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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.
12/2025/TT-BCT
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Hanoi,
February 01, 2025
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CIRCULAR
METHODS FOR DETERMINING ELECTRICITY GENERATION SERVICE
PRICE; RULES FOR DETERMINING ELECTRICITY PRICE FOR ELECTRICITY PROJECT
IMPLEMENTATION; MAIN CONTENTS OF POWER PURCHASE AGREEMENT
Pursuant to the Law on
Electricity dated November 30, 2024;
Pursuant to Decree No. 96/2022/ND-CP
dated November 29, 2022 of the Government on functions, tasks, powers, and
organizational structure of the Ministry of Industry and Trade; Decree No.
105/2024/ND-CP dated August 1, 2024 on amendment to Decree No. 96/2022/ND-CP
and Decree No. 26/2018/ND-CP dated February 28, 2018 of the Government on
Organization and operation regulations of Vietnam Electricity;
At request of the Director of
Electricity Regulatory Authority of Vietnam;
The Minister of Industry and
Trade promulgates Circular on methods for determining electricity generation service
price; rules for determining electricity price for electricity project
implementation; main contents of power purchase agreement.
Chapter I
GENERAL PROVISIONS
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1. This Circular provides
guidelines on implementing Clause 3 Article 12, Clause 5 Article 44, Point g
Clause 1 Article 51 of the Law on Electricity No. 61/2024/QH15 on method for
determining electricity generation service price; rules for determining
electricity price for electricity project implementation; main contents of
power purchase agreement.
2. This Circular applies to:
a) Power plants operating in
territory of the Socialist Republic of Vietnam and connected to national
electricity system;
b) Other agencies, organizations,
and individuals.
3. Provisions pertaining to methods
for determining electricity generation service price; rules for determining
electricity price for electricity project implementation; main contents of
power purchase agreement (PPA) hereunder do not apply to: multi-objective
strategic hydroelectricity plants, small-scale renewable energy power plants
that adopt avoidable cost tariff, independent power plants invested under BOT
model, power plants and generator groups providing auxiliary services; power
plants where electricity purchase mechanics dictated under documents of
competent authorities are adopted.
Article 2.
Definitions
In this Circular, the terms below
are construed as follows:
1. The Seller means an
Electric utility possessing a power plant.
2. The Buyer means 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. Electricity delivered means
electricity delivered to the Buyer by the Seller.
5. Electric utility means an
electricity entity in possession of a power plant or power plants.
6. Electrical system and market
operator means the National Power System and Market Operator Company or
other entity depending on development level of electricity market.
7. Fuel purchase agreement means
an agreement between the Electric utility and a fuel trading entity for the
supply of fuel for power plants, signed in accordance with applicable laws,
guarantees legitimate fuel sources and competitive, transparent prices.
8. Liquefied natural gas (LNG)
storage, regasification, and distribution agreement means an agreement
between Electric utility or a fuel trading entity and LNG storage investment,
management entity for the storage, regasification, distribution, and supply of
gas for power plant and is signed in a manner compliant with applicable laws
with competitive and transparent prices.
9. Fuel transport agreement means
an agreement between Electric utility or fuel trading entity for the
transportation of fuel to power plants, is signed in accordance with applicable
laws, and guarantees competitive, transparent prices.
10. Base year means the year
in which total investment is approved for use in calculation of electricity
generation service price.
11. New power plant means a
power plant built new or a part of power plant built new that has not entered
into first-time power purchase agreement (PPA).
12. Net heat rate means the
amount of thermal energy consumed to produce one kWh of electrical energy at
delivery point (BTU/kWh or kJ/kWh or kCal/kWh).
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14. Revised total investment means
total investment costs revised in accordance with construction laws applicable
as of the date on which electricity generation service price negotiation is
conducted.
15. Finalized investment means
total legitimate expenditure incurred during investment process until project
operation. Legitimate expenditure means expenditure incurred within the scope
of approved project, design, estimates; signed construction contracts compliant
with regulations of the law; including amendments thereto approved in a law
compliant manner. Finalized investment is to be limited by approved total
investment (or revised total investment) as per the law.
Chapter II
METHODS FOR DETERMINING
ELECTRICITY GENERATION SERVICE PRICE, RULES FOR DETERMINING ELECTRICITY PRICE
FOR ELECTRICITY PROJECT IMPLEMENTATION
Section 1.
METHODS FOR DETERMINING ELECTRICITY GENERATION SERVICE PRICE FOR NEW POWER
PLANT
Article 3.
Rules for determining electricity generation service price
1. PPA price of a power plant shall
be developed on the basis of:
a) Legitimate, reasonable costs
incurred by Project developer throughout economic life of the project;
b) Internal rate of return (IRR)
does not exceed 12%.
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3. PPA price does not include
value-added tax (VAT), water tax, licensing fee for water resource mining,
forest environment service fee, environmental protection fee in respect of
solid waste and industrial wastewater (applicable to thermal power plants) and
other taxes, fees, monetary collectables according to regulations of competent
authorities (other than those included in electricity generation service
price).
4. PPA price for comparing with electricity
generation service price bracket in the Base year:
a) PPA price in the Base year must
be within price bracket for electricity generation imposed by the Minister of
Industry and Trade in the Base year, in which, PPA price of power plant for
comparison with price bracket for electricity generation in the Base year shall
be calculated on the basis of cost components corresponding to cost components
serving calculation of price range for electricity generation;
b) In case electricity generation
service price bracket is not available in Base year, PPA price shall be
calculated by converting corresponding cost components in order to compare with
electricity generation service price bracket of the latest year applicable to
the power plant model.
Article 4.
Methods for determining PPA price in Base year of power plant
PPA price of Base year PC
(VND/kWh) is to be determined using formula below:
PC
= PCD + PBD
1. PCD (VND/kWh) means
fixed costs of the Base year and is determined using the formula below:
PCD
= FC + FOMCb
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FC:
Average fixed costs determined in
accordance with Article 5 hereof (VND/kWh);
FOMCb:
Fixed operating and maintenance
costs of Base year and determined in accordance with Article 6 hereof
(VND/kWh).
2. PBD (VND/kWh) means
variable price of the Base year and is determined as follows:
a) In respect of thermal power
plant, PBD is determined using the formula below:
Where:
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Variable price components
depending on secondary fuel costs of power plant in Base year and determined
in accordance with Clause 2 Article 7 hereof (VND/kWh);
Variable price components
depending on other factors of power plant in Base year and determined in
accordance with Clause 3 Article 7 hereof (VND/kWh);
Transportation costs for primary
fuel for electricity generation in the Base year and determined in accordance
with Clause 4 Article 7 hereof (VND/kWh).
b) In respect of hydroelectricity
plant, solar power plant, and wind power plant: PBD equals 0.
3. Experimentation, test,
commissioning costs of 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.
