Foreign investors find stake acquisitions fit in Vietnam energy race
Vietnam’s booming clean energy market has been urging foreign firms to get involved, with acquiring stakes from domestic investors probably a more convenient way.

A solar power farm invested by Trungnam Group in Tra Vinh province, southern Vietnam. Photo courtesy of the company.
Vietnam in 2020 overtook Thailand as Southeast Asia’s largest renewables market, according to the World Bank, and Thai companies were the first group among foreign investors to launch an acquisition wave in the country. Other multinationals have since followed suit.
DNV, a global independent energy expert and assurance provider, announced Friday that it advised Actis, a leading global investor in sustainable infrastructure, on its acquisition of a majority stake in Singapore-headquartered Levanta Renewables, a Vietnam and Southeast Asia-focused renewables platform.
Actis announced the deal this August, adding that it has 300 megawatts of onshore wind power projects in Vietnam.
DNV said it has provided technical due diligence for the 300 MW portfolio of the ready plants, in addition to a 1,500 MW pipeline of projects.
The firm said as the advisor, it was asked to assess Vietnam’s commercial bankability and identify risks across a wide range of technical issues that may impact valuation of the renewable energy assets.
This Levanta acquisition is Actis’ first energy infrastructure investment in Vietnam and will support the country’s net-zero target by 2050. It follows Actis’ expansion plans.
“Actis has worked closely with DNV on a number of assignments within the Asean region and appreciates the combination of commercial pragmatism with technical expertise within an understanding of the needs and challenges of a due diligence process,” Actis CEO Liam Smith said in a release.
“Actis’ steadfast focus on expanding the installation of renewable energy plants in growth markets coupled with their ability to apply international environmental, social and governance standards in their investments creates tremendous value,” said Benoit Nguyen, head of Renewables - Southeast Asia, Energy Systems, DNV.
Nguyen served as DNV’s country manager in Vietnam from February-June 2021 when he moved to his current post, based in Singapore.
Vietnam's renewable energy market is offering many acquisition opportunities. Fecon, a Vietnamese enterprise in infrastructure construction, is seeking to sell all of its 40% stake in the $58 million Vinh Hao 6 solar power plant in the south-central province Binh Thuan, which began commercial operations in 2019.
Saudi Arabian utilities giant Acwa Power holds a 60% stake in the 50 MW plant as a result of a stake acquisition the same year.
Fecon and multinational power firm Corio Generation signed a joint development agreement this June for a proposed 500 MW offshore wind farm in Ba Ria-Vung Tau province bordering Binh Thuan. It could be among the first large-scale offshore wind projects to be built in Vietnam, once licenses and approvals are obtained.
In July, insiders said Vietnamese conglomerate Trungnam Group was considering selling a minority stake in its renewable energy assets. According to sources, who asked not to be named as the process is private, the corporation mulled over selling a 30% to 35% stake in its portfolio comprised mainly of wind and solar projects, a deal that might be valued its total assets at more than $1 billion.

Vinh Hao 6 solar power plant in Binh Thuan province, south-central Vietnam. Photo courtesy of Fecon Company.
In June, EDP Renovaveis, S.A., a top renewable energy firm in Spain, reached an agreement worth $284 million with Xuan Thien Group, a main power developer in Vietnam, to acquire two solar power projects in Ninh Thuan province which borders Binh Thuan. The two projects, totaling 200 MW, alternating current (MWAC), or 255 MW, direct current (MWDC), were put into commercial operation in April 2020.
French renewable energy giant EDF Renewables announced in October 2021 it had made a significant investment in SkyX Energy, a subsidiary of Vietnamese leading investment company VinaCapital and the operator of rooftop solar power plant SkyX Solar.
EDF did not disclose how much it invested, just saying that it assisted with the new partnership, and that SkyX Solar was expected to invest at least $100 million in developing 200 more MW of rooftop solar within the next two to three years.
At present, EDF and VinaCapital are seeking Vietnamese authorities’ nod to make initial surveys on a 3 GW wind power project offshore of Vung Tau.
Vietnam 2020 catch-up game with Thailand
Thai power firms got busier during 2020 in the Vietnamese renewables market. In December, the 50 MW Phong Dien II solar power plant commercially switched on in the central province of Thua Thien-Hue after it was just bought by Thai energy firm Gunkul Engineering Plc for $39.9 million. The Stock Exchange of Thailand-listed companies said the transaction was completed late that November.
The full take-over included the purchase of 49% of shares from Bangjak Green Energy Co, a subsidiary unit of Bangkok-based BS Industry Service Co, and 51% of shares from two individual Vietnamese shareholders.
The two women were Tran Thi Huong Hoa, who held a 46% stake, and Phan Thi Bich Nga with 5%. Therefore, more than $20 million from the Thai company into their pockets was reportedly a big profit, but exact gains were undisclosed.
The acquisition was part of Gunkul Engineering’s plans to expand in Southeast Asian renewables, which the company said have low risk and high growth potential. Toward the end, it went on to buy the Tan Chau solar plant in southern Vietnam’s Tay Ninh province bordering Cambodia for a reported $47 million, its fourth such acquisition in a row in 2020 alone. The plant began operations in October of that year.
In the same province, which also borders Ho Chi Minh City, two solar power plants with a combined power generation of 60 MW were bought in February 2020 by Gunkul Engineering at a total price of $60.6 million. Tri Viet 1 and Bach Khoa A Chau 1, each with a capacity of 30 MW, commercially started operation in May 2019.
Gulf Energy Development, another Thai firm, increased its ownership in two solar farms TTC 1 and 2 in the province from 49% in 2019 to 90%. The deals were made with its Vietnamese partner Thanh Thanh Cong Group, whose ecosystem also includes industrial and tourism real estate, as well as agriculture.
Other Thai companies with merger and acquisition deals to invest in the Vietnamese power sector include B. Grimm, BC Container Glass, and Begistics. Among them, B. Grimm’s presence is bolder.
B.Grimm Power, Siemens Energy, and U.S.-based company Energy Capital Vietnam (ECV) embarked on their consortium last December to develop the LNG-to-power Mui Ke Ga project in Binh Thuan, estimated to cost $1.75 billion to build. The 3,200 MW project has not been licensed yet.
- Read More
Halal market presents major opportunities for Vietnamese businesses
The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.
Economy - Thu, August 7, 2025 | 9:18 pm GMT+7
Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant
Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.
Industries - Thu, August 7, 2025 | 8:03 pm GMT+7
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7