China Power Engineering Consulting Group Corporation (CPECC) is seeking to collaborate with Vietnam’s state-owned energy giants Petrovietnam (PVN) and Vietnam Electricity (EVN) in nuclear power.
Delegations of EVN (left) and CPECC at a meeting in Hanoi on March 5, 2025. Photo courtesy of EVN.
In a Monday statement, EVN said leaders of CPECC and EVN recently had a meeting in Hanoi to discuss collaboration.
CPECC has joined 32 nuclear power projects in China and is preparing to raise its capacity to 60 GW in the next 10 years, the Chinese firm highlighted.
CPECC also emphasized its solutions to reduce emissions and improve the capacity and flexibility of coal-fired power plants. The solutions can help coal-fired power continue its key role as baseload for the national electricity system, it added.
For his part, Dang Hoang An, chairman of EVN said the state utility would consult with Vietnamese authorities to facilitate energy investments, amid the growing demand for electricity and the trend of energy transition.
PVN chairman Le Manh Hung (right) at a meeting with CPECC in Hanoi on March 7, 2025. Photo courtesy of PVN.
At a meeting last week, PVN chairman Le Manh Hung urged CPECC to share nuclear power experiences as the Vietnamese energy group is studying this sector.
He noted that PVN will expand its activities beyond traditional activities of oil and gas to new sectors, such as carbon capture, utilization, storage (CCUS), LNG, green hydrogen, green ammonia, and offshore wind power.
In reply, CPECC said it is willing to cooperate with PVN in offshore wind power, renovation of thermal power plants, and renewable-green energy.
In February 2025, Prime Minister Pham Minh Chinh assigned state-owned groups EVN and PVN to be investors of Ninh Thuan 1 and 2 nuclear power plants, respectively.
The PM also requested the Ministry of Industry and Trade to coordinate with relevant agencies to get nuclear power plants built towards completion by end-2030, or end-2031 at the latest.
Many countries have expressed their willingness to coooperate with Vietnam in nuclear power, such as South Korea, Russia, Japan, and France.
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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