Methods for determining average fixed costs of power plant
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2. Primary input data used in
determination of average fixed costs (FC) of power plant:
a) Investment expenditure:
Investment expenditure determined on the basis of total investment (or revised
total investment) effective as of the date on which negotiation for electricity
generation service price or finalized investment is conducted in respect of
negotiating power plant in accordance with Article 15 hereof shall be used in
the calculation of electricity generation service price, including all
expenditure within investment liability of the Seller until connection points
of power plant such as: power plant; infrastructure, power plant wharfs,
electricity storage system (in case of renewable energy power plants),
investment expenditure on electrical grid from power plant to connection
points, other relevant costs, and costs allocated to the project (if any);
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);
c) Average electricity generated in
multiple years at delivery point (AGN) is calculated:
Where:
ANM:
Electrical output of power plant
(excluding electricity storage system) according to fundamental design
effective on the negotiation date (kWh).
In case of thermal power plant,
formula below shall apply:
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Pt:
Terminal capacity of generators
under approved design (kW);
Tmax:
Average number of peak hours in
multiple years of power plant compliant with documents of competent state
authority (if any) or appendix I attached hereto. In respect of power plant
that lacks Tmax under Appendix I attached hereto, such parameter
shall be 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; determined in accordance with
approved fundamental design or technical dossiers of equipment manufacturers
(if any at the time of negotiation), and not exceeding value defined under
approved fundamental design (%) or compliant with documents of competent
authority (if any);
kCS:
Average rate of power attenuation
for the entire economic life of thermal power plant (if any) agreed upon by
the Seller and the Buyer; determined in accordance with approved fundamental
design or technical dossiers of manufacturers at the time of negotiation (if
any).
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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 credit institutions,
creditors.
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.
Methods for determining operating and maintenance costs of power plant
FOMCb of the Base year
(VND/kWh) shall be determined using the formula below:
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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/kWh);
Operating and maintenance costs
dependent on personnel costs in the Base year, determined in accordance with
Clause 2 of this Article (VND/kWh).
1. 
of the Base year (VND/kWh) shall be
determined using the formula below:
Where:
: Is total major repair costs and other costs
in Base year and determined using formula below:
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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 does not exceed values defined under Appendix I attached hereto. In
respect of power plant that lacks kscl under Appendix I attached
hereto, such parameter shall be agreed upon by the Seller and the Buyer.
Ccdk:
Costs for dredging navigable
channels, infrastructure costs, other relevant costs agreed upon by the
Seller and the Buyer (if any) (VND). Where data on calculation of this item
in the Base year is not available, the Seller and the Buyer shall negotiate
about the total of this item at the time of negotiation and adjusted to the
Base year at a rate of 2,5%/year (VND);
AGN:
Average electricity generated
over multiple years at delivery points between the Buyer and the Seller and
calculated in accordance with Point Clause 2 Article 5 hereof (kWh).
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Where:
TCnc:
Total personnel costs in the Base
year including costs for salaries, social insurance, health insurance,
unemployment insurance, union fees, and associated allowances (VND);
Total personnel costs TCnc
of the Base year are determined on the basis of total personnel costs of
power plant and converted to Base year as follows:
Where salaries serving
calculation of personnel costs of power plant equal regional minimum wages of
the year in which electricity prices are calculated: The rate of conversion
to Base year is determined by regional minimum wage;
Where total personnel costs
cannot be identified via methods mentioned above, total personnel costs in
the Base year are determined using formula below:
TCnc
=VDTXD+TB x knc
Where:
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Total construction costs and
equipment costs determined on the basis of total investment under Point a
Clause 2 Article 5 hereof (VND);
knc:
Percentage of personnel costs
(%) of power plant agreed upon by the Seller and the Buyer and not
exceeding values under Appendix I attached hereto. In respect of power
plant that lacks knc under Appendix I attached hereto, such
parameter shall be agreed upon by the Seller and the Buyer;
AGN :
Average electricity generated
over multiple years at delivery points between the Buyer and the Seller and
calculated according to Point c Clause 2 Article 5 hereof (kWh).
Article 7.
Methods for determining variable prices of thermal power plant
Variable prices of thermal power
plant in the Base year PBD (VND/kWh) are determined using formula
below:
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Variable price components
depending on primary fuel costs of power plant in the Base year and
determined in accordance with Clause 1 of this Article (VND/kWh);
Variable price components depending
on secondary fuel costs of power plant in the Base year and determined in
accordance with Clause 2 of this Article (VND/kWh);
Variable price components
depending on other factors of power plant in the Base year and determined in
accordance with Clause 3 of this Article (VND/kWh);
Transportation costs for primary
fuel for electricity generation in the Base year and determined in accordance
with Clause 4 of this Article (VND/kWh).
1. Variable price components
dependent on changes to primary fuel costs of power plant in the Base year 
, are determined using
formula below:
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Where:
Average net heat rate of power
plants using primary fuel agreed upon by the Seller and the Buyer, not
exceeding values defined under fundamental design/technical design
corresponding to total investment serving the calculation of electricity
prices or specifications of equipment manufacturers, and calculated in a
manner corresponding to load under Appendix I attached hereto (kcal/kWh or kJ/kWh
or BTU/kWh or kg/kWh);
Primary fuel costs in the Base
year and calculated by determining weighted mean of fuel purchase agreements
or written agreements (excluding VAT) (VND/kcal or VND/kJ or VND/BTU or
VND/kg).
2. Variable price components
dependent on changes to secondary fuel costs of power plant in the Base year 
, are determined using
formula below:
Where:
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Secondary fuel costs in the Base
year and calculated by determining weighted mean of fuel purchase agreements
or written agreements (excluding VAT) (VND/kg or VND/kcal or VND/kJ or VND
/BTU).
3. Variable cost components
adjusted by other factors of power plant in the Base year 
are determined using the following
formula:
Where:
Cvlp:
Total annual auxiliary material
costs of power plant and determined on the basis of quantity and unit price
of auxiliary materials used for electricity generation in the Base year
(VND). Where data for calculation in the Base year are not available, the
cost components of a year where sufficient data are available can be used and
adjusted to the Base year at a rate of 2,5%/year;
Ckd:
Total activation costs include
fuel costs, other costs for activation (VND); number of activations agreed
upon by the Seller and the Buyer on the basis of electrical grid demand and
operational characteristics of power plant. If data required for the
calculation of total activation costs in the Base year are insufficient,
these costs can be calculated using data from a year with sufficient data and
adjusted to the base year at a rate of 2,5%/year;
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Annual repair and maintenance
costs, including regular repair and maintenance costs based on total
investment and equipment costs of power plant. Percentage of regular repair
and maintenance costs are determined by the parties and do not exceed values
defined under Appendix I attached hereto. Where a power plant is not
mentioned under Appendix I attached hereto, percentage of regular repair and
maintenance costs shall be agreed upon by the Seller and the Buyer;
AGN:
Average electricity generated
over multiple years at delivery points between the Buyer and the Seller and
calculated according to Point c Clause 2 Article 5 hereof (kWh).
