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MINISTRY OF INDUSTRY
AND TRADE OF VIETNAM
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SOCIALIST REPUBLIC OF
VIETNAM
Independence – Freedom – Happiness
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No. 58/2025/TT-BCT
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Hanoi, December 02,
2025
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CIRCULAR
ON
METHOD FOR DETERMINING ELECTRICITY GENERATION SERVICE PRICES OF PUMPED-STORAGE
HYDROELECTRICITY POWER PLANTS; PRIMARY CONTENTS OF POWER PURCHASE AGREEMENT
Pursuant to the Law on Electricity No.
61/2024/QH15;
Pursuant to Decree 40/2025/ND-CP dated February
26, 2025 of the Government on functions, tasks, powers, and organizational
structure of the Ministry of Industry and Trade;
At request of the Director of Electricity
Authority of Vietnam;
The Minister of Industry and Trade promulgates
Circular on method for determining electricity generation service prices of pumped-storage
hydroelectricity power plants; primary contents of power purchase agreement.
Chapter I
GENERAL
PROVISIONS
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1. Scope
This Circular provides guidelines on Clause 3
Article 12, Clause 5 Article 44, Point g Clause 1, and Point b Clause 8 Article
51 of the Law on Electricity No. 61/2024/QH15 pertaining to calculation
principles for electricity prices for implementation of electricity projects;
methods for determining electricity generation service prices of pumped-storage
hydroelectricity (hereinafter referred to as “PSH”) power plants; and primary
contents of power purchase agreement (hereinafter referred to as “PPA”).
2. This Circular applies to:
a) Agencies, organizations, and individuals in
possession of PSH power plants under list of PSH power plants operating in 2025
- 2030 period under Decision No. 768/QD-TTg dated April 15, 2025 of the Prime
Minister.
b) Other agencies, organizations, and
individuals.
Article 2. Definitions
In this Circular, the terms below are construed
as follows:
1. The Seller refers to an electric
utility in possession of a PSH power plant.
2. The Buyer refers to Vietnam Electricity (or
authorized representatives thereof), Northern Power Corporation, Central Power
Corporation, Southern Power Corporation, Hanoi City Power Corporation, Ho Chi
Minh City Power Corporation, major electricity users, other electricity buyers
according to regulations of electricity market.
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4. Electric utility refers to an electric
entity in possession of one or multiple PSH power plants.
5. Electrical system and market operator refers to the National
Power System and Market Operator Company or other entity depending on
development level of electricity market.
6. Base year refers to the year in
which total approved investment is used in calculation of electricity generation
service prices of PSH power plants.
7. Pumped-storage hydroelectricity power
plant (PSH power plant) refers to a power plant that utilizes a water storage
systems at different elevations for storing energy and generating electricity
wherein water is pumped from low elevation to high elevation during periods
where electricity is not generated then release through turbines to generate
electricity when needed.
8. Total investment refers to total
investment costs of the project determined in accordance with applicable
regulations and law, fundamental design, and other contents of feasibility
study.
Chapter II
DETERMINATION
PRINCIPLES AND METHOD OF ELECTRICITY GENERATION SERVICE PRICES OF PSH POWER
PLANTS
Article 3.
Determination principles of electricity generation service prices
1. Electricity generation service prices of PSH
power plants shall be developed on the basis of:
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b) Internal rate of return (IRR) that does not
exceed 12%.
2. Electricity generation service prices of PSH
power plants consist of:
a) Capacity add-on prices consisting of average
fixed prices, fixed operational and maintenance prices and developed in
accordance with Article 4 hereof (VND/kW/month);
b) Electricity prices which are variable prices
calculated in accordance with electricity purchase prices that enable pumping
electricity to water storage at a higher elevation, generating electricity, and
performing other functions to improve electricity quality (if any), and
developed in accordance with Article 4 hereof (VND/kWh).
3. Electricity generation service prices do not
include value-added tax, other taxes, fees, monetary payables according to
regulations of competent authorities (other than those included in electricity
generation service price plan).
4. Electricity generation service prices used for
comparison with electricity generation price tariff of the base year
a) Electricity generation service prices for
comparison with electricity generation price tariff of the base year (Pc)
(VND/kWh) do not exceed electricity generation tariff of PSH power plant model
promulgated by the Minister of Industry and Trade in the base year where
electricity generation service prices used for comparison with electricity
generation price tariff of the base year are calculated on the basis of cost
components corresponding to those used in calculation of electricity generation
price tariff as follows:
Where:
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Capacity add-on under Clause 1 Article 4
hereof (VND/kW/month);
Tmax
Full load hours compliant with approved
fundamental design or technical design corresponding to total investment used
in calculation of electricity generation service prices;
PDNb:
Electricity price of the base year under
Clause 2 Article 4 of this Circular (VND/kWh).
b) Where electricity generation price bracket
of the base year is not available, electricity generation service prices shall
have corresponding cost components converted in order to be used in comparison
with the latest electricity generation price tariff after the base year.
