Due Diligence in Choosing Business Partner

Joint ventures and associate in business will bring many opportunities for the development and success of business. However, it is not easy to choose partners to help maximize the value for business, especially in this difficult time. That is the reason why we should conduct the due diligence research before making any decision.

According to experts, there are enterprises that growing very fast because they choose the right partners involving in the value chain, but also there are well-known enterprises in the market that have to face with a lot of difficulties due to choosing wrong partners. Therefore, how to choose the right business partners, financial partners and strategic shareholders to help enterprises overcome difficulties, develop faster and more sustainable are always issues that concerned by many business leaders.

In challenging conditions as at present, the economic situation in Vietnam and the world places great influence on the partner selection of companies. Currently, the debt crisis in some European countries caused the demand for import from these countries dropped sharply. Therefore, Vietnam enterprises must seek new markets. In this situation, companies should restructure their operations, choosing to produce products that are suitable with the new markets.

There are two key partners that companies need to keep in mind, they are financial partner and business partner. Depending on the objectives of the companies that they will choose the right partner. Normally, with the stable economic condition, companies often choose strategic partner.

However, in difficult situation such as the present, the choice of partners is made for short term so that the company could be able to change and adapt according to the general environmental condition. Many experts believe that, in difficult times, good cooperation will help enterprises to stand firm and “over storm” successfully.

Hence, conducting the due diligence research helps us to have a clearer vision of partners before deciding to cooperate with them in business, especially partners in foreign countries where you still feel strange. Whether choosing business partner or financial partner, companies should be cautious. They should learn from the Japanese companies. Before deciding to cooperate with a partner, Japanese companies often study the partners very thoroughly. Therefore, the cooperation project of Japanese companies often succeeds up to 85%.

ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation.  Our services are as following:

• Advisory
• Market Entry
• Tax Advice
• Legal Advice

We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows.  We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.

We could be reached at email: ant@antconsult.vn or tel: +848 3520 2779 .  To learn more about us, please visit www.antconsult.vn

Source: Antconsult.vn

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IFC, Singapore PE firm may invest in Vietnamese renewable energy firm GEC

International Finance Corporation, the private lending arm of the World Bank, is partnering a Singapore-based private equity firm to invest in Gia Lai Electricity JSC (GEC), one of Vietnam’s largest private-sector independent small hydroelectric power producers.

IFC together with a private equity fund based in Singapore proposes to invest up to 36% equity stake in GEC, according to its investment disclosure. The investment is meant to support GEC’s renewableenergy development plans in Vietnam.

The quantum of investment as also the name of the PE investor were undisclosed. 

GEC is 87% controlled by Thanh Thanh Cong Group (TTC), a Vietnamese conglomerate founded by Mr Dang Van Thanh in 1979. TTC is Vietnam’s largest private sugar manufacturer. It also has 79 MW biomass power plant portfolio owned by its various sugar business units. 

Mr. Thanh was also the founder and chairman for 20 years of Sacombank, one of the largest commercial banks in Vietnam.

TTC has identified its next growth opportunity in renewable energy, and set a medium-term strategy to grow GEC into a leading renewable energy business in Vietnam. GEC is thus also considering wind and solar projects in addition to hydel power plants, the filing said. 

Founded in 1989, GEC  owns and operates 15 existing hydro power projects totaling 84 MW in installed capacity. Majority of its portfolio comprises small hydro power projects (HPPs), ranging from 0.3MW to 16MW. 

GEC’s business model consists of the development and acquisition of small HPPs, wind and solarprojects. While GEC’s ow

GEC is located in Gia Lai province, in the Central Highlands of Vietnam. Many of GEC’s existing small hydro power projects are located in the same province. GEC also has several projects located in different provinces of Vietnam, mainly in the central area of Vietnam. 

IFC has been quite active in investing, both debt and equity, in Vietnam as also the East Asian region. Some of its recent proposed investments include a $20-million commitment in Canadian Solar for its Vietnam foray and an acquisition financing loan for Golden Towers in the telecom space.

