ACBS - Energy Industry and Hydropower Industry - repdc

Transcription

INDUSTRY OVERVIEW
ENERGY INDUSTRY AND HYDROPOWER INDUSTRY
LEGAL FRAMEWORK
(The report has been made on behalf of REPDC GREEN)
Le Nguyet Anh & Tran Thi Hai Yen
ACBS Research Center
Le Hong Hai & Nguyen Thi Nguyet
ACBS Legal Department
May 10 2012
COVERAGE OF VIETNAM HYDROPOWER INDUSTRY
CONTENT
Updated as of May 10 2012
VIETNAMESE ENERGY INDUSTRY OVERVIEW .......................................................................... 3
ECONOMICS REVIEW ......................................................................................................................... 4
HIGH ELECTRICITY DEMAND ........................................................................................................... 5
SUPPLY SITUATION............................................................................................................................ 5
INTERCONNECTION & GRID NETWORK ........................................................................................... 9
ELECTRICITY EXCHANGE/MARKET ................................................................................................ 13
ELECTRICITY STRATEGY ................................................................................................................. 17
ENERGY COMMUNITY TREATIES .................................................................................................... 20
HYDROPOWER OVERVIEW.............................................................................................................. 21
VIETNAM LEGAL ENVIRONMENT ................................................................................................. 29
INVESTMENT RELATED ISSUES ...................................................................................................... 30
CORPORATE GOVERNANCE ............................................................................................................. 30
TAX ISSUES ....................................................................................................................................... 31
FOREIGN INVESTMENT POLICY ...................................................................................................... 32
INTERNATIONAL INTEGRATIONS .................................................................................................... 33
INDUSTRY SPECIFIC LEGAL ISSUES ................................................................................................ 34
ENERGY POLICIES ............................................................................................................................ 37
APPENDIX ........................................................................................................................................... 40
Tran Thi Hai Yen, Financial Analyst | Tel: +84 8 5 404 3054 (694) | Email: [email protected]
ACBS Research Center |Tel: +84 8 5 404 3257 | [email protected]
Contact Center |Tel:+84 8 39 107 107 | [email protected]
Website: research.acbs.com.vn
Bloomberg:ACBS <GO>
Bloomberg: ACBS <GO>
Page 2 of 44
SECTION 1
VIETNAMESE ENERGY INDUSTRY OVERVIEW
Page 3 of 44
ECONOMICS REVIEW
Vietnam has experienced a fast growth over the last ten years with the average
growth of about 7.22% per year. Even though the global economy has
experienced a slowdown recently, Vietnam still achieved a GDP growth of
6.18% in 2008, 5.46% in 2009, 6.78% in 2010 and 5.89% in 2011.
700,000
10%
VND billion
600,000
8%
500,000
6%
400,000
300,000
4%
200,000
2%
100,000
-
1995
1997
1999
2001
2003
Agriculture, forestry & Fishing
Services
2005
2007
2009
2011
0%
Industrials & Constructions
GDP Growth
Figure 1: Real GDP by sectors in 2000-2011 period
Source: GSO, ACBS Analysis and Research Center (2012)
Particularly, the Industrials & Constructions sector was growing faster with
the average growth of 8.89% during the same period. However, since 2008 it
showed signs of slowdowns due to the negative impacts from the world
economics and the tightening policy of the Government.
Following the urbanization in Vietnam, the rate of population living in urban
areas has been increasing rapidly from 21% in 2000 to 30% in 2010. As such,
we also witnessed considerable changes in living standards.
100
90
80
70
60
50
40
30
20
10
0
VND Million
10%
8%
6%
4%
2%
0%
1995
1997
Urban
1999
Rural
2001
2003
2005
2007
Growth in Urban
-2%
2009
Growth in Rural
Figure 2: Population structure
Source: GSO, ACBS Analysis and Research Center (2012)
Page 4 of 44
HIGH ELECTRICITY DEMAND
Vietnam’s demand for electricity has risen steadily due to the increasing living
standards and the industrialization. The electricity consumption in Vietnam
had increased by roughly 300% in the past ten years. Particularly, the growth
of power consumption was nearly double that of GDP.
120
18%
Billion Kwh
16%
100
14%
80
12%
10%
60
8%
40
6%
4%
20
0
2%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Electricity demand
0%
Growth
Figure 3: Electricity demand in period 2000-2011
Source: EVN, MoIT, ACBS Analysis and Research Center (2012)
In terms of consumption structure, industrials and households usually make
up about 85-90% of the total demand.
Cement and steel industries are the biggest electricity consumers. Meanwhile,
prices of electricity sold to cement and steel firms are lower than the prices
sold to households and other industries and even lower than the production
cost of Electricity Corporation of Vietnam (EVN).
In addition, lower environmental standards have been another reason for the
rapid growth of cement and steel industries in Vietnam and caused a larger
demand for electricity.
Being an emerging economy, Vietnam is likely to maintain high growth in the
future and the living standard of the population will increase further as well.
Given that, demand for electricity may increase significantly in the future.
According to the Government’s estimation, the electricity demand is predicted
to grow steadily by over 200% in the next 5 years and 300% in the next 10
years. Therefore, attractive investment opportunities are still available for
both current industry players and new investors.
SUPPLY SITUATION
The CAGR of installed capacity in Vietnam during 2000-2011 was about
14.33%, rather slower than that of power demand. At the end of 2011, total
installed capacity of all power plants in Vietnam reached 23,803 MW.
Page 5 of 44
In 2012, the launches of new power plants, such as turbine #5 and #6 of Son La
hydropower plant (400MW each turbine), Vung Ang thermal power plant
(600MW), may add about 2,790MW to the capacity of power sources in
Vietnam. Out of this, EVN will contribute 1,190MW or 42.6%.
The structure of power sources also witnessed significant changes. In 2000
hydropower was the country’s largest power source, occupying 51% of the
total installed capacity in Vietnam. However, currently this power source
contributed just 35%-45% to the country’s electricity supply with the installed
capacity of 10,182MW.
Capacity
Import,
4.20%
Gas
turbine,
29.80%
Gas
fired,
2.00%
Electricity Production
Other,
1.40%
Coal
fired,
18%
Other,
Import, 0.50%
4.60%
Gas
turbine,
36.30%
Hydro,
42.80%
Gas
fired,
0.50%
Oil fired,
2.20%
Coal
fired,
18.90%
Hydro,
37.60%
Oil fired
, 1.60%
Figure 4: Vietnamese power capacity by sources as of Dec 2011
Source: NLDC, ACBS Analysis and Research Center (2012)
Meanwhile, thermal power increased its contribution considerably to
12,298MW, up 382% in 10 years with the launches of a number of large
projects such as Pha Lai 2, Phu My 1, 2&3, Ca Mau etc.