Article 4. Method for
determining capacity add-on prices and electricity prices of base year of PSH
power plants
1. Capacity add-on of the base year PCS
(VND/kW/month) is determined using the formula below:
PCS
= FC + FOMCb
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FC:
Average fixed costs determined in accordance
with Article 5 hereof (VND/kW/month);
FOMCb:
Fixed operating and maintenance costs of base
year and determined in accordance with Article 6 hereof (VND/kW/month).
2. PDNb (VND/kWh) of base year is
determined using the formula below:
Where:
µ:
Round-trip efficiency agreed upon by the
Seller and the Buyer, not lower than that in fundamental design/technical
design corresponding to total investment used in calculation of electricity
prices or parameters of manufacturers (%);
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Percentage of electricity used and lost by
step-up transformers of power plants, loss on power lines to delivery points
of national power grid (if any) agreed upon by the Seller and the Buyer or
compliant with document of competent authorities (if any) (%). Where the
parties agree on the value, value under approved fundamental design or
technical dossiers of manufacturers applicable on the date on which
negotiation occurs (if any) without exceeding value under approved
fundamental design.
Pmua:
Off-peak retail rates applicable to
manufacturing industries under Regulation on electricity price promulgated by
the Minister of Industry and Trade (VND/kWh).
3. Experimentation, test, commissioning costs of
PSH power plant: Payment of experimentation, test operation, commissioning
costs prior to commercial operation date agreed upon by the Seller and the
Buyer is not to be repeated in total approved investment of the project.
Article 5. Method for
developing average fixed cost of PSH power plant
1. Average fixed costs of power plant (FC) are
determined on the basis of project financial analysis according to Schedule 1
and Schedule 2 under Appendix II attached hereto. Input parameters for
developing FC shall be determined in accordance with Clause 2 of this Article.
2. Primary input parameters used in calculation of
FC
a) Investment costs: Investment costs are
determined on the basis of total investment effective on the date on which
negotiation of electricity generation service prices for used in calculation of
electricity generation service prices takes place, including all costs within
investment liability of the Seller until connection points to power plants in
order to supply energy to balance load, perform other functions (if any) in
order to maintain stable, reliable operation of national power system,
including: power plant; infrastructure, investment in electrical grid from
power plant to connection points, other relevant costs;
b) Economic life: Determined in accordance with
Appendix I attached hereto, unless competent authority issue documents
approving economic life of project that is different from that stipulated under
this Circular at which point said documents prevail (in years);
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d) Period of provisions for depreciation of
primary fixed property (year): Determined on the basis of period of provisions
for depreciation of individual group of primary fixed property in accordance
with periods for creating provisions for depreciation under relevant laws from
time to time or documents of competent authority permitting provisions for
depreciation (if any);
dd) Percentage of equity, local capital, and
investment stage in total investment shall be determined in accordance with
decision approving investment project, capital mobilization on negotiation date
and compliant with regulations promulgated by competent authority. Equity accounts
for at least 15% of total investment;
e) Loan interest and loan repayment period
during operating period: determined on the basis of loan agreements, documents,
dossiers between project developer and lending credit institutions, banks.
Where total loan capital under load agreements
or legitimate documents between Project developer and credit institutions is
lower than total loan capital according to electricity price calculation plan,
the Seller and the Buyer shall negotiate about the remaining loan capital on
the basis of: Minimum dept repayment period of 10 years and loan interest as
follows:
e1) Foreign currency loan interest shall be
equal to the Secured Overnight Financing Rate (SOFR) with an average term of
180 days over 36 months preceding the calculation date announced by FED
(www.newyorkfed.org) plus (+) annual average arrangement fee charged by the
bank at 3% per year;
e2) VND loan interest shall be equal to the
average VND deposit interest rate with a term of 12 months for individual customers
of 05 years preceding the year of calculation, determined on September 30th
every year by Vietcombank, VietinBank, BIDV and Agribank or their lawful
inheritors, plus (+) the annual average arrangement fee charged by the banks at
3%/year.
g) Corporate income tax rates, other taxes and
fees: Determined in accordance with relevant laws.