Source: dealstreetasia

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Canada energy firm eyes $150m solar power plant in Vietnam

Canadian company CMX Renewable Energy Inc has sought a license to build a 150-megawatt solar powerplant in the central province of Ninh Thuan at an estimated cost of $150 million, newswire Thanhniennews.com reported.

SolarEnergy Power Future in Vietnam

CMX is the latest foreign investor to have expressed interest in setting up a solar energyproduction unit in Vietnam after the government said that it is drafting policies to encourage private investment in the sector. 

According to one of the plans being considered by the government, state company  Electricity of Vietnam and other electricity distributors will be obliged to buy all the output from solar power plants in 10-20 years, the government’s website reported.

The country’s first solar power plant is expected to start functioning next year. It is a 19.2-megawatt plant being built in the central province of Quang Ngai by Vietnamese investor Thien Tan Group at an estimated VND862 billion ($36.12 million).

 Last year South Korea’s SolarPark Korea sought to build a 300-megawatt plant in another central province, Ha Tinh, at $650 million.

 Another Korean investor, Hanwha, also reportedly plans to invest $200 million in developing a 100-200-megawatt plant in Thua Thien-Hue.

 Source: dealstreetasia

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Education Startup Will Flourish in Vietnam

Education startup will become great opportunity for foreign investors to invest in Vietnam as well as the Vietnam startup community.

GotIt!, a Startup, a Mobile App which is built on the question – answer foundation for a long time has been presented in the top 10 educational apps on App Store in the US. GotIt! has received 9 million USD from Capricorn Investment Group. Investors of GotIt! are also the people who invest in companies creating products that have changed the world such as Tesla Motor, SpaceX, and PlanetLabs. They believe that GotIt! will become “the next big thing” when GotIt! provides services in the areas beyond education.

One other education startup which is ELSA – teaching English pronunciation, has just passed 1,200 competitors to win first prize at SXSWedu – a competition in education technology startup, organized in the United States. This application uses artificial intelligence technology to help users improve their English pronunciation.

And yet, a different startup which is Monkey Junior, specializing in foreign language teaching has won the competition “GIST Tech-I 2016” held in the US after passing more than 1,000 competitors from 104 countries in the world. This is the startup contest initiated by the US government and received the backing of Mark Zuckerberg – CEO of Facebook – as well as many powerful individuals in Silicon Valley.

Belongs to the EdTech field, which is attracting the attention of Vietnamese startup community, Monkey Junior application is available on App Store, Google Play and Amazon with a large number of users from the US (accounted for 43%), Vietnam ( 10-20%), Canada, France… Although this app aims to teach foreign languages, the point to make up the difference for Monkey Junior is that the teaching contents are directed at children, especially children under 6 years old.

We have to mention one other EdTech which is Code4Startup. Code4Startup is the online training website. Although training on programming is not new, the basic difference of Code4Startup is that it is not theoretical teaching, Code4Startup goes straight into practice by guiding learners to build real applications. Hence, Code4Startup has successfully calling for capital on KickStarter.

The common point of this 4 startups is that the project have high applicability, developing towards EdTech (educational technology) and “father” of them are all Vietnamese: GotIt! Of Dr Tran Viet Hung; Elsa was founded by Van Dinh Hong Vu Ngo Thuy Ngoc Tu; Monkey Junior of Dao Xuan Hoang and Code4Startup of Leo Trieu (Trieu Quang Anh).

Movement for startup towards EdTech (educational technology) are blooming and the fund as well as foreign investors are increasingly appreciating Edtech in Vietnam.

Every year, Vietnamese spent 3-4 billion USD to send their children to study abroad and the market for online education is very potential on a large scale. Vietnam is a country of more than 22 million pupils and students, is the large customer market that many education companies want to explore. On the other hand, the introduction of this community-based projects to apply in reality is very consistent with preference and development trend of modern education, easy to be welcomed by parents and students in Vietnam.

In addition to the potential of the market, international investors believe that the Vietnam startups in general and EdTech startups in particular have been contributed actively to the social advancement, improve community knowledge and update the world’s new trends in Vietnam; while also contributing to the economic development of the country. Similarly, in the world, such EdTech startups as the Knewton, Coursera, Udemy, Duolingo… are the clear proof of this.