Currently, the structure of power source is quite various, comprising of
hydropower, coal thermal power, gas thermal power, wind power and solar
power and about 3-5% of power source is imported from China in order to
solve the country’s power shortage.
Table 1: Electricity Production by sources
Sources
Hydropower
27,550
2,551
3,701
15,532
Gas turbine
Diesel
Import
Other
Sum
2010
29,977
Coal-fired
Oil-fired
2009
(Unit: Million Kwh)
2011
40,924
17,562
20,500
37,117
44,203
39,492
4,102
5,599
4,959
87,019
100,071
108,725
249
491
894
562
1,793
-
481
Source: NLDC (2012)
Page 6 of 44
In terms of ownership, currently EVN owns about 65% of the country’s power
sources, decreasing steeply from almost 100% in the last 10 years. Many
independent investors including
including foreigners and local players have joined the
electricity generation market under forms of BOT and BOO contracts.
At present, the two biggest local independent thermal power producers are
PetroVietnam and Vinacomin. EVN still holds a number of large hydropower
plants while the independent power producers (IPP) mainly invest in the
medium and small ones.
Vinacomin, 5%
Import, 5%
Other, 3%
Foreigners, 10%
PVN, 11%
EVN, 55%
Joint Stock
Companies, 12%
Figure 5: Power capacity by investors as of Dec 2011
Source: NLDC (2011)
Most of the large hydropower plants are located in the West of the Northern
region of Vietnam or the Central Highland. Coal plants center in the East of
Northern region, which is near the energy sources while gas turbine plants are
constructed mainly in the Northern region. With such distribution, an efficient
operation of the power
power grids throughout the country is required for allocating
electricity to the shortage areas.
Overall, the growth of power source is lower than that of the power demand;
therefore, Vietnam usually suffers from power-cuts in the dry season, when
hydropower plants cannot operate at their full capacities.
In 2011, the country did not carry any big power-cuts since the demand did
not increase as fast as expected given the sluggish situation of the local
economy. However, EVN still had to import 4.9 billion Kwh of electricity.
Even though a lot of power projects will be added into the country’s power
sources, according to the Government’s plan, Vietnam will still face power
shortages and may have to continuously import electricity from China at a
higher price (6.08 cents per Kwh) than the one bought from local
producers.
Page 7 of 44
Figure 6: Vietnam Power System
Source: ERAV (2011)
Page 8 of 44
INTERCONNECTION & GRID NETWORK
Vietnamese national grid overview
The Vietnamese power system showed great advances since the launch of the
first extra high voltage 500kV North – South line in 1994 and interconnection
with neighboring grids in 2004 and 2009.
Currently, the power system in Vietnam comprises high voltage lines of 500kV,
220kV and 110kV as well as medium voltage lines of 35kV to 6kV.
Table 2: Electricity Transmission System as of Dec 2011
Lines
110kV
220kV
500kV
No. Substation
746
135
23
Capacity
Length
27,908
13,141
(MVA)
22,004
10,650
(km)
10,015
3,890
Source: NLDC (2012)
Particularly, there was a new 152.8km of 500kV line launched in 2011, linking
“O Mon” gas turbine centre (2,800MW) with the national grids. Given that, the
amount of electricity loading through the national network reached 90.5
billion Kwh in 2011, up 9.4% y.o.y.
The 500kV lines are considered as the backbone of the whole country’s power
system, integrating regional sub-power systems in the North, Central and
South region to become a single national network.
Before the construction of the 500kV North – South line, the Vietnamese power
system comprised separate regional systems with asynchronous and outdated
equipment. Advanced technologies have been applied for 500kV lines such as
SCADA/EMS system, loading shedding using F81 under frequency protection,
automatic reclosing system and optical fiber composite overhead ground wire
etc.
The average loading growth rate reached 14% over the past ten years.
However, the power system is still insufficient to meet the transmission
demand, and usually is overloaded in terms of both capacity and transmitted
volume. For example, the 500kV Dac Nong – Phu Lam suffered an overload of
128% compared to the loading capacity during the peak hours in 2011.
EVN’s National Power Transmission Corporation (NPT) manages the 500KV
and 220kV lines and plays as a transmission unit, while the 110kV, 35kV and
6kV lines are managed by regional power utilities who play as distribution
units.
Nevertheless, we notice that the National Load Dispatch Centre (NLDC) and its
subsidiaries are responsible for the overall supervising the operation and
dispatches of power sources and transmitting system.
Page 9 of 44
EVN
National Power Transmission
Corporation (NPT)
- 500Kv
-220kV
Power
Transmission
Company
No.1 (PTC1)
Power
Transmission
Company
No.3 (PTC3)
Power
Transmission
Company
No.2 (PTC2)
Power
Transmission
Company
No.4 (PTC4)
03 Project
Management
Boards
Figure 7: Organization of Vietnam Transmission Network
Source: NPT (2011)
Regarding interconnection,
interconnection, Vietnamese power grids connected with that of
China for importing electricity through both 220kV and 110kV lines with a
maximum capacity of 900MW. The imported electricity mainly supply North
Vietnam while in the South, electricity is sold by Vietnam to Cambodia and
Laos.
Table 3: Interconnection grids as of Dec 2010
Interconnection
China
Cambodia
Laos
-
-
-
Lines
110kV
-
220kV
-
220kV
22kV
-
Time
2004
2006
2009
2009
Capacity
900MW
120MW
N.A
Source: NLDC (2011)
The 220kV Chau Doc- Takeo line connects the power grids of Vietnam and
Cambodia with a maximum capacity of 120MW. Meanwhile, electricity sold to
Laos is transmitted through a 22kV line but the amount of electricity exported
to Laos remains insignificant.
The operations of these interconnection grids have generated several
problems due to the differences related to operating standards, procedures
and regulations. For example, electricity grids of power imported from China
are separated from the Vietnamese national grid (500kV lines), which
sometime causes reverse electricity flows back to China.
However, the interconnections with neighboring power grids may benefit
Vietnam in long term with more integration into the international power
industry.
Page 10 of 44
Process and terms of electricity transmission
The electricity- generating, - transmitting, -distributing units and –consumers
that meet the connection conditions, technical standards and procedures as
provided by the MoIT are entitled to connect their own electric system to the
national electric system, which are detailed in Circular 12/2010/TT-BCT dated
April 15 2010, promulgating by the MoIT.
The connection conditions are regulated in Chapter II of the Circular; the
technical standards are regulated in Section 2, Chapter V while Section 3,
Chapter V is about the procedures.