Article 6. Method for
developing fixed operation and maintenance costs of PSH power plant
FOMCb (VND/kW/month) is determined
as follows:
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Where:
:
Operating and maintenance costs dependent on
major repair costs and other costs in the base year, determined in accordance
with Clause 1 of this Article (VND/kW/month);
:
Operating and maintenance costs dependent on
personnel costs in the base year, determined in accordance with Clause 2 of
this Article (VND/kW/month).
1. 
of the Base year (VND/kWh) shall be
determined using the formula below:
Where:
Plđ:
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TCscl:
Total major repair costs and other costs
(VND/month) in base year determined as follows:
Where:
VDTXD+TB:
Total construction costs and equipment costs
determined on the basis of total investment under Point a Clause 2 Article 5
hereof (VND);
kscl:
Percentage of major repair costs and other
costs (%) of power plant agreed upon by the Seller and the Buyer and not
exceeding percentage under Appendix I attached hereto.
2. 
(VND/kW/month) shall be determined using the
formula below:
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Where:
Plđ:
Nameplate capacity of power plant according
to approved design (kW);
TCnc:
Total personnel costs (VND/month) in base
year is determined as follows:
Where:
VDTXD+TB:
Total construction costs and equipment costs
determined on the basis of total investment under Point a Clause 2 Article 5
hereof (VND);
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Percentage of personnel costs (%) of power
plant agreed upon by the Seller and the Buyer and not exceeding values under
Appendix I attached hereto.
Chapter III
PRINCIPLES
AND METHOD FOR DETERMINING ANNUAL POWER PURCHASE AGREEMENT PRICES
Article 7. Principles
in determining annual fixed costs of PPA
1. The Seller and the Buyer have the right to
negotiate FC for each year in contract term. Where the parties agree to convert
the negotiated FC to annual fixed costs, the determination of these fixed costs
must adhere to principles under Clause 2 of this Article.
2. On the basis of practical loan capacity and
financial capacity of the project, both parties shall negotiate about FC of
power plants and convert to annual fixed costs (FCj: fixed cost of
year j) as long as average fixed cost does not change relative to mutually
agreed value and following principles are complied with:
a) Financial discount rate when calculating
annual fixed costs agreed by both parties shall equal the IRR of power plant;
b) Projects developer shall repay loans for
investment and construction of power plants according to deadline for repaying
loan capital.
Article 8. Principles
in adjusting annual electricity generation service prices in PPA
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a) Components of operational and maintenance
costs dependent on major repair costs and other costs are to be adjusted for average
inflation rate in accordance with Appendix I attached hereto. The Seller and
the Buyer shall negotiate about mechanism of adjusting components of
operational and maintenance costs dependent on major repair costs and other
costs in respect of items where foreign currency is involved (if any);
b) Cost components of operational and
maintenance costs dependent on personnel costs are adjusted by consumer price
index (CPI) published by General Statistics Office of Vietnam without exceeding
2,5%/year.
2. On an annual basis, the Seller and the Buyer
shall calculate and negotiate payment plan for exchange rate differences on the
basis of total capital loan in foreign currency, repayment plan for loan in
foreign currency, data on actual principal repayment, exchange rate agreed upon
by the Seller and the Buyer in electricity generation service pricing, and
exchange rate of the previous year. FED rate (VND) is calculated using the
formula below:
Where:
m: Number of types of foreign currency in electricity
generation service pricing agreed upon by the Seller and the Buyer (type);
n: Means number of principal installments of
foreign currency i (installment);
Di,j: Means number of principal loan
in foreign currency i paid in installment j in year of calculation;
λi,j: Exchange rate of foreign
currency i in installment j in year of calculation;
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Article 9. Methods for
determining PPA prices of PSH power plant at the time of payment
1. PPA prices at the time of payment of
electricity bill of month t, year j consist of capacity add-on PCS,j,t
(VND/kW/month) and electricity prices PDN,j,t (VND/kWh) are
prescribed as follows:
a) Capacity add-on prices of month t, year j
are determined using the formula below:
Where:
FCj:
Fixed costs of year j determined in
accordance with Article 5, Article 7 hereof (VND/kW/month);
FOMCj,t:
Fixed operational and maintenance costs of
month t, year j determined in accordance with Clause 2 of this Article
(VND/kW/month).