The million dollars online training market has been receiving special attention of foreign investors. By the end of 2016, Vietnam had 309 investment projects in the fields of education and training with total registered capital of over 767 million USD.

Apax English is an example. Recently, ChungDahm Learning Education Corporation (Korea) and Egroup Education JSC have signed a memorandum of cooperation for an additional investment of of 10 million USD for English training in Vietnam. Earlier, ChungDahm Learning and Egroup have brought the Asian’s leading children English program to Vietnam with the brand “Apax”.

From the success of Apax English, many cooperation and investment projects in education are increasingly powerful. Next, there will be the project of SK Telecom (under the SK Group, one of the 3 largest Korean group), bringing the school of programming using intelligent robot to Vietnam. It will become the first cooperation in the education sector with Egroup.

With the above positive signals, hopefully that in the coming time, Vietnam education market will continue to receive “new wind” from the funds and foreign investors.

ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation.  Our services are as following:

• Advisory
• Market Entry
• Tax Advice
• Legal Advice

We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows.  We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.

We could be reached at email: ant@antconsult.vn or tel: +848 3520 2779 .  To learn more about us, please visit www.antconsult.vn

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Quang Nam Province Welcomes Foreign Investors

In 2017, Quang Nam province is expected to continue to become the bright spot of the central region on investment attraction, welcoming foreign enterprises to come and invest in Vietnam.

In fact, Quang Nam province is an ideal destination for investors at home and abroad. There were presence and long-term commitment of the major investors such as Truong Hai Auto, Suntory – Pepsico, Vietnam Brewery VBL, Inax sanitary equipment, Groz-Beckert textile equipment and famous travel brands such as The Nam Hai, Montgomerie Links golf course, Victoria, GoldenSand, Palm Garden…

Compared to many localities, Quang Nam has great advantages in attracting investment. Firstly, the province has strategic geographical location with an area of 10,438 km2, located in the middle of Vietnam, belongs to the key economic zone in central Vietnam. The north bordering on Da Nang – the commercial, services and training centers of Central region; the south bordering on Quang Ngai province; the west bordering on Laos; located on the East – West Economic Corridor, convenient for road transportation to Laos, Cambodia, Thailand, Myanmar and sea transportation to other countries of the ASEAN region.

The strategic location, plus complete transportation infrastructure with many kinds of road, railway, airline, sea belong to the national and international traffic routes, creating favorable conditions for Quang Nam province to attract major investors in the world.

As reported by the People’s Committee of Quang Nam province, the province currently has 8 industrial zones and 50 industrial clusters. The industrial parks and industrial clusters are located on the main traffic routes, with large area. The infrastructure and telecommunications utility are fully meet the needs of investment projects. As for waste water treatment system, most industrial zones in the province of Quang Nam have wastewater treatment systems; solid waste treatment collection systems as prescribed.

In addition, the social infrastructure and other utility services such as schools, hospitals, hotels, restaurants, amusement parks in the province of Quang Nam are basically meet the needs of investors and citizens. As reported by the Department of Culture – Sports and Tourism of Quang Nam province, there are more than 5,436 hotel rooms that satisfy international standard, including many major brands (concentrated in coastal areas), contributing to bring Quang Nam to become an attractive tourism destination of the central region.

So far, Quang Nam has attracted 126 FDI projects with total registered capital of 5.5 billion USD from investors from around the world such as Korea, Japan, Singapore, US, China, France, Germany, Italy…

In the long term, Quang Nam focus on attracting investment projects in economic sectors that the province has many advantages such as supporting industries (mechanical manufacturing, automobile, electronics…); processing industry of consumer goods, household goods, agriculture, forestry and fisheries products, construction materials; the agricultural sector (high-tech agriculture, cultivation and processing of agricultural products …); the field of tourism, services, urban (ecology urban areas, coastal and riverside luxury resorts, hotels, restaurants, supermarkets…), training of human resources; the investment, construction and trading of infrastructure of industrial parks, industrial clusters.