In Vietnam, (1) NPT is responsible for operating the electricity transmission
system; (2) regional power corporations (EVN-NPC, EVN-SPC, EVN-CPC, EVNHCMPC and EVN-HNPC) are in charge of operating the distribution system, and
(3) NLDC is in charge of the overall management of the Vietnamese electricity
system, including generation, transmission, distribution. Given that, the above
units must coordinate with each other for stable electricity transmission.
EVN
Northern
Power
Corporation
(EVN-NPC)
Central
Power
Corporation
(EVN-CPC)
Southern
Power
Corporation
(EVN-SPC)
Hanoi
Power
Corporation
(EVN-HNPC)
Ho Chi Minh
City Power
Corporation
(EVN-HCMCPC)
Figure 8: Organization of Vietnam Distribution Network
Source: EVN (2011)
In details, NLDC arranges the schedules for the operation of the electricity
transmission system on a yearly, monthly, weekly, daily, and hourly basis.
Given that, electricity producers, NPT, distributing units and customers who
receive electricity directly from the transmission system have to follow the
schedules.
The most important issue for electricity producers is how to connect with the
transmission system, which must follow the followings steps:
Step 1: Sign connection Agreement with NPT
Step 2: Check for the conditions of connection point
Step 3: Connect to the electricity grid for operation testing
Step 4: Check and monitor equipment after official operation
Page 11 of 44
Network connections losses
High connection loss is also a big problem of the Vietnamese electricity system.
In recent years, the rate of overall connection loss is around 9-10% while that
on 500kV lines just about 2.8%. Particularly, distributing-grids usually have
extremely high connection loss rate, around 20-25% for the past 10 years.
According to Circular 32/2010/TT-BCT, NPT is responsible for summarizing
and calculating the connection loss rate for the following year and submits it to
the Electricity Regulatory Authority of Vietnam (ERAV).
Given that, ERAV will approve a suitable connection loss rate for calculating
the price of transmission services and then transmits that loss to retail
electricity prices. As such, the consumers will the cover cost for electricity
connection loss. However, if the real connection loss rate exceeded the
regulated rate, NPT has to sustain the losses.
In short, even though the power grids in Vietnam receive significant
investment, almost all projects have been behind schedule, because of
serious capital shortage and slow land clearance.
The growth of developing transmission systems has been even slower than
that of power sources; as such, some lines and substations usually operate
in seriously overloaded and unsafe conditions.
To fix the inadequate points, the authorities announced that 2012 would be
a year for developing transmission systems. As such, NPT will be supported
strongly to invest into power grids.
Capital shortage & interest rate issues
In 2011, Vietnam experienced macro-economic instability with the surge of
inflation and interest rates. At the same time, the Government decided to cut
down public investment and carried out a tightening monetary policy. Lending
interest rates stood at highs level of about 18-23% last year while approaching
loans from bank was not easy. Therefore, many investors faced financial
tensions, and some of them must delay their projects such as EVN, Vinh Son –
Song Hinh.
14%
13%
12%
11%
10%
9%
1Y
Dec-11
Mar-12
2Y
Jan-12
Apr-12
3Y
Feb-12
May-12
5Y
7Y
10Y
Figure 9: Vietnamese Government Bond Yield Curve
Source: ACBS Research and Analysis Center (2012)
Page 12 of 44
Currently, interest rates have showed decreasing sign as the lending rates have
dropped to 15-19%, the interest rates for long-term Government Bonds are
around 10-11.5%.
In the case of EVN, the Group is always in an investment capital shortage
situation since it is carrying too many projects. Meanwhile, most of EVN
projects are assessed as good and attractive projects. With EVN’s current
financial issues, the group may sell some projects for independent power
producers. As such, this can be an opportunity for new market entrants.
ELECTRICITY EXCHANGE/MARKET
EVN - a sole buyer
Currently, there is no free market for electricity on both generation market and
retail market. The Vietnamese electricity market is still a state monopoly
market since EVN plays as a major electricity producer, a sole buyer and an
exclusive distributor.
Electric Power Trading Company (EPTC), a subsidiary of EVN, is the only one
who is in charge of buying electricity from most of the electricity plants in
Vietnam and then selling electricity to the electricity wholesalers.
All trade between EPTC and electricity plants are done via bilateral contracts
with heavy bargaining power belonging to EVN. Given that, the PPA
negotiations with EPTC are difficult and time consuming.
In total, EPTC has eight customers, including three members of EVN (Northern
Power Corporation – EVN NPC, Southern Power Corporation – EVN SPC,
Central Power Corporation – EVN CPC) and some local power companies who
are related to EVN as well.
Electricity consumers then buy electricity directly or indirectly through
subsidiaries of these firms without any other choices.
The current market scheme may narrow capital flow into the Vietnamese
energy industry. With the new energy strategy, electricity market may witness
significant changes in the long-term.
Electricity retail prices
In terms of retail prices, the Government has gradually floated electricity
prices toward the market regime.
Following Decision 24/2011/QĐ-TTg dated April 15, 2011 and Circular
31/2011/TT-BCT dated August 19, 2011, EVN can adjust the prices by 5% or
lower after noticing to and being accepted by the MoIT. For an adjusted rate of
more than 5%, EVN has to submit dossiers to the MoIT and the Ministry of
Finance (MoF) to get approval.
Page 13 of 44
1,400
1,200
Cent/Kwh
VND/Kwh
7.00
6.00
1,000
5.00
800
4.00
600
3.00
400
2.00
200
1.00
-
2005
2006
2007
Price
2008
2009
2010
-
2011
USD equivalent
Figure 10: Organization of Vietnam Distribution Network
Source: EVN, ACBS Analysis and Research Center (2012)
The prices of electricity have increased gradually but still are at low levels,
which lower than EVN’s cost of electricity. However, the pace of electricity
price increases in 2010 and 2011 seem stronger than in the previous years.
This may show the Government’s desire to bring the electricity market closer
to the market regime.
At present, the average electricity price sold to the economy is about VND
1,304 per Kwh (6.2 cent/Kwh) and likely to increase further in the future.
Power Purchase Agreement
EPTC is responsible for buying electricity from all power plants in Vietnam
that have a capacity exceeding 5MW.
Given the monopoly electricity market in Vietnam, it is very difficult for
investors to negotiate a PPA with EPTC, especially in terms of prices. In some
cases, the negotiation may lengthen to about 3-6 years since the prices offered
by investors are far higher than what EPTC bids.
Due to the cost based pricing principle, EPTC has offered different prices for
each plant according to capacity, total capital investment, etc. Meanwhile;
other terms in the PPA have to follow EVN’s standard format.
For hydropower plants, the cheapest source, EPTC pays about VND 400-600
per Kwh of electricity from the old plants and about VND 700-900 per Kwh for
the new one, which are fixed until the PPA’s maturity.