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Where:
µ:
Round-trip efficiency according to Clause 2
Article 4 hereof (%);
ttt:
Percentage of electricity consumed and used
by step-up transformers of power plants, loss on power lines to delivery
points with national power system (if any) in accordance with Clause 2
Article 4 hereof (%);
Pmua,j,t
Average electricity purchase unit price (based
on electricity retail prices for manufacturing industries under Decision on
electricity sale prices promulgated by the Minister of Industry and Trade)
during pumping hours of month t, year j at request of system and market
operator (VND/kWh).
2. Fixed operating and maintenance costs of month
t and year j are determined using formula below:
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Where:
:
Operating and maintenance costs dependent on
major repair costs and other costs in year j, determined in accordance with
Point a of this Clause (VND/kW/month);
:
Operating and maintenance costs dependent on
personnel costs of the month t and year j determined in accordance with Point
b of this Clause (VND/kWh).
a) 
is determined using the formula below:
Where:
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i:
Inflation rate of components of operating and
maintenance costs dependent on major repair costs and other costs according
to Appendix I attached hereto;
l:
Number of year of payment from Base year
(with Base year l =1).
b) 
is determined using the formula below:
Where:
:
Operating and maintenance costs dependent on
personnel costs of the Base year and determined in accordance with Clause 2
Article 6 hereof;
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Inflation rate applicable to components of
operating and maintenance costs dependent on personnel costs, determined in
accordance with CPI of the year (j-1) relative to the year (j-2) published by
central statistics authority in December of the year (j-1) to a maximum of
2,5%/year;
l:
Number of year of payment from Base year
(with Base year l =1, i1 = 0).
Chapter IV
POWER
PURCHASE AGREEMENT
Article 10. Primary
contents of power purchase agreement
1. Primary contents of PPA under Appendix III
attached hereto shall serve as the basis for negotiation between the Seller and
the Buyer. Both parties have the right to negotiate and amend terms and clauses
under PPA in a manner compliant with Vietnam’s laws.
2. Language in use is Vietnamese. Where the Seller
consists of foreign investors, the Seller and the Buyer may negotiate about the
use of English as an additional contract language.
Article 11. Documents
serving PPA negotiation between the parties
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2. Written approval for investment guidelines of
Decision on investment guidelines or Certificate of investment registration of
projects.
3. Decision on construction investment and
presentation, appraisal reports for power plant investment projects produced by
independent advisors, and attachments.
4. Decision approving initial total investment or
revised total investment effective as of the date on which negotiation on
electricity generation prices and main contents of fundamental design of
investment projects relevant to PPA negotiation is conducted, appraisal reports
for fundamental design and written notice on inspection results of fundamental
design, total investment issued by construction authorities as per the law (if
any).
5. Negotiation on connection of power plants to
national electricity system and connection solution of PSH power plants.
6. Loan agreements or documents, texts between
Developer and creditors, disbursement plan or recordings for all loan capital.
7. Documents calculating loss of capacity and
electricity in transformers, power lines from step-up transfers to points
connected to national electrical system and documents calculating
self-sufficient electricity in PSH power plants.
8. Other relevant documents (if any).
Chapter V
ORGANIZING
IMPLEMENTATION
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Provide guidelines and examine compliance with
this Circular. When necessary, propose Circular amendments to stay in line with
practice and conform to regulations of the law.
Article 13.
Responsibility of system and market operator
1. Depending on current stage, calculate
installation demand, capacity of PSH power plant and ensure compliance with
National planning for electricity development, electricity system demand.
2. Develop plans and schedules for mobilizing
capacity of generator groups of PSH power plants in service of safe and
optimize operation of national electric system; determine and declare operation
plan, time of water pump, electricity generation, and implementation of other
functions in order to improve electricity quality of national electric system
from PSH power plants depending on load and system balance.
3. Cooperate with the Seller, the Buyer, and
relevant parties in implementation of PPA, ensure performance of other
functions in order to improve electricity quality of national electric system
in accordance with technical regulations and compliant with regulations of the
law pertaining to system and market operation.
4. Optimally operate electric system in
regulation, mobilization of generator group, and performance of other functions
of PSH power plants.
Article 14.
Responsibilities of EVN
Take charge and cooperate with the Buyer, the
Seller in calculating, unifying solutions for paying rate differences in
implementation of PPA in accordance with this Circular.
Article 15.
Responsibilities of the Buyer
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2. Negotiate PPA with the Seller in accordance
with this Circular; assume responsibility, ensure accuracy, legitimacy,
adequacy of data and documents provided for relevant agencies during inspection
(if any).
3. Cooperate with the Seller in calculating,
unifying rate differences in implementation of PPA in accordance with this
Circular and providing to EVN for consideration of payment solutions.