Another highlight of the investment attraction policies of the province is that the investors have the full right to choose and decide to implement the project in the appropriate investment model. Moreover, investors are given the investment incentives stipulated by the Government, including the Chu Lai Open Economic Zone and 15/18 districts in the list of investment incentives stipulated by the Government on the premises, corporate income tax and import tax…

According to the Public Administration and Investment Promotion Center of Quang Nam Province, the newly established enterprises from investment projects in difficult economic condition areas in Chu Lai Open Economic Zone; investment projects in the fields of high-tech agriculture, scientific research, technological development, education and training, vocational training, environment… will be applied the corporate income tax rate of 10% for 15 years since the taxable income arises; ; are exempt from corporate income tax for 4 years and reduce 50% of the tax payable in the next 9 years.

Enterprises investing in the industrial zones in such districts as Duy Xuyen, Dai Loc, Que Son and Phu Ninh are applied the corporate income tax rate of 17% for 10 years, are exempt from corporate income tax and reduction of 50% tax payable in the next 4 years.

Also, Quang Nam also apply competitive prices and depending on land investment sectors, projects may be exempted from land rent during 11 years, 15 years or during the term of the project. In addition to the general provisions, the large-scale projects with important implications and will be coordinated with your PPC investment research applied to the Government for specific policies.

Also, Quang Nam province also apply competitive land prices and depending on investment sectors, projects may be exempted from land rent for 11 years, 15 years or during the implementation of the project. In addition to the general provisions, for the large-scale projects with important implications, the Provincial People’s Committees will coordinate with investors to study and submit to the Government for specific policies.

According to the Quang Nam People’s Committee Chairman, in the trend of deeper integration, Quang Nam is constantly developing, changing appearance, became the land of potential and investment opportunities. Many synchronous solutions are being implemented to improve the investment environment, which focused on administrative reform. In particular, the introduction of the Public Administration and Investment Promotion Center of Quang Nam Province, with flexible and quick mechanisms, have demonstrated the determination to build friendly image of Quang Nam province, becoming the reliable destination for investors.

ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation.  Our services are as following:

• Advisory
• Market Entry
• Tax Advice
• Legal Advice

We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows.  We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.

We could be reached at email: ant@antconsult.vn or tel: +848 3520 2779 .  To learn more about us, please visit www.antconsult.vn

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Ho Chi Minh City develops startup ecosystem with $1.3 mln fund

Ho Chi Minh City has earmarked VND30 billion ($1.3 million) for a startup investment fund which is expected to provide local entrepreneurs with the funds they need to develop their products, services and technologies.

US Investors Invest in Ho Chi Minh City

The fund, which has been raised from individual and institutional investors, is projected to grow to VND100 billion by 2020.

Vietnam is aware that in order to maintain economic momentum, it cannot afford to fall behind in the technology race.

Under increasing pressure to modernize the economy, the Vietnamese government has adopted a series of reforms. In recent years it has encouraged the private sector, in collaboration with state-sponsored sources, to set up venture capital funds so that domestic businesses have more funding options to turn to when they need capital.

IT companies, for example, those developing mobile and web-based applications or those applying advanced technology in agriculture, are welcome to apply for loans from the city’s investment fund, said Truong Ly Hoang Phi, head of the city's startup support center.

Phi added that the fund will be prioritized for those working in the city’s key industries.

This is the city’s first startup investment fund aimed at promoting technological innovation among the city’s business community, said Pham Hong Son, president of Ho Chi Minh City’s Youth Union.

The fund was co-founded by the state-owned Ho Chi Minh City Finance and Investment Company and the Saigon – Hanoi Commercial Bank with the aim of offering incentives to help entrepreneurs develop their ideas.

Source: E.vnexpress

ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation.  Our services are as following:

• Advisory
• Market Entry
• Tax Advice
• Legal Advice

We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows.  We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.

We could be reached at email: ant@antconsult.vn or tel: +848 3520 2779 .  To learn more about us, please visit www.antconsult.vn

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Foreign firm to produce solar cells in Vietnam

HCMC – JA Solar Hong Kong Investment, a major manufacturer of high-performance solar power products, will develop a solar cell production project worth over US$1 billion in the northern province of Bac Giang.