Page 14 of 44
Table 4: Prices of electricity from some listed HPPs
Name
2008
2009
2010
Dry season
118
163
161*
161*
530
530
530
653
Vinh Son – Song Hinh
-
(Unit: VND/ Kwh)
738
Rainy season
Thac Ba
764
452
Thac Mo
681*
452
452
2011
681*
552
Source: VSH, TBC, TMP, ACBS Analysis and Research Center (2012)
*Interim prices
Regarding thermal plants, prices are able to change in accordance with the
fluctuations of input costs such as prices of coal, oil and gas.
Regarding BOT plants, they usually signed only one PPA for the whole life of
the project (25 years) with fixed price, without any revision for inflation. For
instance, Phu My II #2 and Phu My III Gas Turbine Power Plants spent about 6
years to get the prices of 4.09 cent/Kwh and 4.04/Kwh respectively.
Regarding new small renewable power plants, the price is determined
following the Avoided Cost Tariff that announced by the MoIT. The table below
is the Avoided Cost Tariff that the MoIT announced in 2012.
Table 5: Avoided Cost Tariff in 2012
North
Central
South
Peak
hour
619
589
638
Dry season
Rainy season
(Unit: VND/ Kwh)
Normal
hour
Low
hour
Peak
hour
Normal
hour
Low
hour
Price for surplus
electricity
583
551
549
538
533
267
596
629
554
596
596
583
557
574
538
559
269
279
Source: Decision No.06/QĐ-ĐTĐL dated Jan 19 2012 (ERAV)
However, given the implementation of the Competitive Electricity Generation
Market (VCGM), which is expected in 2012, except from strategic multipurpose
hydropower plants (SMPH) such as Hoa Binh, Son La etc, and BOT plants, the
remaining medium and large power plants (≥ 30MW capacity) will
competitively offer their prices to EPTC.
As a result, the Vietnamese electricity market may witness significant changes
in the future.
There are no regulations regarding restrictions to the potential buyer who can
issue bankable PPA in Vietnam.
Page 15 of 44
Dispute over tariff calculation
Since EVN exclusively dominated the electricity-generation market, there are
many disputes over tariff calculations, especially in recent time. For example:
EVN vs Vinh Son - Song Hinh Hydropower JSC: The negotiation between EVN
and Vinh Son – Song Hinh (VSH) for renewing the PPA has attracted loads of
public interest. After 3 years of negotiation, currently the two parties have not
reached the final decisions yet.
The main reason for the delay is that EVN wants to reduce the price of
electricity from VSH since the company fully depreciated most of its assets of
the old plants since 2011. However, VSH did not accept this offer as the
company wishes to retain more earnings to fund the construction of Thuong
Kontum projects, whose total investment capital reached VND 5,744 billion.
In 2010, EVN and VSH agreed to retain the old prices for electricity produced
in 2009. However, electricity prices in 2010 and later years have not been
determined yet. As such, the business results of VSH in 2010, 2011 and the first
quarter of 2012 are calculated by 90% of the old prices.
Given that, VSH must hold the Annual General Meetings later than required
and the business earnings during 2010, 2011 and the following years remain
uncertain.
The ownership structure of VSH is presented below:
23.58%
2.01%
31.16%
2.99%
4.56%
24.47%
5.09%
6.14%
EVN
VIAC (No.1) Limited Partnership
SSI
Swiftcurrent Partners, L.P
SCIC
Bao Viet Life
Swiftcurrent Offshore, Ltd
Other
Figure 11: VSH’s Shareholder Structure
Source: VSH, ACBS Analysis and Research Center (2012)
With such shareholder structure, together with the role of EVN in the
Vietnamese electricity
electricity market, it is very challenging for VSH to renegotiate the
electricity prices with EVN.
Page 16 of 44
ELECTRICITY STRATEGY
In 2011, the Government issued the Power Development Plan for the 20112020 periods and looking ahead to 2030 (Power Master Plan VII), overviewing
the energy strategy in Vietnam, which were summarized as follow:
General objectives
Efficient use of energy resource in the country in combination with
import of primary energy for power production.
Supplying adequate power with increasing quality, reasonable prices
for socio-economic development.
Ensuring the national energy security.
Specific objectives
Satisfy the domestic demand, electricity production and import with
range from 194-210 billion Kwh in 2015; 330-362 billion Kwh in 2020
and 695-834 billion Kwh in 2030.
Prioritize the development of renewable energy sources for electricity
production, increasing the percentage of electricity produced from
these energy sources from 3.5% in 2010 up to 4.5% in 2020 and 6% in
2030.
Reduce electricity elasticity coefficient/GDP from the current average of
2.0 to 1.5 in 2015 and 1 in 2020.
Accelerate the program of electrification in rural and mountainous
areas to ensure that in 2020 most of the rural households have access
to electricity.
Master plan for power sources development
Prioritize the development of power sources from renewable energy
(wind, solar, biomass energies, etc) at a rapid growth rate, gradually
increasing the portion of electricity produced from renewable energy
sources.
Table 6: Projected Capacity of Renewable sources
Power source
Wind
Biomass
Capacity by 2020
Capacity by 2030
500 MW
2,000 MW
1,000 MW
6,200 MW
Source: Power Master Plan VII (2011)
Prioritize the development of hydropower sources, especially projects
with multi-purpose such as flood control, water supply and electricity
production; bring the total capacity of hydroelectric power to 17,400
MW in 2020.
Implement research and bring storage hydropower plants into
operation in accordance with the development of electrical
Page 17 of 44
development in order to improve operational efficiency of the system
with capacity of 1,800 MW in 2020 and 5,700 MW in 2030.
Develop the nuclear power plant: Put the first plant into operation in
2020 and raise the capacity to 10,700 MW by 2030.
Develop power plants using liquefied natural gas (LNG) with capacity of
2,000 MW in 2020 and 6,000 MW in 2030.
Develop thermal plants with appropriate rate, consistent with supply
and distribution of fuel.
Table 7: Projected Capacity of Thermal Power Sources
Power source
Gas thermal
Capacity by 2020
Capacity by 2030
36,000 MW
75,000 MW
10,400 MW
Coal thermal
11,300 MW
Import and export energy: implement efficient power exchange with
the countries in the region, ensure interest of each party, increase the
exchange safety of the system, and enhance electricity import from
China, Laos and Cambodia. The imported capacity in 2020 will be about
2,200 MW and 7,000 MW in 2030.
300,000
MW
250,000
200,000
150,000
100,000
50,000
0
Hydropower
Renewable energy
Coal thermal
2020
Storage hydropower
Nuclear power
Gas thermal
2030
Coal thermal
Gas thermal
Hydropower
Storage hydropower
Renewable energy
Nuclear power
Figure 12: Projected Vietnamese power sources structure
Master plan for development of power grids
Invested power transmission grids must satisfy reliability standard N-1
for major equipment and meet the quality standards prescribed in the
Regulation of power transmission grids.
