|
MINISTRY
OF INDUSTRY AND TRADE OF VIETNAM
-------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
---------------
|
|
No: 54/2025/TT-BCT
|
Hanoi, November 21, 2025
|
CIRCULAR
AMENDMENTS TO CERTAIN ARTICLES OF
CIRCULAR NO. 09/2025/TT-BCT DATED FEBRUARY 01, 2025 OF THE MINISTER OF INDUSTRY
AND TRADE OF VIETNAM ON APPLICATIONS, PROCEDURES, AND METHODS FOR DETERMINING
AND APPROVING ELECTRICITY GENERATION PRICE BRACKET; APPLICATIONS, PROCEDURES,
METHODS FOR DETERMINING AND APPROVING ELECTRICITY IMPORT PRICE BRACKET AND
CIRCULAR NO. 12/2025/TT-BCT DATED FEBRUARY 01, 2025 OF THE MINISTER OF INDUSTRY
AND TRADE ON METHODS FOR DETERMINING ELECTRICITY GENERATION SERVICE PRICE;
RULES FOR DETERMINING ELECTRICITY PRICE FOR ELECTRICITY PROJECT IMPLEMENTATION;
MAIN CONTENTS OF POWER PURCHASE AGREEMENT
Pursuant to
Law on Electricity No. 61/2024/QH15;
Pursuant to
Decree No. 40/2025/ND-CP dated February 26, 2025 of the Government defining the
functions, tasks, powers and organizational structure of the Ministry of
Industry and Trade of Vietnam;
At the
request of the Director of Electricity Authority;
The Minister
of Industry and Trade issues a Circular on amendments to certain articles of
Circular No. 09/2025/TT-BCT dated February 01, 2025 of the Minister of Industry
and Trade of Vietnam on applications, procedures, methods for determining and
approving electricity generation price bracket; applications, procedures,
methods for determining and approving electricity import price bracket and
Circular No. 12/2025/TT-BCT dated February 01, 2025 of the Minister of
Industry and Trade on methods for determining electricity generation service
price; rules for determining electricity price for electricity project
implementation; main contents of power purchase agreement.
Article
1. Amendments to Circular No. 09/2025/TT-BCT dated February 01, 2025 of the
Minister of Industry and Trade of Vietnam on applications, procedures, methods
for determining and approving electricity generation price bracket;
applications, procedures, methods for determining and approving electricity
import price bracket
1.
Point c is added after point b Clause 1 Article 1 as follows:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
2.
Point a Clause 2 Article 1 is amended as follows:
“a) Any agency,
organization or individual owning a power plant within the territory of the
Socialist Republic of Vietnam connected with national power system, except for
multi-purpose strategic hydropower plants, renewable energy plants applying the
avoided cost tariff, power plants and generating sets providing ancillary
services, energy storage battery system invested independently, power plants
applying electricity purchasing price mechanism as prescribed in documents of
competent authorities;”
3.
Clause 3 Article 2 is amended as follows:
“3. Pumped-storage
hydropower plants refer
to hydropower plants using a system of water reservoirs at different elevations
to store energy and generate electricity, water is pumped from a lower
elevation reservoir to a higher elevation reservoir during non-generating times
to store energy and released through turbines to generate electricity as
required.”.
4.
Clause 7 is added after Clause 6 Article 2 as follows:
“7. Flexible power plants refer
to thermal power plants using a Reciprocating Internal Combustion Engine (RICE)
or an Aeroderivative Gas Turbine (Aero-GT) for quick start-up, designed in a
modular and flexible manner to generate electricity in order to balance power
and maintain the stability of the power system
5.
Clause 2 Article 5 is amended as follows:
“2. Annual
converted investment capital shall be determined using the following formula:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
SDT:
Calculated
investment rate determined in
accordance with Clause 4 of this Article (VND/kW or VND/kWp); kWp measures
peak capacity of a solar panel in standard condition;
Pt :
Calculated
capacity (kW or kWp) in accordance with Clause 3 of this Article;
n:
Economic life
of the power plant specified under Appendix attached hereto (year);
For offshore
wind power plants: 25 (years)
For flexible
power plants: 25 years or determined based on the feasibility study report
for the investment construction project approved by the competent authority.
For power
plants under the Build-Operate-Transfer (BOT) model: based on the operational
period of the power plant as specified in the BOT contract.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Discount rate
of the power plant determined in accordance with Clause 5 of this Article
(%).
6.
Clause 5 Article 5 is amended as follows:
“5. Discount
rate i (%) applying pre-tax weighted average cost of capital is determined
using the formula below:
Where:
D:
Percentage of
borrowed capital in total investment prescribed under Appendix attached
hereto (%);
E:
Percentage of
owner’s equity in total investment prescribed under Appendix attached hereto
(%);
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
n:
E economic
life of the power plant in accordance with Clause 2 this Article (year);
nD:
Average debt
repayment period is 10 years;
rd:
Borrowed capital
interest rate determined in accordance with Point a of this Clause (%);
re:
Pre-tax
interest rate of owner’s equity is determined in accordance with Point b of
this Clause (%).