Article 16.
Responsibilities of the Seller
1. Negotiate PPA with the Buyer in accordance with
this Circular; ensure accountability, accuracy, legitimacy, and adequacy of
provided data and documents.
2. Provide adequate information, ensure accuracy,
legitimacy, adequacy of data, documents provided to relevant entities and
authorities during negotiation and examination.
3. Inform the Buyer, the Seller, system and market
operators about other functions of PSH power plants in order to improve
electricity quality of national electrical system for invested PSH power
plants.
4. Take charge and cooperate with the Buyer in
calculating, unifying solutions for paying rate differences in implementation
of PPA in accordance with this Circular (if any).
5. Compensate the Buyer for damage that occurs as
a result of the Seller’s failure to satisfy capacity requirements when needed
in accordance with principles under Appendix of PPA negotiated by the Seller
and the Buyer during signing of PPA.
Article 17. Amendment
to electricity generation service price
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Article 18. Entry into
force
1. This Circular comes into force from January 17,
2026.
2. Starting from the effective date hereof, PSH
power plants that have not entered into PPA shall conform to this Circular./.
PP. MINISTER
DEPUTY MINISTER
Nguyen Hoang Long
APPENDIX I
PARAMETERS
USED IN CALCULATION OF PPA PRICES
(Attached to Circular No. 58/2025/TT-BCT dated December 2, 2025 of the
Minister of Industry and Trade)
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Entry
Value
I
Economic life
40 years
II
Percentage of operation and maintenance costs
of power plant (%/year)
1
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1.1
Of a capacity scale of 150 MW or lower
1,2%
1.2
Of a capacity scale from 151 MW to 300 MW
0,9%
1.3
Of a capacity scale of 301 MW or higher
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2
Percentage of personnel costs (knc)
2.1
Of a capacity scale of 150 MW or lower
0,8%
2.2
Of a capacity scale from 151 MW to 300 MW
0,5%
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Of a capacity scale of 301 MW or higher
0,3%
III
Inflation rate of components of operating and
maintenance costs depending on major repair costs and other costs (%/year)
2,5%/year
APPENDIX II
PROJECT
FINANCIAL ANALYSIS FORMS
(Attached to Circular No. 58/2025/TT-BCT dated December 2, 2025 of Minister
of Industry and Trade)
Schedule 1 - Business
result estimates
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No.
Entry
Year N
Year N+1
Year N+2
…
Total
I
Total income
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1
Revenues generated by electricity sale
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2
Other benefits provided by the project (if
any)
3
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II
Total costs
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1
Depreciation of fixed assets
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Operating and maintenance costs
3
Other costs (if any)
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4
Loan interests
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III
Pre-tax profits (I) - (II)
IV
Corporate income tax
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V
Post-tax profits (III) - (IV)
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Note: Revenues generated by electricity sale do
not include VAT, water resource tax, water resource production licensing fee,
forest environment fee, environmental protection fees, other taxes and fees (if
any). Schedule 1 is produced from the year in which income is generated.
Schedule 2 - Capital
accumulation and financial indicators
Unit: ………………
No.
Entry
…
Year N-1
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Year N+1
…
Total
I
Sources
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1
Revenues generated by electricity sale
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Other benefits provided by the project (if
any)
3
Subsidization (if any)
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4
Remaining value of fixed assets (calculated
in the last year of the project)
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5
Recovered value of working capital
(calculated in the last year of the project)
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II
Usage
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Equity, loan capital (distributed by project
schedule)
2
Other costs (if any)
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3
Loan principles
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4
Loan interests
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5
Corporate income tax
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Capital accumulation (I) - (II)
IV
Discount capital accumulation
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V
Accrued discount capital accumulation
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Note: Electricity sale
revenues do not include operational and maintenance costs, VAT, water resource
tax, water resource production licensing fees, forest environment fees, and
other taxes and fees (if any).
Schedule 2 is produced
from the year in which construction starts.
