Vietnam conglomerate Vingroup seeks BESS development incentives

Vingroup is developing battery energy storage systems (BESS) and seeks guidance from the Ministry of Industry and Trade regarding administrative procedures, incentives, and power price calculation.

A Vingroup delegation made the request at a Tuesday meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long.

VinFast Energy, under Vingroup’s electric vehicle (EV) arm VinFast, is developing BESS based on lithium-ion battery technology, with liquid cooling systems, the delegation noted.

Vingroup also affirmed that BESS is the suitable solution to help Vietnam’s growing renewable energy sector, such as storing excessive energy during off-peak hours to utilize it during peak hours. BESS can help reduce the loads of the grid and ease the instability of renewable energy.

Backing Vingroup’s initiative, Long said energy storage is the optimal solution to help the energy sector and businesses can expect opportunities in this industry.

In December 2024, Vingroup and Japan's Marubeni Corporation, through its wholly-owned subsidiary Marubeni Green Power Vietnam Co., Ltd, began operating a BESS project in Vietnam. The lithium-ion battery is located in Vietnam’s central coastal province of Khanh Hoa and has an output rate of 1.8 MW and a capacity of 3.7 MWh, Marubeni said.

The BESS is installed and operated by Marubeni at a resort of Vinpearl, with its system developed and manufactured by VinFast. Vinpearl and VinFast are hospitality and electric vehicle brands of Vingroup, respectively.