021-2030, with a vision until 2050 (PDP VIII).
The 100 MW Ea Sup 3 solar power complex, developed by Xuan Thien Group, in Dak Lak province, Vietnam’s Central Highlands. Photo courtesy of the company.
Among them are large-scale solar power plants such as Trung Nam in the central province of Ninh Thuan (204 MW), CMX Renewable Vietnam in Ninh Thuan (168 MW), Hong Phong 1 A & B in the central province of Binh Thuan (250 MW), Dau Tieng 1 & 2 in the southern province of Tay Ninh (350 MW), Sao Mai in the Mekong Delta province of An Giang (210 MW), Hoa Hoi in the central province of Phu Yen (214 MW), BIM 2 in Ninh Thuan (250 MW), Ea Sup 1, 2, 3, 4, 5 in the Central Highlands province of Dak Lak (600 MW), and Van Ninh in the central province of Khanh Hoa (100 MW).
In its decision issued on Wednesday, the ministry (MoIT) clarified that the 142 projects had been commercially operational as of January 13. They were included in the scheme based on the Electricity Law, the Planning Law, the Investment Law, the Bidding Law, PDP VIII, and other relevant documents.
The move aligns with the government’s policy to address issues related to renewable energy projects.
The list of such solar power projects only comprises project names, capacities, and names of provinces where they are located. Specific project sites are mentioned in their investment proposals or pre-feasibility study reports.
Last year, the Government Inspectorate concluded that the MoIT had approved the inclusion of 154 solar power projects into the scheme without sufficient legal foundation. Of these, 123 were identified as the primary cause of energy source imbalances and wasteful use of social resources.
The government later agreed to remove obstacles for these 154 projects per a resolution passed at its November 2024 meeting. In a subsequent meeting on December 12, 2024, Prime Minister Pham Minh Chinh outlined the government’s general principles to resolve those projects’ difficulties, especially for those with no intent of violating regulations.
“We will not legalize violations, but create mechanisms to resolve these issues decisively,” the PM remarked, stressing the importance of avoiding wastes of social resources while maintaining investors’ confidence.
“Local authorities and businesses need to work together to resolve such issues. It is critical to strictly prevent corruption, bribery, and unfair practices, and those committing violations will be held accountable,” he added.
According to the MoIT, by the end of 2023, the capacity of renewable energy sources (wind and solar) reached 21,664 MW, accounting for approximately 27% of the country’s total capacity.
The cumulative electricity generation from renewable energy (wind, ground-mounted solar, and rooftop solar) in 2023 was approximately 27,317 million kWh, making up nearly 13% of the total electricity system.
Foreign investors of offshore wind power projects in Vietnam can sell their projects, and wholly state-owned enterprises (SOEs) or subsidiaries of those SOEs are prioritized to buy them.
The transaction is only permitted if the Vietnamese investors in the company refuse to purchase, according to the government’s Decree 58/2025 on renewable and new energy, effective from March 3, 2025.
Transactions of a part of an offshore wind project or an entire project must comply with the Electricity Law 2024 and other laws related to investment, enterprises, and sea.
They must be approved by the Ministry of National Defense, the Ministry of Public Security, the Ministry of Foreign Affairs, and the Ministry of Industry and Trade if there is involvement of foreign investors.
A sea-based wind power project in Tra Vinh province, Mekong Delta, southern Vietnam. Photo courtesy of Trungnam Group.
In cases of not-yet operational projects, the foreign buyers must meet the following requirements.
First, they must have experience in investing and developing at least one offshore wind power project that is operational in Vietnam or in the world. “Experience” includes direct investment, contributing a minimum 15% of the project’s total investment capital, and the ratio of equity to capital contribution being at least 20%.
Second, the foreign buyers must ensure that the offshore wind power project has the participation of domestic enterprises with at least 5% of chartered capital or voting shares of the company that implements such projects. The “domestic enterprises” must be wholly state-owned enterprises (SOEs) or firms with SOEs holding more than a 50% stake.
Third, they must commit to utilizing domestic supplies (workforce, service, products) during their investment, construction and operation, on the basis of ensuring competitiveness of prices, quality, schedule, and available capability.
For operational projects, the transations must meet the “second” requirement mentioned above.
Good Way Technology, a Taiwan-based original design manufacturer (ODM) specialized in computing and mobile peripherals, will invest $15 million more in Vietnam.
In a recent filing with the Taipei Exchange (TPEx), Good Way Technology said it would invest $15 million in Good Way Cayman and then reinvest the entire amount in its sub-subsidiary Good Way Technology Vietnam.
The construction site of Good Way Technology factory in Thai Binh province, northern Vietnam. Photo courtesy of Lao Dong (Labor) newspaper.
The purpose of the move is “long-term investment,” according to the filing.
Good Way Technology Vietnam received an investment certificate for the project in October 2023. In February 2024, it kicked off the construction of a $45 million factory in the northern province of Thai Binh.
The factory, located in the Lien Ha Thai Industrial Park, will manufacture peripheral devices like USB connectors for computers. It will have an annual capacity of 3.7 million items.
Construction of the project’s first phase is scheduled for completion in Q3/2024, enter trial production the next quarter and start official production in Q1/2025.
Corresponding times for the second phase will be Q4/2026, Q1/2027 and Q2/2027.
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