7.
Point a Clause 5 Article 5 is amended as follows:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
rd = DF × rd,F + DD ×
rd,D
Where:
DF:
Percentage of
capital borrowed in foreign currency in total investment prescribed under
Appendix attached hereto (%);
For power
plant projects invested under the BOT form: DF shall be determined
based on the total investment amount and the capital structure of the project
according to the project approved by the competent authority;
DD:
Percentage of
capital borrowed in VND currency in total investment prescribed under
Appendix attached hereto (%);
For
coal-fired thermal power plants using 100% capital borrowed in VND: 100%
rd,F:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
rd,D:
The interest
rate for capital borrowed in VND currency is determined by the average
interest rate for 12-month deposits in VND, applicable to individual
customers, on the first day of the 60 months preceding the nearest March,
June, September, or December of the price bracket calculation year of 04
commercial banks (Vietnam Bank for Foreign Trade, Joint Stock Commercial Bank
for Industry and Trade of Vietnam, Joint Stock Commercial Bank for Investment
and Development of Vietnam, Agriculture and Rural Development Bank of
Vietnam, or their lawful successors) plus the average annual loan
arbracketment fee charged by the bank, which is 3% per year.”.
8.
Clause 8a is added after Article 8 as follows:
“Article 8a.
Methods for determining electricity generation price bracket for other
types of power plants
1.
Other types of power plants refer to power plants falling under one of
the following cases:
a) Coal-fired
thermal power plants with a capacity of ≤ 200 MW;
b) Coal-fired
thermal power plants which are wholly State-owned enterprises and use 100% of
the equity capital to invest in the project approved by the competent
authority;
c) Coal-fired
thermal power plants using 100% capital borrowed in VND to invest in the
project;
d) Small
renewable energy plants as the time limit for applying the avoided cost tariff
has expired; power plants which have been commercially operated as the time
limit for applying the price of the PPA has expired; power plants for which the
BOT contract has expired and which need to be transferred to the Government.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
a) The maximum
value of electricity generation price bracket shall be determined on the basis
of electricity generation price bracket stipulated in Clauses 1 and 2 Article 3
of this Circular;
b) Input data
used for determining maximum value of the electricity generation price bracket
shall be determined based on feasibility study reports of investment
construction project approved or fundamental design of the project appraised by
the competent authority or negotiation data of the power purchase agreement (if
any).
3.
Electricity generation price bracket applicable to other types of power
plants stipulated in point d Clause 1 of this Article:
a) The maximum
value of electricity generation price bracket shall be determined on the basis
of electricity generation price bracket stipulated in Clauses 1 and 2 Article 3
of this Circular;
b) Economic
life to calculate the maximum value for the remaining economic life of the
power plant;
c) Calculated
investment rate for maximum value shall be determined based on the investment
cost of the power plant according to the remaining value of assets at the time
on the date on which electricity generation prices no longer take effect, plus
the costs of renovation, upgrading (if any) approved by the competent authority
or agreed upon with the purchaser. For power plants for which the BOT contract is
expire, the calculated investment rate for maximum value shall be determined
based on the remaining value of assets approved by the competent authority;
d) Input data
used for determining maximum value of the electricity generation price bracket
shall be determined based on the actual data of the power plant agreed upon by
the seller and the buyer.".
9.
Point b Clause 1 Article 12 is amended as follows:
“b) Table of
parameters and documents for calculating the electricity generation price
bracket as prescribed in Articles 4, 5, 6, 7, 8, and 8a of this Circular;”.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
1.
Clause 3 Article 1 is amended as follows:
“3. Provisions
pertaining to methods for determining electricity generation service price;
rules for determining electricity price for electricity project execution; main
contents of power purchase agreement (PPA) of this Circular shall not
apply to multi-purpose strategic hydropower plants, small-scale renewable
energy power plants that adopt avoidable cost tariff; independent power plants
invested under BOT model, power plants and generating sets providing ancillary
services; pumped-storage hydropower plants, independent energy storage battery
systems power plants where electricity purchase mechanics dictated under
documents of competent authorities.”
2.
Clause 16 is added after Clause 15 Article 2 as follows:
“16. P50
energy yield refers to the average electricity rate delivered for years of
a power plant, with a 50% probability that the average electricity rate
delivered for years will meet or exceed such value.”
3.
Points b and c Clause 2 Article 5 are amended as follows:
b) Economic
life: Determined in accordance with Appendix I attached hereto; If the
competent authority issues a written approval for economic life other than that
stipulated in this Circular, such approval shall prevail (in years).