According to Saigon-Bac Giang Industrial Park Corporation (SBG), the investor of Quang Chau Industrial Park (IP), the Hong Kong firm has inked an in-principal deal with SBG to lease 88 hectares of land at the IP to build a solar cell plant. With the land lease, the Vietnamese firm can earn over VND1 trillion.

JA Solar, which currently has eight production plants worldwide, regards its investment in Vietnam as a breakthrough in the low-cost supply chain and a typical investment in the field of solar cell production, said SBG, a subsidiary of Kinh Bac City Development Holding Corporation.

Nguyen Van Linh, chairman of Bac Giang Province, said at the signing ceremony last week that the province would facilitate JA Solar in terms of legal and customs procedures, human resources and infrastructure so that it could put into operation its project soon.

Once licensed, the project of JA Solar will become the 16th investment at 600-hectare Quang Chau IP. It is also expected to generate jobs for more than 3,000 people.

Source: E.thegioisaigontimes 

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Canadian Investors Invest in Binh Dinh Province

Seldat Vietnam Co., Ltd (coming from Canada) went to Vietnam to set up business by implementing the garment factory project.

Department of Planning and Investment of Binh Dinh province has just granted certificate of investment registration for Seldat Vietnam Co., Ltd (investors from Canada) to invest in Seldat Vietnam garment factory project in An Hoa village, Nhon Khanh commune, An Nhon town, with a total investment of nearly 1.2 million USD.

Accordingly, the project will invest 5 production lines with designed capacity of 2 million products/year, products are mainly exported to the US market. The project is built on an area of 2,440m2 and is expected to be completed and put into operation in quarter II/2017.

The project is licensed within the first days of the year so that it can be considered a meaningful gift for the efforts of the Binh Dinh province in attracting investment. BinhDinh province has consistently implemented reforms, simplification of administrative procedures, thereby contributing to create an open investment environment, attracting investors to come to the province. Up to date, Binh Dinh has 69 FDI projects, total registered capital of 783 million USD, mainly are investors coming from potential economies in the world like the US, China, Japan, France, Korea, Singapore, Malaysia, Thailand….

In 2017, in order to continue to be an attractive destination for investors, besides the administrative reform, leaders of Binh Dinh province will strengthen dialogue with businesses in order to listen to their desire, disassemble any difficulties and obstacles to improve the investment and business environment, promoting economic development of the locality.

Currently, the Department of Planning and Investment of Binh Dinh is finalizing the draft scheme for implementation of the model “one door, one door interconnection”, preparing to submit to the leaders of Binh Dinh province for consideration and promulgation. At the same time, the E-Regulations project (electronic regulation system). The website has been completed, fully published the procedures relating to foreign investment so that investors can access and search for information about the investment procedures when investing in Binh Dinh.

According to Director of Investment Promotion Centre (IPC) of Binh Dinh, Binh Dinh province’s goal is to continue to invest in development of Nhon Hoi Economic Zone and industrial zones as planned for these places to become seeds of the province’s growth in the sectors such as industry, tourism services, urban; create motivation and basis so that until 2020, Binh Dinh province can basically become developed province of the central region.

ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation.  Our services are as following:

• Advisory
• Market Entry
• Tax Advice
• Legal Advice

We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows.  We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.

We could be reached at email: ant@antconsult.vn or tel: +848 3520 2779 .  To learn more about us, please visit www.antconsult.vn

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Vietnam's ancient town to light up main attractions with solar power

The $147,000 project uses funding from the German government.

Street lanterns win the hearts of many tourists to Hoi An. Photo by VnExpress/Tran Viet Anh

Hoi An, the much loved ancient town in central Vietnam, has started a new project to use solar power for its major attractions, with funding from the German government.

The $147,000 project will set up solar panels at the one-hectare (2.5-acre) Hoai River Square to provide a 55 kWh source for sound and lighting systems at street arts programs, entertainment centers, street lanterns and the iconic 400-year-old Japanese bridge nearby, officials said.