4. Transportation costs for primary
fuel of power plant in the Base year 
are determined using formula below:
Where:
Net heat rate of power plants
defined under Clause 1 of this Article;
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For coal-fired thermal power
plants: weighted mean according to coal transport agreements or other written
agreements;
For thermal power plants using
natural gas: weighted mean of gas pipeline transportation services approved
by competent authority in accordance with the Law on Prices and other
relevant law provisions;
For gas-fired thermal power
plants using LNG: weighted mean of LNG storage, regasification,
transportation, and distribution service prices for electricity production
approved by competent authority in accordance with the Law on prices and
other relevant law provisions;
For waste-to-energy power plants,
bioenergy power plants, new energy power plants: agreed upon by the Seller
and the Buyer in accordance with physical conditions of power plants;
For thermal power plants using a
combination of fuels: agreed upon by the Seller and the Buyer in accordance
with physical conditions of power plants;
Where primary fuel costs 
already include
transportation costs for primary fuel, collection, transportation,
distribution, storage, regasification fees in fuel purchase agreements, the
corresponding transportation costs for primary fuel 
shall equal 0.
Article 8.
Power plants where methods for determining electricity generation service
prices have not been promulgated
For power plants where methods for
determining electricity generation service prices and electricity generation
service price bracket have not been promulgated, the Buyer and the Seller shall
negotiate about development of methods for determining electricity generation
service prices in accordance with actual conditions of power plants and request
the Ministry of Industry and Trade to review.
Article 9.
Provisional prices
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Article 10.
Methods for determining electricity generation service prices for solar power
plants, wind power plants that have entered into PPA with EVN but have not
satisfied requirements for adoption of electricity prices according to
Decisions of the Prime Minister
Methods for determining electricity
generation service prices for solar power plants, wind power plants that have
entered into PPA with EVN but have not satisfied requirements for adoption of
electricity prices according to Decision No. 11/2017/QD-TTg dated April 11, 2017,
Decision No. 13/2020/QD-TTg dated April 6, 2020, Decision No. 37/2011/QD-TTg
dated June 26, 2011, Decision No. 39/2018/QD-TTg dated September 10, 2018 of
the Prime Minister:
1. The Seller and the Buyer shall
rely on rules in determining electricity generation service prices under this
Circular to develop electricity generation service price plan of power plant:
a) Base year of power plant
undergoing electricity generation service price negotiation means the year in
which said power plant enters into commercial operation;
b) Where electricity generation
service prices have not been adopted for parts of power plant, said electricity
generation service prices shall be determined by input data of the entire power
plant.
2. Average annual delivered electricity
is determined as follows:
a) On the basis of fundamental
design (or technical design if compliance with fundamental design is not
feasible) appraised by competent authority (in respect of wind power plant, the
parties shall negotiate to determine productivity in accordance with P50 energy
yield);
b) Where method detailed under
Point a of this Clause is not viable, the parties shall negotiate based on
technical specifications in fundamental design or technical design dossiers
used in notice on appraisal results of competent authority. Where annual
delivered electricity is determined by fundamental design, total investment
based on fundamental design shall be used; where annual delivered electricity
is determined by technical design, total investment based on corresponding
technical design shall be used.
3. FOMCb is determined
using formula below:
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Where:
TC: Total operating and maintenance
costs of power plant and determined by: TC = VDT x k
Where:
VDT:
Power plant investment (VND);
k:
Percentage of operating and
maintenance costs (%) of power plant negotiated by the Seller and the Buyer
and not exceeding limits under Appendix I attached hereto.
4. Other parameters for calculating
electricity generation service prices, methods for determining PPA prices of
power plant upon payment, and rules in determining annual fixed costs of PPA
shall be negotiated by the Seller and the Buyer on the basis provided under
Chapter II hereof.
5. Documents serving PPA
negotiation shall conform to Clause 1 Article 19 hereof.
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Where bidding for investor
selection of electricity projects is conducted in accordance with Clause 1
Article 19 of the Law on Electricity, electricity prices in bidding documents
are to be developed in a manner compliant with principles under Chapter II
hereof. Data for calculation of electricity prices are to be proposed on the
basis of bidding documents and consulting entities.
Section.
METHODS FOR DETERMINING ELECTRICITY GENERATION SERVICE PRICES OF POWER PLANTS
IN COMMERCIAL OPERATION
Article 12.
Methods for determining electricity generation service prices for power plants
with expired PPA and unexpired economic life
For power plant (of which PPA has
been negotiated and signed in accordance with Circular No. 41/2010/TT-BCT,
Circular No. 56/2014/TT-BCT , Circular No. 57/2020/TT-BCT , and Circular No.
07/2024/TT-BCT) of which PPA has expired and economic life has not expired, the
Seller and the Buyer shall negotiate about electricity generation service
prices of subsequent years until expiry of economic life in a manner that
ensures the average fixed costs does not change relative to prices agreed upon
by the Seller and the Buyer.
Article 13.
Methods for determining electricity generation service prices for power plants
with expired economic life
1. Fixed costs of power plant with
expired economic life shall be so determined to allow power plant to recover
operational costs. Period of calculation shall be negotiated by the parties or
determined in accordance with major repair cycle of primary equipment and agreement
on reasonable profits. Where documents of competent authority approving period
of calculating fixed costs, said documents shall prevail.
2. Variable prices of thermal power
plant with expired economic life shall be determined in accordance with Article
7 hereof taking into account elements appropriate to actual operating
situations.
3. Average electrical production generated
shall be so determined on the basis of power plant capacity under approved
design and Tmax under Appendix I attached hereto. In respect of
power plant that lacks Tmax under Appendix I attached hereto,
average electrical production shall be so determined on the basis of actual
statistics of the nearest period appropriate to the next calculation period.
4. Where economic life of a power
plant has expired and power plant upgrade investment is implemented, both
parties shall negotiate on prices of PPA of the power plant in accordance with
Article 4, Article 5, Article 6, and Article 7 hereof and depreciation period
of primary equipment subject to the upgrade.
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Article 14.
Methods for determining electricity generation service prices for power plants
with unexpired PPA, expired electricity generation service prices or power
plants with expired BOT contracts and delivered to the Government or power
plants where electricity pricing under documents of competent authorities is
adopted and power plants in commercial operation with expired PPA
1. Electricity generation service
prices shall be determined in a manner that allows power plant to recover
investment (if any), electricity production costs, and ensures reasonable
profits.
2. Calculation period of
electricity generation service prices shall be compliant with the remainder of
economic life or PPA term or agreement between the parties.
3. Average electrical production
generated shall be so determined on the basis of power plant capacity under
approved design and Tmax under Appendix I attached hereto. In
respect of power plant that lacks Tmax under Appendix I attached
hereto, average electrical production shall be so determined on the basis of
actual statistics of the nearest period appropriate to the next calculation
period.
4. Variable prices of thermal power
plant with expired economic life shall be determined in accordance with Article
7 hereof taking into account elements appropriate to actual operating
situations.
5. Operating and maintenance costs
are negotiated between the parties.
6. Investment expenditure for
calculation of electricity generation service prices shall be determined on the
basis of remaining property value on the date on which electricity generation
prices no longer take effect or PPA expires plus renovation, upgrade costs (if
any).