For offshore
wind power plants: the economic life is 25 (years)
For flexible
power plants: the economic life is 25 years or determined based on the
feasibility study report for the investment construction project approved by
the competent authority.
c) Average
electricity generated in multiple years at delivery point (AGN) is
calculated using the formula below:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Where:
ANM:
Electrical
output of power plant (excluding electricity storage system) (kWh):
(i) For
projects using public investment capital, project using non-public investment
state capital, ANM shall be determined on the basis of the
fundamental design (or technical design if the fundamental design is not applicable)
appropriate to the installed capacity of power plants appraised by competent
authority. For wind power plants and solar power plants, ANM shall
be determined on the basis of the P50 energy yield;
(ii) For power
plant projects that do not use public investment capital, project using
non-public investment state capital, ANM shall be agreed upon by
the seller and the buyer on the basis of the feasibility study report (or
technical design if the feasibility study report is not applicable)
appropriate to the installed capacity of the power plant approved, which is
not lower than the output value determined in this report. For wind power
plants and solar power plants, ANM shall be agreed upon by the
seller and the buyer on the basis of the P50 energy yield;
(iii) For
thermal power plants, ANM shall be calculated using the formula
below:
Pt :
Terminal
capacity of generators under approved design (kW);
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Average
number of peak hours in multiple years of power plant compliant with documents of competent authority (if
any) or appendix I attached hereto.
In respect of
power plant that lacks Tmax under Appendix I attached hereto
(including biomass power plants, waste-to-energy plants, flexible power
plants), Tmax shall be determined on the basis of the feasibility
study report or agreed upon by the Seller and the Buyer;
ttd:
Percentage of
self-sufficient electricity and electricity loss from step-up transformers of
power plant and transmission lines to delivery points with national
electrical system (%) (if any) agreed upon by the Seller and the Buyer on the
basis of the approved feasibility study report (or approved fundamental
design) or technical dossiers of equipment manufacturers at the time of
negotiation (if any), and not exceeding value defined under the approved
feasibility study report (or approved fundamental design);
kCS:
Average rate
of capacity degradation (%) for the entire economic life of thermal
power plant (if any) agreed upon by the Seller and the Buyer on the basis of
the approved feasibility study report (or approved fundamental design) or
technical dossiers of equipment manufacturers at the time of negotiation (if
any);
For renewable
power plants using combined energy storage battery systems, AGN
shall be calculated using the formula below:
Where:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Average electrical
output used to charge the energy storage battery system (kWh), calculated
using the formula below:
ABESS:
Capacity of
the energy storage battery system according to the approved design (kWh);
TBESS:
The minimum
charge-discharge cycles of the energy storage battery system agreed upon by
the Seller and the Buyer on the basis of the approved feasibility study
report (or approved fundamental design) or technical dossiers of equipment
manufacturers at the time of negotiation (if any);
n:
Economic
life of the power plant in accordance with point b of this Clause (year);
kv:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
:
The
charge-discharge cycle efficiency of the energy storage battery system (%)
agreed upon by the Seller and the Buyer on the basis of the approved
feasibility study report (or approved fundamental design) or technical
dossiers of equipment manufacturers at the time of negotiation (if any) but
not lower than 85%.
For power plant
projects that do not use public investment capital, project using non-public
investment state capital, in cases where AGN is not determined using
the above formulas, the seller and the buyer shall agreed upon on the basis of
the feasibility study report (or technical design if the feasibility study
report is not applicable) appropriate to the installed capacity of the power plant
approved, which is not lower than the output value determined in this report. For
wind power plants and solar power plants, AGN shall be determined on
the basis of the P50 energy yield;”
4.
Clause 2 Article 10 is amended as follows:
“2. Average
annual electricity delivered and total investment shall be determined as
follows:
a) For projects
using public investment capital, project using non-public investment state
capital, total investment and average annual electricity delivered (in
accordance with P50 energy yield) shall be determined on the basis of technical
specifications in fundamental design (or technical design if the fundamental
design is not applicable) appropriate to the installed capacity of power plants
appraised by competent authority;
b) For power
plant projects that do not use public investment capital, project using
non-public investment state capital, total investment and average
annual electricity delivered (in accordance with P50 energy yield) shall
be agreed upon by the seller and the buyer on the basis of the feasibility
study report (or technical design if the feasibility study report is not applicable)
appropriate to the installed capacity of the power plant approved.”.
5.
Clause 3 Article 22 is added as follows:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
6.
The title of the Table 2 in Appendix I of is amended as follows:
“Table 2 - Percentage
of operating and maintenance costs of thermal power plants and wind power
plants in accordance with Article 10 hereof.”
Article
3. Transitional clauses
Where the
seller has sent a written request for negotiating power purchase agreement and
both parties are in the process of negotiating of electricity price before the
effective date of this Circular but have not reached an agreement to sign the
contract, they shall continue the negotiation in accordance with Circular No.
12/2025/TT-BCT; except for the case the seller chooses to apply this Circular
for negotiation.
Article
4. Effect
1.
This Circular comes into force from November 21, 2025.
2.
Difficulties that arise during implementation must be reported to
Ministry of Industry and Trade for consideration and amendments./.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.