The German government will cover 90 percent of the cost, while Hoi An and its German twin city Wernigerode will chip in the rest.

Once a popular trade port in the region, Hoi An is now one of the most peaceful, greenest towns in the country, drawing tourists to its picturesque wooden houses, pagodas, street-side eateries and hundreds of tailor shops.

A travel forum run by U.S. magazine USA Today described Hoi An as one of 10 most beautiful places in Southeast Asia, a place where one can find “tranquility and timelessness.”

“Best Day on Earth,” a new book from the UK travel publisher Rough Guides, listed Hoi An’s full-moon festival among the world’s most extraordinary travel experiences for the hundreds of lanterns that glow along alleys and river banks around town.

The solar power project is hoped to help the city develop sustainable tourism that is suitable with its strategy to become an eco-friendly destination.

Source: E.vnexpress

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World Bank offers ray of light to promote solar power in HCMC

Renewable energy accounts for only 0.1 percent of Ho Chi Minh City’s electricity consumption.

Energy experts from the World Bank proposed a program to help Ho Chi Minh City develop solar power systems at a meeting on Tuesday, Saigon Times reported.

Solar panels are used to produce renewable energy at the photovoltaic park in Europe. Photo by Reuters

To start with, the bank will work with the city to carry out an overall assessment of the benefits of installing solar energy systems on rooftops, provide technical support for local energy experts and find financial resources as well as equipment suppliers to implement the program.

Last year, Vietnam’s largest economic hub consumed about 3,575 MW of electricity, of which renewable energy accounted for 3.96 MW, or 0.1 percent.

The city had set a target of increasing its use of renewable energy to 1.74 percent, equivalent to 96 MW, by 2020.

To reach this goal, Ho Chi Minh City needs the World Bank's program to be launched by 2018 at the latest, Le Van Khoa, the city's vice mayor, has said.

Since 2015, the city has encouraged residents and businesses to invest in solar power systems by granting a subsidy of VND2,000 ($0.1) per kW used for domestic purposes or sold to the national electricity grid.

The city’s Power Corporation is searching for a pricing mechanism from the Vietnamese government to boost the development of solar power projects.

Vietnam is aiming to increase residential solar power usage nationwide from 4.3 percent in 2015 to 50 percent in 2050.

Source: E.vnexpress

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Vietnam utility cuts power purchases from China

Vietnam Electricity refrained from buying electricity from China last month following a surge in domestic output.

Solar Energy Power Future in Vietnam

Vietnam’s electricity output during the first eight months of this year has increased by 11.2 percent to 117.1 billion kilowatt hours (kWh), including 1.2 billion kWh imported from China, said the country’s utility group EVN said Saturday.

Hydropower plants which in the first eight months of 2016 generated 32.7 percent of Vietnam's electricity, often face shutdowns during the dry season, causing nationwide outages. Meanwhile, coal has taken over hydro power as the leading source of electricity in the country as it has generated 38.03 percent of the total output so so far this year. 

In response to fast growing demand for power, Vietnam is building more coal-fired thermal plants and buying electricity from neighboring China.

However, EVN said last month it stopped buying power from China for the second month in a row.

The state-run group which started buying electricity from Chinese power plants in the border province of Yunnan in 2004, expects it will not have to import more power from the neighboring country in four consecutive months.

EVN plans to import about 950 million kWh from China to meet the domestic power needs in 2016, down 44 percent from 2015.

EVN said Vietnam's power output is expected to reach 183 billion kWh this year.

The average energy consumption in Vietnam grew 13 percent from 2006-2010, and by about 11 percent from 2011-2015, said Le Tuan Phong, deputy head of the General Directorate of Energy, adding that the country is on the path towards powering itself by 2030.

The country’s power production is expected to grow at an annual rate of 14 percent between 2015 and 2030.

Vietnam is also restructuring its power sector by breaking up its retail power monopoly EVN to develop a competitive retail power market by 2030.

And it is aiming to generate enough energy to power almost every home by 2020 and increase residential solar power usage to 50 percent of households nationwide by 2050.

Source: E.vnexpress

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