Article 15.
Methods for determining electricity generation service prices of power plants
renegotiated based on finalized investment
In respect of power plant where
electricity generation service prices are renegotiated in accordance with
finalized investment according to Clause 1 and Clause 2 Article 27 hereof:
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2. The Seller and the Buyer shall
re-negotiate about electricity generation service prices on the following
principles:
a) Methods for determining PPA
price are compliant with Article 4 hereof;
b) Calculation parameters for PPA
prices are compliant with Article 4 hereof and updated on the date on which
finalized investment is determined;
c) PPA prices for comparison with
electricity generation price bracket do not exceed the applicable price bracket
of the year in which the entire power plant enters into commercial operation;
d) Electricity generation service
prices applicable from commercial operation date of power plant and annual fixed
costs shall conform to Article 16 hereof; annual fixed costs of years preceding
the date on which the Seller and the Buyer enter into contracts for PPA
amendments on the basis of electricity prices determined by finalized
investment;
dd) The Base year of power plant of
which electricity generation service prices are negotiated on the basis of
finalized investment shall be the year in which the entire power plant enters
into commercial operation.
Section 3. METHODS
FOR DETERMINING ANNUAL POWER PURCHASE AGREEMENT PRICES
Article 16.
Rules in determining annual fixed costs of PPA
1. The parties have the right to
apply average fixed costs that they have negotiated to years within contract
term. Where the parties agree to convert the negotiated average fixed costs to
annual fixed costs, the determination of these fixed costs must adhere to
principles under Clause 2 of this Article.
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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 plant according to deadline for
repaying loan capital.
Article 17.
Rules in adjusting annual electricity generation service prices in PPA
1. Components of operating and
maintenance costs of power plant are to be adjusted on the principles below:
a) Components of operating 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 operating and maintenance costs dependent on major repair costs
and other costs in respect of items where foreign currency is involved;
b) Components of operating and
maintenance costs dependent on personnel costs are to be adjusted by changes to
region-based minimum wage application on the date of payment or CPI provided by
central statistics authority to a maximum of 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. Difference in FED rates (VND)
is calculated using the formula below:
Where:
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Number of types of foreign
currency in electricity generation service pricing agreed upon by the Seller
and the Buyer (type);
n:
Number of principal repayment of
foreign currency i in year of calculation (time);
Di,j:
Number of principal loan in
foreign currency paid in installment j in year of calculation;
Exchange rate in installment j of
foreign currency i in the year (.../VND);
Base exchange rate of foreign
currency i agreed upon by the Seller and the Buyer in electricity generation
service pricing (…/VND).
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PPA prices of power plant at the
time of payment for electricity bill of month t, year j are PC,j t
(VND/kWh) and are determined using formula below:
Where:
Fixed costs of the year j and
determined in accordance with Article 16 hereof (VND/kWh);
:
Operating and maintenance costs
of month t, year j determined under Clause 1 of this Article (VND/kWh);
Variable prices of month t year j
determined in accordance with Clause 2 of this Article (VND/kWh).
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Where:
Components of operating and
maintenance costs dependent on major repair costs and other costs of the year
j determined in accordance with Point a of this Clause (VND/kWh);
Components of 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) Components of operating and
maintenance costs dependent on major repair costs and other costs 
are determined using the
formula below:
Where:
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Operating and maintenance costs
dependent on major repair costs and other costs of the Base year determined
in accordance with Clause 1 Article 6 hereof;
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 years of payment from
Base year (with Base year l =1).
b) Components of operating and
maintenance costs dependent on personnel costs of month t and year j 
are determined as
follows:
Where salaries used in calculation
of electricity prices equal the region-based minimum wage, components of
operating and maintenance costs dependent on personnel costs are to be
determined using the formula below:
Where:
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Operating and maintenance costs
dependent on personnel costs of the Base year and determined in accordance
with Clause 2 Article 6 hereof;
Applicable region-based minimum
wage on payment date of month t, year j (VND/month);
Region-based minimum wage of the
Base year (VND/month).
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:
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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).
2. Variable prices of thermal power
plant in month t and year j 
(VND/kWh) are determined using formula
below:
Where:
Components of variable costs
dependent on changes to primary fuel costs of power plant in month t and year
j determined in accordance with Point a of this Clause (VND/kWh);
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Components of variable costs
dependent on changes to secondary fuel costs of power plant in month t and
year j determined in accordance with Point b of this Clause (VND/kWh);
Components of variable costs
depending on other changes of power plant of year j determined in accordance
with Point c of this Clause (VND/kWh);
Transportation costs for primary
fuel of power plant in month t and year j determined in accordance with Point
d of this Clause (VND/kWh).
a) Components of variable costs
depending on changes to primary fuel costs of power plant in month t and year j
are determined using
formula below:
Where:
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kHR:
Adjustable factor for average net
heat rate regarding actual operating conditions such as coolant temperature,
ambient temperature, humidity, load negotiated by the parties or in actual
operation from operation cycle to operation cycle;
kHS:
Rate of efficiency drop of year j
(%);
l:
Number of years since commercial
operation of power plant;
Primary fuel costs for
electricity generation at the time of payment of month t and year j and
determined by weighted mean of quantity of invoices under PPAs in a period of
time negotiated by the parties.
b) Components of variable costs
dependent on changes to secondary fuel costs of power plant in month t and year
j 
are determined
using formula below:
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Where:
Means components of variable
costs depending on changes to secondary fuel costs of power plant in Base
year determined under Clause 2 Article 7 hereof;
kHS:
Rate of efficiency drop of year j
(%);
l:
Number of years since commercial
operation of power plant;
Secondary fuel costs for
electricity generation at the time of payment of month t and year j and
determined by weighted mean of quantity of invoices under PPAs in a period of
time negotiated by the parties.
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Secondary fuel costs for
electricity generation in the Base year in Clause 2 Article 7 hereof.
c) Components of variable costs
adjusted according to other variations of power plant in the year j 
are determined using the
following formula:
Where:
Components of variable costs
adjusted by other variations of power plant in the Base year and determined
under Clause 3 Article 7 hereof;
i:
Inflation rates of components of
variable costs dependent on other variations based on rates under Appendix I
hereof;
kHS:
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l:
Number of years since commercial
operation (from commercial operation date of power plant, the first
commercial operation year of power plant starts from the commercial operation
date of the first generator group, l = 1);
m:
Number of year of payment since
the Base year (with Base year m =1).
d) Transportation costs for primary
fuel of power plant in month t year j 
(VND/kWh) are determined using formula
below:
Where:
Average net heat rate determined
in accordance with Clause 1 Article 7 hereof;
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Adjustable factor for average net
heat rate regarding actual operating conditions such as coolant temperature,
ambient temperature, humidity, load negotiated by the parties or in actual
operation from operation cycle to operation cycle;
kHS:
Rate of efficiency drop of year j
(%);
l:
Number of years since commercial
operation of power plant;
Transportation costs for primary
fuel at the time of payment of month t and year j, determined by weighted
mean of quantity of invoices under fuel transport agreements and LNG storage,
regasification, and distribution contracts (if any) (VAT not included), to be
specific:
For coal-fired thermal power
plants: weighted mean of coal transport agreement or other written
agreements;
For thermal power plants
utilizing natural gas: weighted mean of gas pipeline transport agreement for
electrical production approved by competent authority in accordance with the
Law on Prices and other relevant law provisions;
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For waste-to-energy power plants,
bioenergy power plants, new energy power plants: agreement between the Seller
and the Buyer on the basis of practical situations of the power plants;
For thermal power plants
utilizing a combination of fuel types: agreement between the Seller and the
Buyer on the basis of practical situations of the power plants;
Where fuel purchase agreements
already include transportation costs for primary fuel, components of
respective transportation costs for primary fuel 
equal 0.