APPENDIX III
PRIMARY
CONTENTS OF POWER PURCHASE AGREEMENT
(Attached to Circular No. 58/2025/TT-BCT dated December 2, 2025 of the
Minister of Industry and Trade)
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POWER PURCHASE
AGREEMENT
PUMPED-STORAGE
HYDROELECTRICITY POWER PLANT …………………………
Between
…………………… COMPANY
(THE SELLER)
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……………………… COMPANY
(THE BUYER)
AGREEMENT NO. ……./20…/HD-NMD-[Name
of PSH Power Plant]
……………………… (location
and date)
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POWER PURCHASE
AGREEMENT
Pursuant to the Law on Electricity dated
November 30, 2024;
Pursuant to the Law on Commerce dated June 14,
2005;
Pursuant to the Civil Code dated November 24,
2015;
Pursuant to Circular No. …/2025/TT-BCT of the
Minister of Industry and Trade elaborating method for determining electricity
generation service prices of pumped-storage hydroelectricity power plant;
primary contents of power purchase agreement; [1]
Pursuant to electricity sale and purchase
demands of the Buyer and the Seller,
As of __________(date) at _________ (location) .
The parties include:
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Address:
_________________________________________________
Phone: ___________________________
Fax:___________________
Taxpayer Identification
Number:____________________________________
Account: _____________________ Bank:
_______________________
________________________________________________________
Representative:
____________________________________________
Position: ____________________________
authorized by _________
________________________________________ under
written authorization
No. _________________________, dated
_____________
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Address:
_________________________________________________
Phone: ___________________________
Fax:___________________
Taxpayer Identification
Number:____________________________________
Account: _____________________ Bank:
_______________________
________________________________________________________
Representative:
____________________________________________
Position: ____________________________
authorized by _________
________________________________________ under
written authorization
No. _________________________, dated
_____________
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Article 1. Definitions
For the purposes of this Agreement, the
following terms shall have the meanings hereby assigned to them:
1. The Seller shall be …………… Company
in possession of the Power Plant.
2. The Buyer shall be ………………
3. Declared capacity means …………
4. Connection point means …………
5. Delivery point means ………………
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 2. Agreement effectiveness and effective
period
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The Agreement comes into force from the date on
which legitimate representatives of the parties officially sign the Agreement
unless otherwise agreed.
2. Agreement effective period
Other than extension or termination of
Agreement term, effective period of the Agreement starts from the date on which
the Agreement enters into force until …… years inclusive after commercial
operation date of the Power plant.
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 3. Provision of electricity generation
prices
1. Electricity generation service prices:
Compliant with Appendix V of the Agreement.
2. Available capacity: Compliant with Appendix V
of the Agreement.
3. Agreement output: Compliant with Appendix V of
the Agreement.
4. Electricity payment: On a monthly basis, the
Buyer must pay the Seller in accordance with Appendix V of the Agreement.
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Article 4. Commitment
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 5. The Seller's obligations prior to
commercial operation date
1. Requirements pertaining to licenses and written
approval
…
2. Reports on project schedule
…
3. Connection, test, and operation
…
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…
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 6. Connection responsibility and
metering system
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 7. Dispatch and operation of Power
plant
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 8. Billing and payment
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 9. Events affecting Agreement execution
and actions
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Article 10. Termination
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 11. Compensation
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 12. Exemption from liability for
violations
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 13. Dispute settlement
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 14. Electricity industry restructuring
and transfer of rights and obligations
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The parties shall negotiate the situations in
which the Buyer must be restructured, reorganized, dissolved, or having
electricity purchase capacity phased out for the purpose of implementing plans
for remodeling electricity industry in all levels of competitive electricity
market in accordance with roadmap approved by the Prime Minister or later
amendments. Where competent authority issues decisions on reorganizing,
restructuring, or dissolving, the Buyer has the right to partially or entirely
transfer their rights and obligations under the Agreement regardless of
approval of the Seller to inheriting entity or entities decided by competent
authority and such entities are responsible for executing legitimate rights and
obligations of the Buyer as per the law.
The Seller must issue documents approving all
transfer or authorizing implementation of rights and obligations under this Agreement
of the Buyer.
2. Transfer of rights and obligations of the
Seller
The Seller has the right to transfer their
rights and obligations under the Agreement to inheriting entity or entities
only when the Seller and the Buyer have agreed upon such transfer in writing in
advance. Such written agreement must not deny the transfer or authorization of
the Seller without reasons, unless the Seller is allowed to authorize or
transfer any or all their rights and obligations under the Agreement pertaining
to funding or other financial arrangement to Power Plant without discussing
with the Buyer. This Agreement remains effective to warrant benefits and the
performance of obligations of inheriting entities, authorized entities,
transferred entities of the Seller.
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 15. Storing documents and providing
information
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 16. Other costs
Each party is responsible for incurring taxes and
fees or debts that arise in the performance of the Agreement. The parties
undertake that this Agreement does not include electricity transmission costs,
electricity distribution costs, or other similar costs and each party is
responsible for incurring these costs as per the law.