Development of power grids in accordance with technical standards of
the regional countries and ensure the connectivity, integrations with
power system in Vietnam and regional countries.
Page 18 of 44
Transmission grids must provide reservation, simplicity, flexibility and
ensure power quality for power load.
Elect appropriate transmission voltage on the basic transmission
capacity and transmission distance.
Table 8: Projected expansion of Power Transmission System
Unit
Items
500kV substations
220kV substations
500kV lines
220kV lines
MVA
20112015
17,100
20162020
26,750
20212025
24,400
20262030
20,400
MVA
35,863
36,063
42,775
53,250
Km
10,637
5,305
5,552
5,020
Km
3,833
4,539
2,234
2,724
The Government also plans to connect the Vietnamese national grids
with other grids in ASEAN and the Greater Mekong Sub-region (GMS).
The biggest problem in carrying out this master plan is that EVN is
confronted with huge financial shortage. EVN does not have enough money
to invest in all of its energy projects as well as to pay bills for electricity
producers. Meanwhile, electricity prices remain unfavorable to attract
investments into the power industry. Therefore, the Government has
announced some solutions to help resolve these problems.
Solution for electricity prices
Applying electricity prices under the market mechanism regulated by
the state, ensuring the harmonious combination between the political,
economic, and social objectives. Selling prices must stimulate the
development of electricity and create an environment for investment
attraction and competition encouragement in production, transmission,
distribution and use of electricity.
Electricity price must recover costs and reasonable profit to ensure the
financial autonomy of enterprises in the power sector.
Electricity prices are adjusted gradually to achieve a long-term
marginal cost of electricity in 2020 equivalent to 8-9 cent per kWh to
ensure that the electricity industry has a sustainable development.
The prices of electricity aim to conserve the energy sources and avoid
wasting of non-renewable energy sources; encourage the rational use of
energy sources and use of domestic energy, reduce reliance on
imported electricity.
To reduce EVN’s power and guide the electricity market towards a free market
regime, the Government promulgated Decision No.26/2006/QĐ-TTg outlining
plans for the development of the Vietnam electricity market in the future. In
detail, the market will experience three phases as follows:
The first phase: Competitive Electricity Generation Market – VCGM
(2005-2014): plants could offer to sell electricity to the single buyer.
Page 19 of 44
The second phase: Competitive Electricity Wholesale Market (20152022): wholesale companies could compete in buying electricity before
selling to distributors;
The third phase: Competitive Electricity Retail Market (after 2022):
consumers could choose their own power suppliers.
However, the execution of these solutions has been quite slow; the authorities
only launched the pilot period of VCGM in July 2011 and is expected to start
operation in 2012. At present, the authorities limit the prices offered by power
plants in small ranges according to the cost of production of plants. Therefore,
EVN may continue to dominate Vietnam’s electricity market in the next several
years.
ENERGY COMMUNITY TREATIES
Kyoto Treaty
The Kyoto Protocol has set a constraint on the amount of greenhouse gases
released in developed countries. As an Annex I country, the developed
countries have binding commitments to cut down their greenhouse gas
emission. However, the Kyoto Protocol also offered flexible mechanisms for
developed countries to reduce greenhouse gas emissions that are the Clean
Development Mechanism; Joint Implementation; and International Emissions
Trading.
Vietnam signed the Tokyo Protocol in 1998 and was approved in 2002 as a
Non-Annex I country. Therefore, Vietnam can carry the Clean Development
Mechanism to receive additional capital from selling CER to the Annex I
countries. Until now, there are many projects in Vietnam that applied for CDM.
Of which, hydropower projects winning CDM comprise Nam Pia, So Lo, Suoi
Tan, Dasiat, Nam Gion, Dong Nai 2 etc.
Mekong River Agreement
In 1995, Vietnam, Laos, Cambodia and Thailand signed the “Agreement on the
cooperation for the sustainable development of the Mekong River Basin”. This
Agreement set the framework for cooperation in the sustainable development,
utilization, conservation and management of the Mekong River Basin water
and related sources. Mekong River Commission (MRC) has carried several
programs such as Initiative on sustainable hydropower, Environment
program, Fisher program etc.
Vietnam has obligation to implement the Agreement, following the Procedure
for Notification, Prior Consultation and Agreement (PNPCA), which was
promulgated by MRC. To constructing any dam or hydropower plant on the
Mekong River, investor must notify the project to the MRC to call for prior
consultant from MRC and agreement from all members.
In addition, Vietnam also most of MRC’s programs such as “Initiative on
Sustainable Hydropower”, “ Flood Management & Mitigation Program” and
“Mekong Integrated Water Resources Management Project”, etc.
Page 20 of 44
HYDROPOWER OVERVIEW
High potential of hydropower
Vietnam has good potential for the development of hydropower with
theoretical capacity of about 300 billion Kwh, technical capacity of about 123
billion Kwh and technical-economic capacity of about 18,000-20,000 MW or
75-80 billion Kwh. Of which, total technical capacity for small hydropower
plants may be about 1,600-2,000 MW.
Da River, Lo River, Thu Bon River, A Vuong River, Se San River, Dong Nai River
and Tranh River are among top high potential rivers for hydropower energy in
Vietnam.
As of the end of 2011, Vietnam just exploited about 10,182 MW of designed
capacity, equaling around 50-60% of the potential technical-economic
capacity. Therefore, the room for developing the hydropower industry in Viet
Nam is still available for investors.
Table 9: List of Major Hydropower Plant in Vietnam
No.
