Vietnam’s first private power transmission projects at risk of 'dying'
The Thuan Nam 500 kV substation and 500 kV Thuan Nam-Vinh Tan transmission line in the central province of Ninh Thuan are at risk of “dying” as their investor, Trungnam Group, is facing huge financial difficulties.
Trungnam Group is now at stake after state-owned Vietnam Electricity (EVN) announced late last month it would cut the utilisation rate of power produced at the group’s largest solar farm by 40% due to the lack of a pricing mechanism.
Accordingly, the EVN has stopped purchasing 172,12 megawatts of solar power without a pricing mechanism from the 450 MW Trung Nam-Thuan Nam solar power plant in Ninh Thuan since September 1.

The 500kv Thuan Nam-Vinh Tan transmission line. Photo courtesy of Trungnam Group.
The substation and transmission line are the first power transmission projects invested by a private firm in the country. They were built in Ninh Thuan by Trungnam Group at a total cost of nearly VND2 trillion ($84.48 million), which is expected to be offset by sales from the full exploitation of the 450 MW solar power plant.
After nearly two years of stable operation, the projects have effectively transmitted more than 4 billion kWh of electricity. This figure shows their importance in successfully turning Ninh Thuan into a national energy center.
Since it became operational in October 2020, the 500 kV substation has always been an important link in power transmission in Ninh Thuan. Its operation has supported EVN in ensuring power transmission and benefited many other power projects in the province.
The 40% cut in the utilization rate of power at the Trung Nam-Thuan Nam solar power plant will cause huge financial difficulties for Trungnam Group as it breaks the investor’s commitment on the financial plan approved by credit institutions, leading to the project's inability to repay loans.
Since Trungnam Group is using its own finance to operate the substation and transmission line, the power usage cut would significantly impact these two projects as well as the power plants that are using the services of these two facilities.
For example, the BOT Van Phong 1 Thermal Power Plant in the neighboring province of Khanh Hoa is expected to be put into operation and connected to the national grid through the Thuan Nam substation.
According to EVN, if the Van Phong 1 project fails to meet the schedule due to problems related to the substation, Vietnam will have to pay about $1 million each day in compensation for its investor - Japan’s Sumitomo Group. If its progress is more than six months beyond schedule, the BOT contract between the Vietnamese government and Sumitomo Group will come to an end.
Founded in 2004, Trungnam Group has grown into a large private corporation with a multi-industry ecosystem that includes five areas: energy, infrastructure-construction, real estate, information technology and electronics.
It has entered a new era of successful and sustainable development thanks to large-scale renewable energy projects, contributing 1.63 gigawatts of energy to the national grid by October 2021. Trungnam Group aims to become a large corporation in Vietnam and reach out to Southeast Asia.
- Read More
PVI Insurance sees 9-month profit before tax more than doubling
PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.
Companies - Fri, October 17, 2025 | 9:08 am GMT+7
Vingroup to develop 4,600ha coastal urban project in northern Vietnam
A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.
Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7
Indonesia enjoys steady growth in nine months
Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.
Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7
Malaysia on progressive path towards AI nation status: experts
Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.
Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7
Thailand steps up development of semiconductor industry
Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.
Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7
ASEAN sets ambitious energy targets
Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).
Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.
Industries - Wed, October 15, 2025 | 5:21 pm GMT+7