14 solar power projects given unentitled preferential prices: inspectors

By Nguyen Long
Thu, August 10, 2023 | 3:20 pm GMT+7

Vietnam Electricity (EVN) has been tasked to deal with 14 solar power projects in Ninh Thuan province that have been given feed-in-tariff (FiT) rates that they are not entitled to.

A solar power plant in Ninh Thuan, south-central Vietnam. Photo courtesy of the government portal.

A solar power plant in Ninh Thuan, south-central Vietnam. Photo courtesy of the government portal.

The 14 projects are: Hacom Solar, Sinenergy Ninh Thuan 1, Thuan Nam Duc Long, Thien Tan Solar Ninh Thuan, Phuoc Ninh, Son My 2, Son My, Solar Farm Nhon Hai, Bau Zon, Thuan Nam 12, SP Infra 1, Adani Phuoc Minh, Bau Ngu Lake and the 450 MW Thuan Nam project combined with the 500 kV Thuan Nam station and its 500kV, 220kV transmission lines.

Vietnam’s Government Inspectorate said the solar power projects were titled to the FiT price of 9.35 cents per kWh for 20 years are those selected in 2018 by then Prime Minister Nguyen Xuan Phuc or approved later by the PM for inclusion in the national power development plan, with a total capacity of 2,022 megawatts.

Later, the Ministry of Industry and Trade advised the government to expand the list to solar projects present in electricity development planning at all administrative levels.

Therefore, the 14 projects have been improperly deemed to be eligible to enjoy a selling price of 9.35 cents for 20 years. The total sum paid by EVN to the 14 investors in 2.5 years, from 2020 to June 2022, was VND1.48 trillion ($62.34 million) higher than regulated, according to the inspectorate.

The inspectorate has also said the ministry is responsible for handling the situation.

The ministry has since asked EVN to review the whole transaction process with the 14 projects and propose measures to deal with any wrongdoing by EVN and the investors.

Comments (0)
  • Read More
New mindset key to resolving institutional bottlenecks, promote growth: economist

New mindset key to resolving institutional bottlenecks, promote growth: economist

Moving from a mindset of control to that of promoting growth is key to clear four institutional bottlenecks in the way of national development, says Dr. Nguyen Dinh Cung, former director of the Central Institute for Economic Management (CIEM).

Opinion - Sun, November 24, 2024 | 3:30 pm GMT+7

Low production costs, tax benefits give Chinese goods price advantage in Vietnam

Low production costs, tax benefits give Chinese goods price advantage in Vietnam

Chinese goods entering Vietnam are often cheaper than local products due to low production costs, taxation benefits and shipping subsidies by manufacturers, says Nguyen Thanh Trung, director of Logistics Technology Solutions Company Limited (LTS).

Companies - Sun, November 24, 2024 | 2:00 pm GMT+7

Thailand’s food trade to top THB700 billion next year

Thailand’s food trade to top THB700 billion next year

The private sector is set to propel Thailand towards becoming a global food hub by 2026, with the value of the nation's food trade expected to surpass THB700 billion ($20 billion) next year.

Southeast Asia - Sun, November 24, 2024 | 10:22 am GMT+7

Indonesia plans to cut coal use to 33% of energy mix

Indonesia plans to cut coal use to 33% of energy mix

The Indonesian Government plans to slash the share of coal-fired power generation in the country’s energy mix to just 33%, while increasing the contribution of renewables to 42% by the end of 2040.

Southeast Asia - Sun, November 24, 2024 | 10:19 am GMT+7

Thai Government approves economic stimulus plan

Thai Government approves economic stimulus plan

The Thai Government’s economic stimulus policy committee led by Prime Minister Paetongtarn Shinawatra has approved a five-point plan to boost national economy in both short-and long-terms, the Government House said on Thursday.

Southeast Asia - Sun, November 24, 2024 | 10:16 am GMT+7

Singapore raises forecast for 2024 economic growth to around 3.5%

Singapore raises forecast for 2024 economic growth to around 3.5%

With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.

