Thông tư 54/2025/TT-BCT sửa đổi Thông tư 09/2025/TT-BCT quy định hồ sơ, trình tự, thủ tục, phương pháp xác định, phê duyệt khung giá phát điện; quy định hồ sơ, trình tự, thủ tục xây dựng, phê duyệt khung giá nhập khẩu điện và Thông tư 12/2025/TT-BCT quy định phương pháp xác định giá dịch vụ phát điện; nguyên tắc tính giá điện để thực hiện dự án điện lực; nội dung chính của hợp đồng mua bán điện do Bộ trưởng Bộ Công Thương ban hành

CIRCULAR  

AMENDMENTS TO CERTAIN ARTICLES OF CIRCULAR NO. 09/2025/TT-BCT DATED FEBRUARY 01, 2025 OF THE MINISTER OF INDUSTRY AND TRADE OF VIETNAM ON APPLICATIONS, PROCEDURES, AND METHODS FOR DETERMINING AND APPROVING ELECTRICITY GENERATION PRICE BRACKET; APPLICATIONS, PROCEDURES, METHODS FOR DETERMINING AND APPROVING ELECTRICITY IMPORT PRICE BRACKET AND CIRCULAR NO. 12/2025/TT-BCT DATED FEBRUARY 01, 2025 OF THE MINISTER OF INDUSTRY AND TRADE ON METHODS FOR DETERMINING ELECTRICITY GENERATION SERVICE PRICE; RULES FOR DETERMINING ELECTRICITY PRICE FOR ELECTRICITY PROJECT IMPLEMENTATION; MAIN CONTENTS OF POWER PURCHASE AGREEMENT

Pursuant to Law on Electricity No. 61/2024/QH15;

Pursuant to Decree No. 40/2025/ND-CP dated February 26, 2025 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Industry and Trade of Vietnam;

At the request of the Director of Electricity Authority;

The Minister of Industry and Trade issues a Circular on amendments to certain articles of Circular No. 09/2025/TT-BCT dated February 01, 2025 of the Minister of Industry and Trade of Vietnam on applications, procedures, methods for determining and approving electricity generation price bracket; applications, procedures, methods for determining and approving electricity import price bracket and Circular No. 12/2025/TT-BCT dated February 01, 2025 of the Minister of Industry and Trade on methods for determining electricity generation service price; rules for determining electricity price for electricity project implementation; main contents of power purchase agreement.

Article 1. Amendments to Circular No. 09/2025/TT-BCT dated February 01, 2025 of the Minister of Industry and Trade of Vietnam on applications, procedures, methods for determining and approving electricity generation price bracket; applications, procedures, methods for determining and approving electricity import price bracket

1. Point c is added after point b Clause 1 Article 1 as follows:

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2. Point a Clause 2 Article 1 is amended as follows:

“a) Any agency, organization or individual owning a power plant within the territory of the Socialist Republic of Vietnam connected with national power system, except for multi-purpose strategic hydropower plants, renewable energy plants applying the avoided cost tariff, power plants and generating sets providing ancillary services, energy storage battery system invested independently, power plants applying electricity purchasing price mechanism as prescribed in documents of competent authorities;”

3. Clause 3 Article 2 is amended as follows:

“3. Pumped-storage hydropower plants refer to hydropower plants using a system of water reservoirs at different elevations to store energy and generate electricity, water is pumped from a lower elevation reservoir to a higher elevation reservoir during non-generating times to store energy and released through turbines to generate electricity as required.”.

4. Clause 7 is added after Clause 6 Article 2 as follows:

“7. Flexible power plants refer to thermal power plants using a Reciprocating Internal Combustion Engine (RICE) or an Aeroderivative Gas Turbine (Aero-GT) for quick start-up, designed in a modular and flexible manner to generate electricity in order to balance power and maintain the stability of the power system

5. Clause 2 Article 5 is amended as follows:

“2. Annual converted investment capital shall be determined using the following formula:

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SDT:

Calculated investment rate determined in accordance with Clause 4 of this Article (VND/kW or VND/kWp); kWp measures peak capacity of a solar panel in standard condition;

P_t :

Calculated capacity (kW or kWp) in accordance with Clause 3 of this Article;

n:

Economic life of the power plant specified under Appendix attached hereto (year);

For offshore wind power plants: 25 (years)

For flexible power plants: 25 years or determined based on the feasibility study report for the investment construction project approved by the competent authority.

For power plants under the Build-Operate-Transfer (BOT) model: based on the operational period of the power plant as specified in the BOT contract.

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Discount rate of the power plant determined in accordance with Clause 5 of this Article (%).

