Two weeks ago the MOIT released proposed new FiT rates for solar projects in Vietnam, to apply after the current FiTs expire on 30 June 2019. They were pored over with great interest by many parties both currently developing projects and those interested in the market. It seems however, that someone was jumping the gun. The Prime Minister has just re-announced the “official” new proposed FiTs without further explanation.

The table below sets out what these new official proposed rates are. With the sole exception of integrated projects in Region 3, these new official proposed FiTs are lower across the board compared with the figures publicized by the MOIT recently. The new proposal also divides the country into 4 distinct regions, instead of 3 as per the MOIT’s initial information.

You can see an easier-to-read version of the table here: new draft solar FiT rates

Notably, the new information doesn’t provide for different rates for specific COD deadlines as the MOIT’s earlier information did. At present, it is unclear what the new COD deadline will be for the below FiTs.

The Government is in the process of soliciting comments on the new proposed rates. It remains to be seen exactly where the dust will settle on this. We will update as more information becomes available.

Solar power types Region 1 Region 2 Region 3 Region 4
VND / kWh US cent equivalent VND / kWh US cent equivalent VND / kWh US cent equivalent VND / kWh US cent equivalent
Floating solar power projects 2,159 9.44 1,857 8.13 1,664 7.28 1,566 6.85
Ground-mounted solar power projects 2,102 9.20 1,809 7.91 1,620 7.09 1,525 6.67
Solar power projects with integrated storage system N/A N/A N/A N/A 1,994 8.72 1,877 8.21
Rooftop solar power projects 2,486 10.87 2,139 9.36 1,916 8.38 1,803 7.89