Name
Investor
01
Son La
EVN
Capacity
(MW)
Time of
operation
2,400
2010
02
Hoa Binh
EVN
1,920
1988
04
Tri An
EVN
440
1988
06
Se San 4A
EVN
360
2011
08
Ban Ve
EVN
320
2010
10
Ham Thuan
EVN
300
2001
12
Se San 3
EVN
260
2006
14
Nam Chien
Song Da 9 JSC
220
2009
16
A Vuong
EVN
210
2008
03
05
07
09
11
13
15
17
Ialy
Se San 4
Tuyen Quang
Dai Ninh
Buon Kuop
Ba Ha
Srepok 3
Pleikrong
EVN
EVN
EVN
EVN
EVN
EVN
EVN
EVN
720
360
342
300
280
220
220
200
2000
2009
2008
2008
2009
2009
2010
2009
Page 21 of 44
18
Song Tranh 2
EVN
190
2010
20
An Khe
EVN
160
2011
22
Thac Mo
EVN
150
1995
24
Thac Ba
EVN
120
1971
25
Se San 3A
26
Cua Dat
27
Dong Nai 3
19
21
23
Da Mi
Da Nhim
Dak R'Tih
EVN
EVN
Construction Corp. No.1
175
160
144
Se San 3A Power Investment and
108
Development JSC
2001
1964
2011
2006
BOT/ Vinaconex - Song Sa Copr Agrimeco - ICON4
97
2010
90
2011
EVN
28
Buon Tua Srah
EVN
86
2009
30
Huong Dien
Huong Dien Hydropower JSC
81
2010
32
Can Don
BOT - Song Da Corp- Bitexco
77.6
2003
34
Vinh Son
EVN
66
1994
36
Quang Tri
EVN
64
2007
38
IDICO Srok Phu Mieng
IDICO
51
2006
39
Binh Dien
44
2009
40
Da Dang 2
Investment JSC - Bitexco Agrimeco
Southern Hydropower JSC
34
2010
42
Song Pha
EVN
7.5
1994
29
31
33
35
37
41
Thai An
Srepok 4
Song Hinh
Krong Ho Nang
Song Con
Ban Coc
Thai An HydropowerJSC
Dai Hai Company
EVN
Song Ba JSC
Gruco Song Con Hydropower JSC
Song Da Corp. - Bac Ha
Que Phong Hydropower JSC
82
80
70
64
60
18
2011
2010
1999
2010
2009
2009
Source: Power Mater Plan VII (2011)
Page 22 of 44
Active investors
EVN and its members are the most active units participating in the
hydropower industry and own many hydropower projects. Currently, EVN is
facing financial difficulties and capital shortage to finance all of its electricity
projects. Given that, EVN planned to sell part of its ownership in some of the
subsidiaries and affiliates.
Besides, EVN may dispose some of its projects to focus on the major projects. It
may be a good opportunity to enter the hydropower industry in Vietnam
without carrying serious complex starting procedures.
Apart from EVN, there are many local investors participating in Vietnamese
hydropower industry, including:
Table 10: List of active local investors in Vietnam HPPs
No Name
01
02
03
04
Song Da Corporation (Song
Da Holding, its members,
subsidiaries and affiliates:
Can Don Hydropower JSC, Se
San 3 Hydropower JSC,
Ryninh 2 Hydropower JSC,
Cao Bang power JSC etc….)
LICOGI
(Bac Ha Hydropower JSC)
Construction Corporation
No.1
IDICO
Company profile
- A State-owned enterprise,
under the Ministry of
Construction’s (MOC)
management.
- Specializing in
construction; machinery
and equipment erection
and installation;
mechanical production;
industrial production; real
estate development and
trading; and finance
investment
Typical Projects
EaKrong Rou (28MW, 2007);
Binh Dien (44 MW, 2009);
Se San 3A (108 MW, 2007);
Thac Trang (6MW, 2006);
Nam Mu (12MW, 2009);
Nam Ngan (13.5MW; 2009);
Nam Chien(200MW);
Tien Thanh (19.5 MW);
Nam Khanh (12MW);
Nam He (15MW);
Yan Tann Sien (19.5MW) etc. …
directly under the MOC.
Nam Chien (200MW);
belonging to the MOC
Dak R'Tih (144MW, 2011);
- A State Corporation under
the MOC.
IDICO Srok Phu Mieng (44MW, 2006);
- Specializing in
construction work and
infrastructure projects.
- Supplying constructions
services in Southern areas
in particular and overall
country as well
- Investing in industrial
zones; urban & residential
areas; hydropower; BOT
Bac Ha (90MW)
Dak Mi 4 (190MW);
Dak Mi 4c (18MW);
Dak Mi 3 (54MW);
Page 23 of 44
transport; ports; tourism;
hotels; prodution of
construction materials and
execution of civil and
industrial projects.
- Beginning as a textile
firm, Bitexco now is a
multi-industry corporation.
05
06
07
Bitexco
Southern Hydropower JSC
Hoang Anh Gia Lai Group
08
Duc Long – Gia Lai Group
09
Dai Hai Company
- Covering real estate
investment and
development, hydro-power
plants, infrastructure,
mining and mineral water
production
Se San 3 (108MW, 2006);
Binh Dien (44MW, 2009);
EaKrong Rou (28MW, 2007);
Nam Muc (44MW);
Nho Que 3 (110MW, 2012);
Can Don (77.6MW, 2003);
Dak Mi 4 (190MW) etc. ….
- Founded by Southern
Power Company (a
subsidiary of EVN) in 2004.
Da Siat (13.5MW, 2010);
- A listed firm, founded by
Mr. Doan Nguyen Duc in
1993.
Small & medium projects located in the
Central Highland of Vietnam:
- A private listed firm.
Đăk Pokor1 (3MW);
- Specializing in
investment, construction
and operation of
hydropower plants.
- Operating mainly in real
estate, rubber, mineral,
hydropower and furniture
fields.
- Investing in multi-sectors
such as wood & granite
processing, manufacturing,
transmission and
distribution of
hydropower, mining and
minerals processing, bus
stations – parking lots, real
estate, infrastructure &
civil construction, security
services and bodyguards,
growing rubber trees and
processing of rubber
products etc.
Supplying investment and
construction services,
Da Dang 2 (34MW, 2010);
Da'Mbri (75MW)
Daksrong 2 (24 MW, 2010); Ba Thuoc
1 (60MW); Ba Thuoc 2 (80MW);
Daksrong 2A (18MW); Daksrong 3A
(10MW); Daksrong 3B (19.5MW);
Buon Don (20MW); Bun Bra (11MW);
Đăk Sepay (3MW);
Ta Nung (2MW);
Kroong (10 MW);
Dong Nai 6 (135MW);
Dong Nai 6A (106MW)
Srepok 4 (80MW, 2010);
Page 24 of 44
project management,
constructing power plants,
power transmission and
distribution network etc.
10
Specializing in investment
and construction of
hydropower plants,
producing and trading
electricity, and supplying
other construction services.
Song Ba JSC
Ke Dien (9MW, 2007);
Krong H'nang (64MW, 2011);
Song Tranh 1 (110MW);
Krong H'nang 2 (22MW)
The electricity industry in Vietnam also has attracted lost of international
investors such as:
Table 11: List of major foreign investors in the Vietnamese electricity industry
No
01
Investors
BP Holdings BV
Country
Typical projects
UK
Phu My 3
Capacity
(MW)
733
02
SembCorp Utilities
Singapore
Dung Quat
05
Nissho Iwai
Japan
Phu My 3
733
06
Électricité de France – EDF
France
Phu My 2.2
733
07
Sumitomo Corporation
Japan
08
The Tokyo Electric Power Co., Inc
- TEPCO
Japan
04
Kyushu Electric Poew Co., Inc
Japan
Phu My 3
O Mon
1,200
733
750
Van Phong 1
1,320
Nghi Son 2;
1,200
Phu My 2.2
Phu My 2.2
733
733
09
Jak Resource
Malaysia
Hai Duong
1,200
11
International Power - IP
UK
Vinh Tan 2
1,244
Janacuasa Group
Malaysia
Duyen Hai 2
1,200
10
12
13
Tai kwang
Sojit
Korea
Japan
Nam Dinh
Son My
2,400
2,400
The above investors have mostly invested in thermal and gas turbine projects
in Vietnam under BOT contracts.