3. Total activation costs in the
month t of thermal power plant 
(VND) are determined using formula below:
Where:
u:
Number assigned to generator
group of power plant;
U:
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f:
Type of fuel (primary fuel f = 1;
secondary fuel f = 2);
s:
Activation status of generator
group;
S:
Number of start-up status of
generator group;
pu,f,s:
Number of activations of
generator group u, using fuel f, at state s in the month;
Mu,f,s:
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Du,f,s:
Fuel unit price per activation of
generator group u, using fuel f, at state s, in VND/kg and VND/BTU;
Means total other costs required
per activation, in VND.
4. Regulations on payment of
activation costs:
a) For thermal power plants:
conform to regulations on competitive electricity market promulgated by the
Ministry of Industry and Trade;
b) For waste-to-energy power
plants, bioenergy power plants, new energy power plants: conform to agreement
between the Seller and the Buyer.
Chapter III
POWER PURCHASE AGREEMENT
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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 20.
Documents serving PPA negotiation between the parties
1. Documents requesting PPA
negotiation for new power plants include:
a) Draft PPA according to Appendix
III attached hereto;
b) Written approval for investment
guidelines of Decision on investment guidelines or Certificate of investment
registration of projects;
c) Decision on construction
investment and presentation, appraisal reports for power plant investment
projects produced by independent advisors, and attachments.
d) 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 appraisal results of fundamental
design, total investment issued by construction authorities as per the law (if
any);
dd) Negotiation on connection of
power plants to national electricity system and connection solution;
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g) Fuel supply contracts for power
plants indicating fuel price for electricity generation, fuel transportation
costs, LNG storage, regasification, and distribution costs, and other fees,
fuel delivery points and fuel supply time limit;
h) 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 power plants;
i) Documents calculating net heat
rate in case of thermal power plants;
k) Electricity pricing defined in
accordance with Section 1 and Section 3 of Chapter II hereof;
l) Other relevant documents (if
any).
2. Documents serving PPA
negotiation of power plants that have entered into commercial operation
include:
a) Draft PPA according to Appendix
III attached hereto;
b) Existing PPA;
c) Technical dossiers of power
plants, technical specifications of SCADA/EMS, protective and automated relay
system, P-Q operational characteristics of generator groups thus far;
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dd) Electricity pricing plan of
power plants determined in accordance with Chapter II hereof;
e) Financial statements or relevant
documents of power plants in recent years up to the date on which PPA
negotiation is conducted;
g) Other relevant documents (if
any).
Chapter IV
IMPLEMENTATION
Article 21.
Responsibilities of electricity authorities affiliated to the Ministry of
Industry and Trade
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 22.
Responsibilities of EVN
1. 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.
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Article 23.
Responsibilities of the Buyer
1. Negotiate PPA with the Seller in
accordance with this Circular; ensure accountability, accuracy, legitimacy, and
adequacy of provided data and documents.
2. 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 24.
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 of PPA.
3. Select fuel providers, fuel
transport service providers and enter into fuel supply and transport agreements
in a manner compliant with Vietnam’s laws and ensuring equality,
competitiveness, and transparency.
4. Control fuel supply and fuel
transport agreements in order to ensure legitimate fuel origin, competitive and
transparent prices in accordance with relevant law provisions.
5. Cooperate with the Buyer in
calculating annual rate differences in implementation of PPA in accordance with
this Circular and requesting EVN to consider payment solutions.
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Sign framework agreements, fuel
supply agreements, fuel transport agreements, and other relevant fuel
agreements as per the law in a manner respecting equality, competition,
transparency.
Article 26.
Amendment to electricity generation service price
The Seller and the Buyer shall
re-negotiate electricity generation service prices under signed PPA in
accordance with Clause 4 Article 52 of the Law on Electricity.
Article 27.
Transition clause
1. Where power plants have entered
into PPAs in accordance with Circular No. 57/2020/TT-BCT , Circular No.
56/2014/TT-BCT , Circular No. 51/2015/TT-BCT and new energy power projects initiated
before September 19 of 2017, the parties shall, when finalized investment is
available, request re-calculation of electricity generation service prices
depending on approved finalized investment under Article 15 hereof.
2. Where power plants have entered
into PPAs in accordance with Circular No. 41/2010/TT-BCT and where competent
authorities request re-negotiation on electricity prices according to finalized
capital, the parties shall re-calculate electricity generation service prices
based on approved finalized capital in accordance with Article 15 hereof.
3. Where power plants have entered
into PPAs, the parties have the right to negotiate and discuss amendment to
PPAs in accordance with this Circular.
4. For every phase of electricity
market, the parties are responsible for revising and amending clauses under
PPAs accordingly.
5. For rate differences of which
payment plan has not been issued before the effective date of Circular No.
07/2024/TT-BCT , the parties shall calculate and negotiate payment plan for rate
differences for this stage in accordance with Circular No. 07/2024/TT-BCT.
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Article 28.
Entry into force
1. This Circular comes into force
from February 01, 2025.
2. Annul Circular No.
07/2024/TT-BCT dated April 12, 2024 of the Minister of Industry and Trade.
3. Annul Article 4 of Circular No.
13/2017/TT-BCT dated August 3, 2017 of the Minister of Industry and Trade on
amendment to Circular No. 57/2014/TT-BCT dated December 19, 2014.
4. Difficulties that arise during
implementation must be reported to Ministry of Industry and Trade./.
PP.
MINISTER
DEPUTY MINISTER
Truong Thanh Hoai
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APPENDIX I
PARAMETERS
USED IN CALCULATION OF PPA PRICES
(Attached to Circular No. 12/2025/TT-BCT dated February 1, 2025 of the
Minister of Industry and Trade)
Schedule
1 - Parameters used in calculation of PPA
No.
