The ceiling prices are VND1,184.90 per kwh for ground-mounted and VND1,508.27 for grid-connected solar power projects. The price is VND1,587.12 per kwh for onshore and VND1,815.95 for offshore wind power.
The Electricity of Vietnam (EVN) and solar and wind power generators will negotiate prices based on the decision in accordance with Article 1 of Circular 15/2022.
According to MOIT, many solar and wind power projects/component projects have been implemented, but fixed selling prices do not exist yet. The FIT (feed in tariff) expired on November 1, 2021.
These include 62 wind power projects with the capacity of 3,479MW out of the 150 projects with total capacity of 8,100MW.
The investors of the projects signed power purchase agreements (PPA) with EVN, but the prices have not been fixed as both EVN and the investors have to wait for a new pricing mechanism.
On October 3, 2022, MOIT released Circular 15/2022 which defines the method for the electricity generation price framework for solar and wind power projects of this kind. It took effect on November 25.
Article 10 of the circular stipulates that within 15 days of the circular, the investors of ground-mounted and grid-connected solar power plants that signed PPA prior to January 1, 2021, and onshore and offshore wind power plants that signed PPA prior to January 1, 2021, must submit a feasibility study or technical design to EVN.
EVN has received documents from 102 solar power plants (4 grid-connected and 98 ground-mounted), and 109 wind-power plants (35 offshore and 74 onshore).
In Decision No.11/2017 dated April 11, 2017, the Prime Minister approved FIT price of 9.35 cents per kwh for solar power.
After June 30, 2019, FIT price decreased from 9.35 cent to 7.09 cent, or VND1,680 per kwh, applied to ground-mounted solar power projects under the Prime Minister’s Decision 13/2020, which took effect on May 22, 2020.
For wind power, after the Prime Minister’s Decision 39 was released in September 2018, this field began attracting investors. The FIT price was 8.5 cent or VND2,000 per kwh.