Currently we have not seen any direct investment from foreign investors into
hydropower projects in Vietnam.
Page 25 of 44
Major firms in the industry
There are ten hydropower companies listed on the Vietnam stock exchange,
which are the following:
Table 12: Listed hydropower companies in Vietnam
No
Name
Plant
01
Can Don Hydropower
JSC
Implementing
Project
Can Don: 77.6MW
-
Mien Trung Power
Investment and
Development JSC
Ea Krong Rou: 28MW
-
Nam Mu Hydropower
JSC
Na Loi: 9.3MW
Nam Mu: 12MW Nam
Ngan: 13.5MW (BOO)
Le Bau 4,
02
03
04
Na Loi Hydropower JSC
1,006
552
345
169
-
111
105
Nam Khau Hu: 3MW
623
167
Ry Ninh II: 8.1MW
Ha Tay: 9MW
139
76
Song Tranh 1
(110MW); Krong
H'nang 2 (22MW)
1,518
545
246
235
849
808
1194
718
3,346
2,345
05
Ry Ninh II Hydropower
JSC
06
Song Ba Hydropower
JSC
Khe Dien: 9MW, Krong
H'Nang : 64MW
07
Tay Nguyen Electricity
Investment JSC
08
Thac Ba Hydropower
JSC
IaĐrăng1: 0.6MW, Ia
Đrăng3: 1.6MW,
IaMeur3: 1.8MW,
H’Chan: 12MW,
ĐăkPiHao2:
9MW,IaPuch3: 6.6MW,
H’Mun: 16.2MW, Ayun
Thuong: 12MW
09
10
Thac Mo Hydropower
JSC
Vinh Son – Song Hinh
Hydropower JSC
Total* Charted*
Assets
Capital
-
Thac Ba: 120MW
-
Thac Mo : 150MW
Thac Mo extension
project : 75MW
Vinh Son: 66MW Song
Hinh 70MW
Thuong Kontum :
220MW
*As of Dec 31 2011, VND billion
Among these firms, Vinh Son – Song Hinh has been carrying out a potential
project, Thuong Kontum, with designed capacity of 220MW, located on the Se
San River, one of the rivers with great hydropower potential in Vietnam. The
total capital investment of the Thuong Kontum projects is relatively high,
about VND 5.744 billion.
Page 26 of 44
Financial institutions and funds
Vietnamese electricity industry has attracted a lot of capital flow from
international financial institutions. Particularly, the country receives large
supporting loans from WB, ADB and Japan’s Government to develop its
electricity system. The table below presents some typical financial institutions
giving loans to projects related to the electricity industry:
Table 13: Financial Institutions and Funds for the electricity industry
No
Institution
01
World Bank (WB)
02
03
04
05
06
Typical project
Asian Development Bank (ADB)
Japan Bank for International
Cooperation
Credit Agricole Corporate and
Investment Bank
Bank for Investment and
Development of Vietnam
Vietnam Development Bank
(VDB)
07
Mekong Renewable Resources
Fund - Indochina Capital
08
Vietnam Infrastructure
Limited (VNI) – Vina Capital
Trung Son (USD 330 million), Phu My 3 thermal plant,
renewable projects
Song Bung 4 hydropower plant (USD 196 million), Phu My 3
thermal plant (USD 40 million), Mong Duong 1 thermal plant
(USD 931 million), Developing transmission network
projects (USD 730 million)
Supplying ODA loan to Phu My thermal plant (JPY 61,932
million)*, Pha Lai thermal plant(JPY 72,826 million), O Mon
thermal plant and Me Kong Delta transmission project(JPY
43,819 million), Ninh Binh 2 thermal plant(JPY
33,864million), Nghi Son thermal plant(JPY 20,943
million),Ham Thuan – Da Mi hydropower plant (JPY 53,074
million), Dai Ninh hydropower plant(JPY 33,172 million),
Thac Mo hydropower extension project(JPY 5,972 million),
Da Nhim system rehabilitation project (JPY 7,000 million),
Dakdrinh hydropower plant (USD 178 million),
Xekaman (VND 654 billion)
Lai Chau hydropower plant (VND 4,600 billion)
Invest in 4 major fields including renewable projects,
environmental services, and sustainable development of
forest projects and saving energy projects in the Mekong
area.
The fund has attracted investments from ADB, FMO,
Finnfund and Bio Financial
Specializing in making investment into infrastructure
projects such as industrial zone, transportation,
telecommunication and energy.
*Committed amount of loan
Apart from the above institutions, some major local banks such as BIDV,
Vietcombank, Agribank also finance hydropower projects in particular and
electricity projects in general, such as Huoi Quang hydropower plant, Nam He
hydropower plant etc.
Page 27 of 44
BOT/BOO or ROT/ROO projects
Until now, there has not been any ROO/ROT project or regulation regarding
those kinds of investments in Vietnam. Meanwhile, the Government has
showed its desire to attract investments into the power sector through BOT,
BT and PPP contracts. Currently, there is a clear legal framework for BOT, BTO,
BT investments by promulgating Decree No.108/2009/NĐ-CP dated
November 27, 2009 and Decree No.24/2011/NĐ-CP dated April 05, 2011,
amending and supplementing some points in Decree No.108/2009/NĐ-CP.
However, for electricity projects, the authorities’ policy is to encourage BOT
and PPP projects.
List of BOT projects in the power sector is as below:
Table 14: List of typical BOT Power Projects
No
Projects
Investor
01
Mong Duong II thermal power plant
AES
02
Hai Duong thermal power plant
03
Vinh Tan I thermal power plant
Jak Resource
(Malaysia)
CSG
Capacity
(MW)
1,200
1,200
1,200
04
O Mon II gas turbine power plant
N/A
06
Vinh Tan III thermal power plant
Vinh Tan 3 Energy JSC
1,980
08
Nam Dinh I thermal power plant
Tai kwang (Korea)
1,200
10
Duyen Hai thermal power plant
Janacuasa
1,200
12
Vung Ang III thermal power plant
N/A
2,400
05
07
09
11
Van Phong I thermal power plant
Vung Ang II thermal power plant
Son My I gas turbine power plant
Nam Dinh II thermal power plant
Sumitomo - Hanainco
VAPCO
IP – Sojit - Pacific
N/A
750
1,200
1,170
1,200
The Government guarantees to buy all electricity from these BOT projects at
fixed prices even though electricity from most of the domestic power
producers have to be traded on the Competitive Electricity Generation Market
(VCGM) in the future.