6. Clause 5 Article 5 is amended as follows:

“5. Discount rate i (%) applying pre-tax weighted average cost of capital is determined using the formula below:

Where:

D:

Percentage of borrowed capital in total investment prescribed under Appendix attached hereto (%);

E:

Percentage of owner’s equity in total investment prescribed under Appendix attached hereto (%);

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n:

E economic life of the power plant in accordance with Clause 2 this Article (year);

n_D:

Average debt repayment period is 10 years;

r_d:

Borrowed capital interest rate determined in accordance with Point a of this Clause (%);

r_e:

Pre-tax interest rate of owner’s equity is determined in accordance with Point b of this Clause (%).

7. Point a Clause 5 Article 5 is amended as follows:

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r_d = D_F × r_d,F + D_D × r_d,D

Where:

D_F:

Percentage of capital borrowed in foreign currency in total investment prescribed under Appendix attached hereto (%);

For power plant projects invested under the BOT form: D_F shall be determined based on the total investment amount and the capital structure of the project according to the project approved by the competent authority;

D_D:

Percentage of capital borrowed in VND currency in total investment prescribed under Appendix attached hereto (%);

For coal-fired thermal power plants using 100% capital borrowed in VND: 100%

r_d,F:

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r_d,D:

The interest rate for capital borrowed in VND currency is determined by the average interest rate for 12-month deposits in VND, applicable to individual customers, on the first day of the 60 months preceding the nearest March, June, September, or December of the price bracket calculation year of 04 commercial banks (Vietnam Bank for Foreign Trade, Joint Stock Commercial Bank for Industry and Trade of Vietnam, Joint Stock Commercial Bank for Investment and Development of Vietnam, Agriculture and Rural Development Bank of Vietnam, or their lawful successors) plus the average annual loan arbracketment fee charged by the bank, which is 3% per year.”.

8. Clause 8a is added after Article 8 as follows:

“Article 8a. Methods for determining electricity generation price bracket for other types of power plants

1. Other types of power plants refer to power plants falling under one of the following cases:

a) Coal-fired thermal power plants with a capacity of ≤ 200 MW;

b) Coal-fired thermal power plants which are wholly State-owned enterprises and use 100% of the equity capital to invest in the project approved by the competent authority;

c) Coal-fired thermal power plants using 100% capital borrowed in VND to invest in the project;

d) Small renewable energy plants as the time limit for applying the avoided cost tariff has expired; power plants which have been commercially operated as the time limit for applying the price of the PPA has expired; power plants for which the BOT contract has expired and which need to be transferred to the Government.

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a) The maximum value of electricity generation price bracket shall be determined on the basis of electricity generation price bracket stipulated in Clauses 1 and 2 Article 3 of this Circular;

b) Input data used for determining maximum value of the electricity generation price bracket shall be determined based on feasibility study reports of investment construction project approved or fundamental design of the project appraised by the competent authority or negotiation data of the power purchase agreement (if any).

3. Electricity generation price bracket applicable to other types of power plants stipulated in point d Clause 1 of this Article:

a) The maximum value of electricity generation price bracket shall be determined on the basis of electricity generation price bracket stipulated in Clauses 1 and 2 Article 3 of this Circular;

b) Economic life to calculate the maximum value for the remaining economic life of the power plant;

c) Calculated investment rate for maximum value shall be determined based on the investment cost of the power plant according to the remaining value of assets at the time on the date on which electricity generation prices no longer take effect, plus the costs of renovation, upgrading (if any) approved by the competent authority or agreed upon with the purchaser. For power plants for which the BOT contract is expire, the calculated investment rate for maximum value shall be determined based on the remaining value of assets approved by the competent authority;

d) Input data used for determining maximum value of the electricity generation price bracket shall be determined based on the actual data of the power plant agreed upon by the seller and the buyer.".

9. Point b Clause 1 Article 12 is amended as follows:

“b) Table of parameters and documents for calculating the electricity generation price bracket as prescribed in Articles 4, 5, 6, 7, 8, and 8a of this Circular;”.

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1. Clause 3 Article 1 is amended as follows:

“3. Provisions pertaining to methods for determining electricity generation service price; rules for determining electricity price for electricity project execution; main contents of power purchase agreement (PPA) of this Circular shall not apply to multi-purpose strategic hydropower plants, small-scale renewable energy power plants that adopt avoidable cost tariff; independent power plants invested under BOT model, power plants and generating sets providing ancillary services; pumped-storage hydropower plants, independent energy storage battery systems power plants where electricity purchase mechanics dictated under documents of competent authorities.”

2. Clause 16 is added after Clause 15 Article 2 as follows:

“16. P50 energy yield refers to the average electricity rate delivered for years of a power plant, with a 50% probability that the average electricity rate delivered for years will meet or exceed such value.”

3. Points b and c Clause 2 Article 5 are amended as follows:

b) Economic life: Determined in accordance with Appendix I attached hereto; If the competent authority issues a written approval for economic life other than that stipulated in this Circular, such approval shall prevail (in years).

