The Ministry of Industry and Trade has rejected VinEnergo’s proposals regarding the BESS energy storage project. The Ministry stated that the draft Circular on electric generation price framework and service pricing does not allow for the addition of any clauses, including commitments to minimum production and preferential mechanisms for domestically sourced equipment with a localization rate of over 30%. VinEnergo also suggested a maximum internal rate of return (IRR) of 15%, but the Ministry maintained the figure at 12% in the draft to ensure consistency across different types of power plants. VinEnergo, part of the Vingroup ecosystem, has raised its capital to 28.335 trillion VND and currently has a foreign shareholder holding 5%. Recently, Vingroup launched the Hai Phong LNG Thermal Power Plant project with a total investment of 178 trillion VND.
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