Southeast Asia - Sun, November 24, 2024 | 10:14 am GMT+7

British oil giant invests in $7 billion gas project in Indonesia

British oil giant invests in $7 billion gas project in Indonesia

UK oil giant BP announced a joint $7 billion project with its partners to exploit nearly 85 billion cubic meters of gas in Tangguh, West Papua province of Indonesia.

Southeast Asia - Sun, November 24, 2024 | 10:12 am GMT+7

Boom expectant securities firms rush to hike capital base

Boom expectant securities firms rush to hike capital base

Many Vietnamese securities companies are rushing to increase their charter capital, anticipating a promising long-term outlook for the stock market.

Finance - Sun, November 24, 2024 | 10:00 am GMT+7

Vietnam sees October surge in car imports from Japan

Vietnam sees October surge in car imports from Japan

Vietnam saw a sharp rise in car imports from Japan in October, particularly in the segment with nine seats or fewer, according to the General Department of Customs.

Economy - Sun, November 24, 2024 | 9:00 am GMT+7

Vietnam pharma firms optimistic about 2025 prospects despite lingering challenges

Vietnam pharma firms optimistic about 2025 prospects despite lingering challenges

A majority of Vietnamese pharmaceutical firms are optimistic about 2025 market prospects despite challenges facing the healthcare and medicine sectors, according to a survey conducted by Vietnam Report JSC.

Economy - Sun, November 24, 2024 | 8:00 am GMT+7

Vingroup, Chinese firm get greenlight to co-develop Hanoi's 7th bridge over Red River

Vingroup, Chinese firm get greenlight to co-develop Hanoi's 7th bridge over Red River

Vice Chairman of Hanoi Duong Duc Tuan will soon work with Vietnamese conglomerate Vingroup and China Pacific Construction Group on the development of Tu Lien Bridge, the seventh to link the city’s downtown with its suburban districts.

Infrastructure - Sat, November 23, 2024 | 10:56 pm GMT+7

Leading broker Saigon Securities fined over $287,000 for tax violations

Leading broker Saigon Securities fined over $287,000 for tax violations

Saigon Securities, a leading brokerage firm in Vietnam, has been fined over VND7.3 billion ($287,000) for tax violations in 2022 and 2023.

Companies - Sat, November 23, 2024 | 8:59 pm GMT+7

Japanese retailer Aeon to break ground on 4th shopping mall in northern Vietnam

Japanese retailer Aeon to break ground on 4th shopping mall in northern Vietnam

Japan’s Aeon Mall Vietnam will start construction of a VND5.14 trillion ($202.2 million) shopping center project in the northern province of Quang Ninh, home to UNESCO natural heritage site Ha Long Bay, on December 2, according to provincial authorities.

Industries - Sat, November 23, 2024 | 7:45 pm GMT+7

Central Vietnam province targets more projects with Thai investment

Central Vietnam province targets more projects with Thai investment

Binh Dinh province in central Vietnam is looking to attract more Thai investment, so far hosting just 10 projects from the neighboring country worth a little over $106 million.

Companies - Sat, November 23, 2024 | 6:31 pm GMT+7

Southern Vietnam province okays 2 FDI projects totaling $57 mln

Southern Vietnam province okays 2 FDI projects totaling $57 mln

Tay Ninh province on Friday granted investment registration certificates to two foreign projects worth a total of $57 million.

Industries - Sat, November 23, 2024 | 3:30 pm GMT+7

China’s Luxshare-ICT to up workforce in central Vietnam by 7 times

China’s Luxshare-ICT to up workforce in central Vietnam by 7 times

China’s Luxshare-ICT, a supplier of Apple, currently employs 11,600 people in Vietnam’s central province of Nghe An and is set to increase the workforce to 60,000-80,000 soon.

Industries - Sat, November 23, 2024 | 2:00 pm GMT+7