Item
Parameters
I
Economic life
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Coal-fired thermal power plant
30
years
2
Combined cycle power plant
25
years
3
Hydroelectricity plant
3.1
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40
years
3.2
From 3 MW to 20 MW
35
years
3.3
Less than 3 MW
25
years
4
Solar power plant
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5
Wind power plant
20
years
6
Waste-to-energy plant
20
years
7
Biomass power plant
20
years
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Percentage of operating and
maintenance costs of thermal power plant (%)
1
Percentage of major repair costs
and other costs (kscl)
1.1
Coal-fired thermal power plant
2,5%
1.2
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4,37%
1.3
Waste-to-energy plant
1,4%
2
Percentage of personnel costs (knc)
2.1
Coal-fired thermal power plant
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2.2
Gas turbine combined cycle power
plant
1,9%
2.3
Waste-to-energy plant
0,7%
III
Percentage of operating and
maintenance costs of hydroelectricity plant (%)
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Percentage of major repair costs
and other costs (kscl)
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
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0,6%
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
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2.3
Of a capacity scale of 301 MW or
higher
0,3%
IV
Average number of hours
operating at maximum capacity in multiple years - Tmax (hours)
1
Coal-fired thermal power plant
6.500
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Gas turbine combined cycle power
plant
6.000
V
Average capacity loss
percentage throughout economic life of thermal power plant (%)
1
Coal-fired thermal power plant
1,3%
2
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3%
VI
Percentage of annual repair
and maintenance costs (%)
1
Coal-fired thermal power plant
0,8%
2
Gas turbine combined cycle power
plant
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VII
Average inflation rate
(%/year)
1
Inflation rate of components of
operating and maintenance costs depending on major repair costs
2,5%/year
2
Inflation rate of price
components depending on other changes
2,5%/year
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Average load of thermal power
plant
85%
Schedule
2 - Operating and maintenance cost percentages of solar power plant and wind
power plant in accordance with Article 11 hereof
I
Percentage of operating and
maintenance costs of solar power plant, wind power plant (%)
1
Floating solar power plant
1,5%
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Land-based solar power plant
1,8%
3
Land-based wind power plant
2,0%
4
Off-shore wind power plant
1,8%
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PROJECT
FINANCIAL ANALYSIS FORMS
(Attached to Circular No. 12/2025/TT-BCT dated February 1, 2025 of Minister
of Industry and Trade)
Schedule 1 - Business result
estimates
Unit:
………………
No.
Entry
Year
N
Year
N+1
Year
N+2
…
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I
Total income
1
Revenues generated by electricity
sale
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2
Other benefits provided by the
project (if any)
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3
Subsidization (if any)
II
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1
Depreciation of fixed assets
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2
Operating and maintenance costs
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Other costs (if any)
4
Loan interests
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III
Pre-tax profits (I) - (II)
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IV
Corporate income tax
V
Post-tax profits (III) - (IV)
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Note: Revenues generated from
electricity sale do not include VAT, water resource tax, licensing fees for
extraction of water resources, forest environment fees, environmental
protection fees in regard to solid wastes/industrial wastes (applicable to
thermal power plants) and other taxes (if any). Schedule 1 is produced from the
year in which income is generated for the first time.
Schedule 2 - Capital
accumulation and financial indicators
Unit:
………………
No.
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…
Year
N-1
Year
N
Year
N+1
…
Total
I
Sources
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1
Revenues generated by electricity
sale
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2
Other benefits provided by the
project (if any)
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3
Subsidization (if any)
4
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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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1
Equity, loan capital (distributed
by project schedule)
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2
Other costs (if any)
3
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4
Loan interests
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5
Corporate income tax
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III
Capital accumulation (I) -
(II)
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IV
Discount capital accumulation
V
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Note: Revenues generated from
electricity sale do not include VAT, water resource tax, licensing fees for
extraction of water resources, forest environment fees, environmental
protection fees in regard to solid wastes/industrial wastewater (applicable to
thermal power plants) and other taxes (if any). Schedule 2 is produced from the
year in which construction starts.
APPENDIX III
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
-------------
POWER
PURCHASE AGREEMENT
...................................POWER
PLANT
Between
……………………
COMPANY
(THE
SELLER)
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………………………
COMPANY
(THE
BUYER)
AGREEMENT
NO. ……./20…/HD-NMD-[name of Power plant]
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………………………
(location and date)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
-------------
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;
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Pursuant to Circular No. ………… of
Minister of Industry and Trade on methods for determining electricity
generation and PPA prices; 1
Pursuant to electricity sale and
purchase demands of the Buyer and the Seller,
Today, on .……………………………(date) , at
……………(location) .
The parties include:
The Seller:
___________________________________________________
Address:
_________________________________________________
Phone: ___________________________
Fax:___________________
Tax Identification
Number:____________________________________
Account: _____________________
Bank: _______________________
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Representative:
____________________________________________
Title:
_______________________________ authorized by __________________________________________
according to written authorization No. ____________, dated ___________________.
The Buyer:
Address:
_________________________________________________
Phone: ___________________________
Fax:___________________
Tax Identification
Number:____________________________________
Account: _____________________
Bank: _______________________
________________________________________________________
Representative:
____________________________________________
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Hereby conclude Power Purchase
Agreement of …………………… Power Plant as follows:
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. Connection point …………
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 2. Agreement
effectiveness and effective period
1. Agreement effectiveness
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2. Agreement effective period
Other than extension or termination
of the Agreement before the expiry date thereof, 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 shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 3. Electricity sale and
purchase
1. Agreement prices: Conforms to
Appendix V of the Agreement.
2. Agreement output: Conforms to
Appendix V of the Agreement.
3. Electricity payment: On a
monthly basis, the Buyer must pay the Seller in accordance with Appendix V
hereof.
The parties shall negotiate and
agree on implementation of payments that arise as a result of dispute
resolution in accordance with Article 8 hereof.
(Where power plants cover fuel
costs, the parties have the right to negotiate and amend details accordingly).
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Article 4. Commitment
[The parties shall 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 shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 6. Connection
responsibility and metering system
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 7. Dispatch and
operation of Power plant
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 8. Billing and payment
[The parties shall 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 shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 11. Compensation
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 12. Exemption from
liability for violations
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 13. Dispute settlement
[The parties shall 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.
3. Transition phase of competitive
electricity market
If competitive electricity market
is replaced by a different market model according to decision of competent
authority during effective period of the Agreement, the parties must negotiate
to amend or replace this Agreement in order to adhere to the new market model
as long as electricity generation prices for the parties do not change.
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 15. Storing documents
and providing information
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
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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.
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 17. Authorized
representative and information exchange
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Article 18. Confidentiality
[The parties shall 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.
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[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
This Agreement shall be executed in
9 counterparts of equal value, 4 of which shall be held by each party. The
Buyer shall submit 1 copy to electricity authority affiliated to the Ministry
of Industry and Trade./.
REPRESENTATIVE
OF THE BUYER
(Title)
(Seal and signature)
(Full name)
REPRESENTATIVE
OF THE SELLER
(Title)
(Seal and signature)
(Full name)
___________________
[1] In respect of laws and
documents mentioned as prelude, the parties shall amend in accordance with
documents applicable on the date on which PPA is signed.
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PRIMARY
PARAMETERS OF POWER PLANTS
(Attached
to the Agreement No. ____ , dated ____)
Including
descriptions, illustrations, and technical characteristics of Power plant
(Primary parameters of Power
plant will be re-verified after signing contracts for procurement of primary
equipment of Power plant.)