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Article 17. Authorized representative and
information exchange
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 18. Confidentiality
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Article 19. Law applied and language of PPA
Presentation and implementation of this
Agreement shall conform to Vietnam’s laws.
Language in use in the PPA shall be Vietnamese.
The Seller and the Buyer may negotiate about the use of an English translation
of the PPA.
Article 20. Other agreements
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
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REPRESENTATIVE OF THE
BUYER
(Title)
(Seal and signature)
(Full name)
REPRESENTATIVE OF THE
SELLER
(Title)
(Seal and signature)
(Full name)
Appendix I
PRIMARY PARAMETERS OF
POWER PLANTS
(Attached to the Agreement
No. ____ , dated ____)
Including descriptions,
illustrations, and technical characteristics of Power plant
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[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
Appendix II
METERING SYSTEM AND
DATA COLLECTION
(Attached to the
Agreement No. ____ , dated ____)
I. INSTALLATION LOCATION AND FUNCTION OF
METERING SYSTEM
1. Installation location of metering system
2. Functionalities of metering system shall
conform to regulations on electricity metering promulgated by the Ministry of
Industry and Trade.
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Technical requirements of metering devices,
metering circuit, lead sealing, meter reading collection and recording system
shall conform to regulations on electricity metering promulgated by the
Ministry of Industry and Trade.
III. METERING LOCATION
The parties hereby agree to use the following
metering locations:
Primary metering location:
Backup metering location 1:
Backup metering location 2:
Metering location serving electricity market
operation and data reconciliation:
IV. METHODS FOR DETERMINING DELIVERED
ELECTRICAL PRODUCTION
1. Delivered electrical production
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AG =
Where:
AG: Electrical production for which
the Buyer pays the Seller in the month, (kWh).
b) Electrical production which the Seller
receives from national electrical system in the month is calculated using
formula:
AN =
Where:
AN: Electrical production received
from grid via metering points in the month (kWh).
3. During period of competitive electricity
market, monthly delivery of electricity must conform to regulations on
electricity metering in competitive electricity market promulgated by the
Ministry of Industry and Trade.
[The parties have the right to negotiate
amendment in accordance with Vietnamese laws]
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Appendix III
AGREEMENT ON
OPERATIONAL CHARACTERISTICS
(Attached to the
Agreement No. ____ , dated ____)
[The parties shall have the right to negotiate
amendment in accordance with Vietnamese laws]
Appendix IV
AGREEMENT ON SCADA/EMS,
COMMUNICATION, PROTECTIVE RELAY AND AUTOMATED SYSTEMS
(Attached to the
Agreement No. ____ , dated ____)
[The parties shall have the right to negotiate
amendment in accordance with Vietnamese laws]
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Appendix V
ELECTRICITY GENERATION
SERVICE PRIVCES, PAYMENT FOR ELECTRICITY GENERATION SERVICE
(Attached to the
Agreement No. ____ , dated ____)
I. ELECTRICITY GENERATION SERVICE PRICES
1. Electricity generation service prices at the
time of payment of electricity bill of month t, year j consist of capacity
add-on (VND/kW/month) and electricity prices PDN,j,t (VND/kWh) are
prescribed as follows:
a) Capacity add-on prices of month t, year j
are determined using the formula below:
PCS,j,t = FCj
+ FOMCj,t
Where:
FCj:
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FOMCj,t:
Fixed operational and maintenance costs of
month t, year j (VND/kW/month).
b) Electricity prices of month t, year j are
determined using the formula below:
Where:
µ:
Round-trip efficiency agreed upon by the
Seller and the Buyer, not lower than that in fundamental design/technical
design corresponding to total investment used in calculation of electricity
prices or parameters of manufacturers (%);
ttt:
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Pmua,j,t
Average electricity purchase unit price (based
on electricity retail prices for manufacturing industries under Decision on
electricity sale prices promulgated by the Minister of Industry and Trade)
during pumping hours of month t, year j at request of system and market
operator (VND/kWh).
2. Fixed operating and maintenance costs of month
t and year j are determined using formula below:
Where:
:
Operating and maintenance costs dependent on
major repair costs and other costs in year j, determined in accordance with
Point a of this Clause (VND/kW/month);
:
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a) Components of operating and maintenance
costs dependent on major repair costs and other costs of year j 
are determined using the formula
below:
Where:
:
Operational and maintenance costs dependent
on major repair costs and other costs in base year (VND/kW/month);
i :
Inflation rate of operational and maintenance
costs dependent on major repair costs and other costs;
l:
Number of year of payment from Base year
(with Base year l =1).