For offshore wind power plants: the economic life is 25 (years)

For flexible power plants: the economic life is 25 years or determined based on the feasibility study report for the investment construction project approved by the competent authority.

c) Average electricity generated in multiple years at delivery point (A_GN) is calculated using the formula below:

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Where:

A_NM:

Electrical output of power plant (excluding electricity storage system) (kWh):

(i) For projects using public investment capital, project using non-public investment state capital, A_NM shall be determined on the basis of the fundamental design (or technical design if the fundamental design is not applicable) appropriate to the installed capacity of power plants appraised by competent authority. For wind power plants and solar power plants, A_NM shall be determined on the basis of the P50 energy yield;

(ii) For power plant projects that do not use public investment capital, project using non-public investment state capital, A_NM shall be agreed upon by the seller and the buyer on the basis of the feasibility study report (or technical design if the feasibility study report is not applicable) appropriate to the installed capacity of the power plant approved, which is not lower than the output value determined in this report. For wind power plants and solar power plants, A_NM shall be agreed upon by the seller and the buyer on the basis of the P50 energy yield;

(iii) For thermal power plants, A_NM shall be calculated using the formula below:

P_{t :}

Terminal capacity of generators under approved design (kW);

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Average number of peak hours in multiple years of power plant compliant with documents of competent authority (if any) or appendix I attached hereto.

In respect of power plant that lacks T_max under Appendix I attached hereto (including biomass power plants, waste-to-energy plants, flexible power plants), T_max shall be determined on the basis of the feasibility study report or agreed upon by the Seller and the Buyer;

t_td:

Percentage of self-sufficient electricity and electricity loss from step-up transformers of power plant and transmission lines to delivery points with national electrical system (%) (if any) agreed upon by the Seller and the Buyer on the basis of the approved feasibility study report (or approved fundamental design) or technical dossiers of equipment manufacturers at the time of negotiation (if any), and not exceeding value defined under the approved feasibility study report (or approved fundamental design);

k_CS:

Average rate of capacity degradation (%) for the entire economic life of thermal power plant (if any) agreed upon by the Seller and the Buyer on the basis of the approved feasibility study report (or approved fundamental design) or technical dossiers of equipment manufacturers at the time of negotiation (if any);

For renewable power plants using combined energy storage battery systems, A_GN shall be calculated using the formula below:  

Where:

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Average electrical output used to charge the energy storage battery system (kWh), calculated using the formula below:

A_BESS:

Capacity of the energy storage battery system according to the approved design (kWh);

 T_BESS:

The minimum charge-discharge cycles of the energy storage battery system agreed upon by the Seller and the Buyer on the basis of the approved feasibility study report (or approved fundamental design) or technical dossiers of equipment manufacturers at the time of negotiation (if any);

 n:

Economic life of the power plant in accordance with point b of this Clause (year);

 k_v:

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The charge-discharge cycle efficiency of the energy storage battery system (%) agreed upon by the Seller and the Buyer on the basis of the approved feasibility study report (or approved fundamental design) or technical dossiers of equipment manufacturers at the time of negotiation (if any) but not lower than 85%.

For power plant projects that do not use public investment capital, project using non-public investment state capital, in cases where A_GN is not determined using the above formulas, the seller and the buyer shall agreed upon on the basis of the feasibility study report (or technical design if the feasibility study report is not applicable) appropriate to the installed capacity of the power plant approved, which is not lower than the output value determined in this report.  For wind power plants and solar power plants, A_GN shall be determined on the basis of the P50 energy yield;”

4. Clause 2 Article 10 is amended as follows:

“2. Average annual electricity delivered and total investment shall be determined as follows:

a) For projects using public investment capital, project using non-public investment state capital, total investment and average annual electricity delivered (in accordance with P50 energy yield) shall be determined on the basis of technical specifications in fundamental design (or technical design if the fundamental design is not applicable) appropriate to the installed capacity of power plants appraised by competent authority;

b) For power plant projects that do not use public investment capital, project using non-public investment state capital, total investment and average annual electricity delivered (in accordance with P50 energy yield) shall be agreed upon by the seller and the buyer on the basis of the feasibility study report (or technical design if the feasibility study report is not applicable) appropriate to the installed capacity of the power plant approved.”.

5. Clause 3 Article 22 is added as follows:

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6. The title of the Table 2 in Appendix I of is amended as follows:

“Table 2 - Percentage of operating and maintenance costs of thermal power plants and wind power plants in accordance with Article 10 hereof.”

Article 3. Transitional clauses

Where the seller has sent a written request for negotiating power purchase agreement and both parties are in the process of negotiating of electricity price before the effective date of this Circular but have not reached an agreement to sign the contract, they shall continue the negotiation in accordance with Circular No. 12/2025/TT-BCT; except for the case the seller chooses to apply this Circular for negotiation.

Article 4. Effect

1. This Circular comes into force from November 21, 2025.

2. Difficulties that arise during implementation must be reported to Ministry of Industry and Trade for consideration and amendments./.

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