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
APPENDIX
II
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(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.
II. TECHNICAL REQUIREMENTS OF
METERING SYSTEM
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:
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Backup metering location 2:
Metering location serving
electricity market operation and data reconciliation:
IV. METHODS FOR DETERMINING
DELIVERED ELECTRICAL PRODUCTION
1. Delivered electrical production
a) Electrical production for which
the Seller is paid in the month is calculated using formula:
AG =
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 =
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AN: Electrical
production received from grid via metering points in the month (kWh).
2. 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]
Appendix
III
AGREEMENT
ON OPERATIONAL CHARACTERISTICS
(Attached
to the Agreement No. ____ , dated ____)
[The parties have the right to
negotiate amendment in accordance with Vietnamese laws]
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AGREEMENT
ON SCADA/EMS, COMMUNICATION, PROTECTIVE RELAY AND AUTOMATED SYSTEMS
(Attached
to the Agreement No. ____ , dated ____)
[The parties have the right to
negotiate amendment in accordance with Vietnamese laws]
Appendix
V
ELECTRICITY
SALE AND PURCHASE PRICES, ELECTRICITY PAYMENT
(Attached
to the Agreement No. ____ , dated ____)
I. ELECTRICITY GENERATION
SERVICE PRICES
1. PPA prices
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Where:
FCj:
Fixed costs in the year j
(VND/kWh);
FOMCj,t:
Operating and maintenance costs
in month t of year j (VND/kWh);
:
Variable prices in month t, year
j (VND/kWh).
In respect of hydroelectricity
plant, solar power plant, and wind power plant, 
equals 0.
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Average fixed costs (not including
VAT) are …… (VND/kWh);
Annual fixed costs FCj
(VND/kWh) from commercial operation date until expiry of economic life of power
plant (not including VAT) conform to schedule below:
Year No.
1
2
3
4
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1.2. Operating and maintenance
costs:
Operating and maintenance costs of
month t and year j are determined using formula below:
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:
Means components of operating and
maintenance costs depending on major repair costs and other costs in year j
(VND/kWh);
:
Means components of operating and
maintenance costs depending on personnel costs in month t and year j (VND/kWh).
a) Components of operating and
maintenance costs dependent on major repair costs and other costs in the year j
(VND/kWh) are
determined using the formula below:
Where:
Means components of operating and
maintenance costs depending on major repair costs and other costs in Base
year of and is ……(VND/kWh);
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Inflation rate of operating and
maintenance costs dependent on major repair costs and other costs in
accordance with this Circular;
l:
Number of year of payment from
Base year (with Base year l =1).
b) Components of operating and
maintenance costs depending on personnel costs of month t and year j 
(VND/kWh) is determined
using the formula below:
- Where salaries included in
calculation of electricity pricing equal regional minimum wages:
Where:
Means components of operating and
maintenance costs dependent on personnel costs of Base year of …… (VND/kWh);
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Means regional minimum wages at
the time of payment of month t and year j (VND/month);
Lmin,b :
Means regional minimum wages in
the Base year of ……… (VND/month).
- 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:
:
Means components of operating and
maintenance costs dependent on personnel costs of Base year (VND/kWh);
i1:
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l:
Number of year of payment from
Base year (with Base year l =1, i1 = 0).
1.3. Variable prices:
Variable prices of month t and year
j 
(VND/kWh) shall be
determined using the formula below:
Where:
:
Means components of variable
prices dependent on changes to primary fuel costs of power plant in month t,
year j (VND/kWh);
:
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:
Means components of variable
costs adjusted by other variations of power plants of year j (VND/kWh);
:
Means transportation costs for
primary fuel of power plant in month t, year j (VND/kWh).
a) Components of variable prices
dependent on changes of primary fuel costs:
Components of variable costs
dependent on changes to primary fuel costs of power plant in month t year j 
(VND/kWh) are determined
using formula below:
Where:
:
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:
Means primary fuel costs in
payment period determined by weighted average of invoice load in accordance
with PPA in the last … months (excluding VAT), in VND/kcal or VND/kJ or
VND/BTU or VND/kg;
Where fuel transport prices
cannot be separated in PPA, primary fuel prices of the payment period shall
include primary fuel transport prices.
kHR:
Adjustable factor for average net
heat rate regarding actual operating conditions such as coolant temperature,
ambient temperature, humidity, load negotiated by the parties or in actual
operation from operation cycle to operation cycle;
kHS:
Rate of efficiency drop of year j
(%);
l:
Means number of commercial
operation years which is rounded down from the commercial operation date of
power plant.
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Components of variable costs
depending on changes to secondary fuel costs of power plant in month t year j 
(VND/kWh) are determined
using formula below:
Where:
:
Means components of variable
costs dependent on changes to secondary fuel costs of power plant in Base
year of …… (VND/kWh);
kHS :
Rate of efficiency drop of year j
(%);
l:
Means number of commercial
operation years which is rounded down from the commercial operation date of
power plant;
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Secondary fuel costs for
electricity generation to power plants on payment date of month t and year j
determined by weighted average of invoices in accordance with PPA for the
period agreed upon by the Seller and the Buyer ……. (VND/kg or kg/kcal or
VND/kJ or VND/BTU);
:
Secondary fuel cots for
electricity generation in the Base year of …… (VND/kg or VND/kcal or VND/kJ
or VND/BTU).
c) Components of variable costs
depending on other variations:
Components of variable costs dependent
on other changes of power plant in year j 
(VND/kWh) are determined using formula
below:
Where:
:
Components of variable costs
dependent on other changes of power plants in Base year of … (VND/kWh);
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Rate of efficiency drop of year j
(%);
l:
Means number of commercial
operation years of power plant (from commercial operation date of power plant
where the first commercial operation year starting from the first commercial
operation date of the first generator group, l = 1);
m:
Number of year of payment since
the Base year (with Base year m =1).
i:
Inflation rates of components of
variable costs dependent on other changes according to this Circular.
d) Primary fuel transport costs:
Primary fuel transport costs of
power plants in month t, year j 
(VND/kWh) are determined using the formula
below:
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Where:
:
Means average heat rate (HHV) of
………… kcal/kWh or kJ/kWh or BTU/kWh or kg/kWh.
kHR:
Adjustable factor for average net
heat rate regarding actual operating conditions such as coolant temperature,
ambient temperature, humidity, load negotiated by the parties or in actual
operation from operation cycle to operation cycle;
kHS:
Rate of efficiency drop of year j
(%);
l:
Number of years since commercial
operation of power plant;
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Means transportation costs for
primary fuel at the time of payment of month t and year j calculated by
weighted mean of quantity of invoices under fuel transport agreements and LNG
storage agreements, gas regasification and distribution contracts (if any)
(not including VAT), fuel transport costs in VND/kg or VND/kJ or VND/BTU;
Where components of transport, LNG
storage, gas regasification and distribution costs cannot be separated in fuel
sale and purchase agreements, primary fuel costs shall include transportation
costs for primary fuel. In this case, transportation costs for primary fuel
equals 0.