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Where total personnel costs TCnc are
calculated based on percentage of investment in construction and equipment,
components of operating and maintenance costs dependent on personnel costs are
determined using formula below (VND/kWh):
Where:
:
Operational and maintenance costs dependent
on personnel costs of base year (VND/kW/month);
ill:
Inflation rate applicable to components of
operating and maintenance costs dependent on personnel costs, determined in
accordance with CPI of the year (j-1) relative to the year (j-2) published by
central statistics authority in December of the year (j-1) to a maximum of
2,5%/year;
l:
Number of year of payment from Base year
(with Base year l =1, i1 = 0).
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III. AVAILABLE CAPACITY
III. PAYMENT FOR ELECTRICITY GENERATION SERVICE
PRICES
1. Before commercial
operation date
Regarding costs for test operation and
commissioning before commercial operation: The Seller and the Buyer shall
negotiate in accordance with Article 4 of Circular No. …/2025/TT-BCT of the
Minister of Industry and Trade.
2. After commercial
operation date
2.1. Electricity payment (Rtt)
of power plant is calculated as follows:
Rtt = Rt
x (1 + VAT)
Where:
VAT:
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Rt:
Electricity payment for month t, year j,
excluding VAT (VND) determined as follows
Rt = Tcđ,t
+ (PDN,j,t x Ett,j,t) + Rk + RTh
Where:
PDN,j,t :
Electricity prices under Point b Clause 1
Section I Appendix V attached hereto (VND/kWh);
Ett,j,t :
Electrical production in month t, year j
(kWh);
Rk :
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RTh:
Means total taxes, fees, amounts payable in
the month in accordance with relevant law provisions agreed between the
parties (and legitimate instruments) (VND);
Tcđ,t:
Total fixed costs of month t (VND) determined
as follows:
Where:
Pcs,j,t :
Capacity add-on under Point a Clause 1
Section I Appendix V attached hereto (VND/kW/month);
:
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H:
Number of hours in month t (hours);
n:
Number of generator group of power plant
Available capacity of generator group i in hour
h in month t is determined by:
+ For generator groups with installed capacity
below 100 MW
Declared available capacity (or amended available
capacity) if actual average generation capacity of generator group i in hour h
is greater than or equal to 95% of actual mobilized capacity at request of
system and market operator.
Actual generating capacity of generator group i
in hour h (or legitimate amended capacity if any) if actual average generation
capacity of generator group i is lower than 95% of actual mobilized capacity at
request of system and market operator.
+ For generator groups with installed capacity
of 100 MW or higher
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Actual generating capacity of generator group i
in hour h (or legitimate amended capacity if any) if actual average generation
capacity of generator group i is lower than 97% of actual mobilized capacity at
request of system and market operator.
Where a generator group is under repair
according to plans approved by system and market operator, declared available
capacity of the phase is calculated by installed capacity of the generator
group.
2.2. After a fiscal year ends, the Seller and
the Buyer shall cross-check electricity payment of the year. Where a power
plant does not satisfy requirements pertaining to declared available capacity
(except for force majeure causes), the Seller must refund the Buyer for the
difference between total electrical production lost in actual generator
stoppage (including that in mandatory stoppage, maintenance stoppage, and
planned stoppage) and permissible electrical production lost in actual
generator stoppage (installed capacity multiplied by number of stoppage hours
in the year) multiplied by capacity compensation agreed upon by the parties.
[The parties shall negotiate on amendments to
Electricity generation service prices and payment of electricity generation
service price under this Appendix in a manner compliant with Vietnamese laws]
Appendix VI
PRIMARY PARAMETERS IN
CALCULATION OF ELECTRICITY GENERATION PRICES
(Attached to the
Agreement No. ____ , dated ____)
[The parties shall have the right to negotiate
amendment in accordance with Vietnamese laws]
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Appendix VII
PROJECT SCHEDULE
I. PROJECT SCHEDULE
1. Official construction commencement date of
Power plant: […]
2. Initial date of interconnect test: […]
3. Initial energizing date: […]
4. Test date: […]
5. Commercial operation date of generator group i:
[…]
6. Commercial operation date of Power plant: […]
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The Seller has the responsibility to provide
the Buyer legitimate copies of documents to recognize commercial operation date
as follows: […].
[The parties shall have the right to negotiate
amendment in accordance with Vietnamese laws]
[1] In respect of specified laws and
documents, the parties shall use code applicable documents on the date on which
they sign the Agreement