Where primary fuel is not delivered
to power plant in the payment month, transportation costs for primary fuel
equal transportation costs for primary fuel of the latest ……… month(s) where
primary fuel delivery is made;
The Seller has the responsibility
to select fuel providers, fuel transport service providers and enter into fuel
supply and transport agreements in a manner compliant with Vietnam’s laws and
ensuring equality, competitiveness, and transparency.
2. Specific prices:
Slag and ash treatment prices PTX
(not including VAT) are …… VND/kWh.
II. ELECTRICAL PRODUCTION UNDER
AGREEMENT
1. Average electrical production in
multiple years [at delivery points of power plan] within the term of the
Agreement of the Power plant is … (million kWh).
2. Contractual electrical
production of year, month, trading cycle confirmed by the Seller and the Buyer
in accordance with Regulation on Competitive electricity market.
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III.1. Before commercial
operation date
In case of test run and
commissioning costs before commercial operations: the parties shall negotiate
in accordance with Article 4 of this Circular.
IIII.2. After commercial
operation date
1. Where power plant has not
participated in competitive electricity market or has indirectly participated
in competitive electricity market with periods of non-participation according
to decision of competent authority or market intervention:
Electricity payment (Rtt)
of power plant is calculated as follows:
Rtt
= Rt x (1 + VAT)
Where:
Rt: Means electricity
payment of month t and year j and does not include VAT (VND);
Rt
= (PC,j,t x Qm,j,t + Rk + Rđt +
RTh)
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Means PPA prices under Section I
of this Appendix (VND/kWh);
Qm,j,t :
Means electrical production at
delivery points of power plant (kWh);
Rk :
Other costs (VND), including:
Costs paid for generator groups
serving test depending on test schedule approved by System and market
operators, determined by: (i) Electrical production measured from test
generator group throughout duration of the test and (ii) Variable costs defined
under Section I of this Appendix;
Adjustable payments (if any) (VND);
Other costs negotiated by the
parties.
Rdt: Means total
specific costs payable according the Agreement determined by slag and ash
treatment costs (PTX) according to Section I of this Appendix (VND).
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VAT: Means value-added tax
according to regulations of the Government (%).
Where the Power plant is subject to
multiple Agreements between the Seller and the Buyers, amounts payable Rt
(not including VAT) shall be determined and distributed by the Seller to the
Buyer according to delivered electrical production in the month (billing cycle)
published by System and market operator.
On an annual basis, the parties
shall settle ash and slag handling costs in accordance with practical
situations of the previous year.
2. Where Power plant has officially
participated competitive electricity market
2.1. Difference in total amounts
payable under Agreement in month t is determined using formula below:
Where:
:
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D:
Total number of days in the month
t;
d:
Billing days in month t;
I:
Total number of billing cycles of
trading day d;
i:
Billing cycle i of billing day d;
PC,j,t :
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FMPd,i:
Means full market price applied
to Electric utility in billing cycle i, day d in month t (VND/kWh);
:
Means contractual production in
billing cycle i, day d in month t (kWh).
2.2. Total amounts payable under
the Agreement include:
a) Interest of late payment
according to Article 8 of the Agreement;
b) Variable amounts payable (if
any);
c) Other costs negotiated by the
parties.
2.3. Other amounts payable of Power
plant [entering into PPA with the Buyer] are determined as follows:
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b) Where thermal power generator
groups or 1 boiler must be suspended to reduce capacity in accordance with
regulation on competitive electricity market:
Amounts payable in this case equal
total activation costs corresponding to activation states.
Activation costs corresponding to
activation status are negotiated by the parties from ingredients, auxiliary
materials, etc. as follows [……].
c) Where Power plant contains test
generator groups appropriate to test schedule approved by System and market
operator, amounts payable for electrical production produced by Power plant
according to regulation on competitive electricity production are determined as
follows:
- Test generator groups: Using
variable costs under Section I Appendix V of the Agreement;
- Non-test generator groups: Using
PPA prices under Section I Appendix V of the Agreement.
d) Where Power plant contains
generator groups participating in approved AGC test or other test at request of
System and market operator: Amounts payable corresponding to electrical
production according to regulation on competitive electricity market are
determined by PPA prices under Section I Appendix V of the Agreement;
dd) Other amounts payable according
to regulation on competitive electricity market.
Other amounts payable according to
regulation competitive electricity market under section 2.3 are allocated to
the Buyers by the Seller depending on electrical production delivered in the
month (billing cycle) published by the System and market operator.
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Total specific costs pay able under
section 2.4 are calculated and allocated to the Buyers by the Seller depending
on proportion of electrical production delivered in the month (billing cycle)
published by the System and market operator.
2.5. Monthly electricity payment is
determined by:
Rtt
= (RTT,t + RC,t + RC,k,HD+ RC,k,TT
+ Rđt + RTh) x (1+VAT)
Where:
RTT,t:
Total market payment according to
monthly payment schedule provided by System and market operator (VND);
RC,t:
Total difference in electricity
payment under Agreement in month t (VND) determined by Clause 2.1 of this Section
(VND);
RC,k,HD:
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RC,k,TT:
Total other electricity payment
in accordance with regulations on competitive electricity market (VND)
determined under Clause 2.3 of this Section;
Rđt:
Total specific costs payable in
the month according to the Agreement determined by Clause 2.4 of this Section
(VND);
RTh:
Total taxes, fees, and amounts
payable in the month in accordance with relevant law provisions calculated
and allocated to the Buyers by the Seller depending on proportion of
electrical production delivered in the month (legitimate instruments
attached) (VND);
VAT:
VAT: Means value-added tax
determined by regulations of the Government (%).
On an annual basis, the parties shall
settle ash and slag handling costs in accordance with practical situations of
the previous year.
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FED rates (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:
Number of principal repayment of
foreign currency i in year of calculation (time);
Di,j:
Number of principal loan in
foreign currency i paid in installment j in year of calculation;
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Exchange rate in installment j of
foreign currency i in the year (.../VND);
:
Base exchange rate of foreign
currency i agreed upon by the Seller and the Buyer in electricity generation
service pricing (…/VND);
VAT:
Means value-added tax determined
by regulations of the Government (%).
[The parties shall have the
right to negotiate amendment in accordance with Vietnamese laws]
Appendix
VI
PRIMARY
PARAMETERS IN CALCULATION OF ELECTRICITY GENERATION PRICES
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[The parties shall have the right
to negotiate amendment in accordance with Vietnamese laws]
Appendix
VII
PROJECT
SCHEDULE
(Attached
to the Agreement No. ____ , dated ____)
I. PROJECT SCHEDULE
1. Official construction
commencement date of Power plant: […]
2. Initial date of interconnect
test: […]
3. Initial energizing date: […]
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5. Commercial operation date of
generator group i: […]
6. Commercial operation date of
Power plant: […]
II. DOCUMENTS TO BE PROVIDED TO
THE BUYER BY THE SELLER
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]