However, the Government just promulgated Decision No.71/2010/QĐ-TTg
about pilot constructing projects under PPP contracts. About 30 PPP projects
were proposed to the authorities, including three projects in the power sector:
Song Hau 1 coal thermal power plant
Quang Tri thermal power plant
Quynh Lap thermal power plant
Page 28 of 44
SECTION 2
VIETNAM’S LEGAL ENVIRONMENT
Page 29 of 44
INVESTMENT RELATED ISSUES
According to the Investment Law 59/2005/QH11 approved by Vietnam’s
National Parliament, individuals and organizations can do businesses in
Vietnam in the following forms:
Establishing an enterprise according to the Corporate Law
BCC, BOT, BTO and BT contracts
Business development of current enterprises
Active minority investment in other enterprises
Merging and Acquiring a current enterprise
The legal procedures, time and costs of the investment process are varied on
the industries and scopes of businesses that the investors want to invest.
According to the Corporate Law 60/2005/QH11, companies can setup a form
of Multi-member Limited Liability Company, One-member Limited Liability
Company, Joint Stock Company, Partnership or Sole Trader.
Generally, investors, regardless the form of investment they choose, are
allowed to invest in most industries. However, there are few exceptions
including commercial banks, which must be in form of joint stock companies,
and oil and gas exploiting projects, which have to be carried out under a
cooperation contract with PetroVietnam. According to our understanding, the
form of investments does not affect the investor’s rights to invest in the power
industry.
CORPORATE GOVERNANCE
The Management Structure
The Corporate Law 60/2005/QH11 requires companies operating in Vietnam
to have specific corporate structure according to the company types and
ownership structures. Details are as followings:
Joint stock companies (JSC) must have Board of Directors, including the
chairperson, appointed by their Shareholder Meetings to represent the
shareholders’ right. Board of Management is also appointed by the
Shareholder Meeting or Board of Directors to manage the company’s
operation. For the JSC that have 11 or more individual shareholders and/or 01
shareholder that is an organization and holds 50% stake or more, it is required
to have a Supervisory Board appointed by the Shareholder Meetings.
The Board of Directors’ meetings have to be organized at least once a quarter
at the company’s head office or other places. Shareholder Meetings have to be
organized at least once a year within Vietnam boundary.
Legally, there is no discrimination between appointing a Vietnamese and a
foreigner in the director and management positions. However, the foreign
directors must have working license granted by the authority. If a foreign
director or manager is appointed as legal representative of a business entity, it
Page 30 of 44
is required that he has to be a permanent resident and have to authorize other
person in the case of going abroad for 30 days or more.
Limited liability companies (LLC) are required to have a similar structure
with except the Board of Directors is replaced by the Chairperson in the case
that the single member LLC appointed only one representative or Board of
Members in other cases. If the company has less than 11 members, it is not
required to have the Supervisory Board but an individual supervisor.
Partnerships must have a Board of Members, which includes all partners,
capital contributing members and other members, as the highest authority.
The partners are unlimitedly responsible for the partnership’s liabilities
according to their stakes in the partnerships. All partners are legal
representatives of the partnerships while capital-contributing members are
not.
Sole-traders are not required to the have any specific management structure.
The owner is unlimitedly responsible for all liabilities of the business entity.
Minority Shareholder Protection
Currently, Vietnam does not have a specific law or regulation to protect
minority shareholder rights. However, some parts of other laws and
regulations can be applied to protect minority shareholder rights.
Specifically, the code of cumulative voting allows minority shareholders to
concentrate their votes to appoint their representatives in the Board of
Directors. This makes it easier for minority shareholders to have
representatives in the boards.
In the cases that minority opposes to any decision of the Board of
Directors/majority group of shareholders relating to company restructuring
and changes of shareholder rights and obligations, the minority shareholders
can require the company to buy back their shares.
In the case that one entity has publicly bid shares and increased its stake to
80% or more, the minority shareholders have the right to ask the entity to buy
their shares at the price equal to or higher than the public bid price within 30
days after the public bid.
TAX ISSUES
Generally, taxes applied to permanent residents and entities include:
Corporate Income Tax is usually 25% for most businesses. Some tax
holiday of 10%, 20% or 50% can be applied to investment projects in a
specific period to attract investment in some business fields and/or
locations. For some mining projects, the corporate income tax is ranging
from 32% to 50% depending on the nature of the project. The corporate
income taxes are generally not applied to earning after tax distributed
by other entities.
Value Added Tax (VAT), which is ranging from 0% to 10% is applied on
domestic consumption. The most popular tax rate of 10% is also
Page 31 of 44
applied to sales of electricity. Businesses have to collect this tax for the
government by adding the VAT to their selling price.
Natural Resource Tax is applied to mining, fishing and some other
industries. For the hydropower industry, the natural resource tax is
calculated as 2% of the product of average retail price of electricity and
sales volume during a period. Generally, this is about 4-6% of the
hydropower company’s revenue.
Import Tax is applied to import products and varies based on
Government policies, WTO commitments and other agreements.
Generally, the import tax is exempt for machineries that Vietnam
cannot produce domestically.
Personal Income Tax is applied to wage income at progressive rates
ranging from 0-35%. For other income, the tax rate is from 5-25%
depending on the income nature. Personal income tax on dividend
income is 5%. For personal income from capital gain, the individual
investors can register in advance to pay 0.1% of the selling amount or
20% of the gain. Interest incomes from bank deposits are not taxed.
Other taxes, including special consumption tax and exporting tax, are
not applied to the hydropower industry.
For non-permanent workers, the individual income tax rate of 20% is applied
to wage income earned within Vietnam’s boundary. Other income is taxed 110% depending on the income nature. Double taxation avoidance is applied for
citizens of countries that have such agreement with Vietnam.
For non-permanent entities, if some revenue is recorded within Vietnam’s
boundary, the corporate income tax rate and VAT is applied on the entity’s
revenue. The tax rate is differing depending on the nature of the revenue.
FOREIGN INVESTMENT POLICY
Constraints
Generally, the same set of investment constraints is applied for both domestic
and foreign investors. Businesses that negatively affect Vietnam’s national
defense and public benefit, are harmful for Vietnam‘s tradition and culture,
affect public health, destroy natural environment and/or produce prohibited
products are banned by Vietnamese law.
Related to direct investments, some business fields require special business
licenses. These include telecommunication, publication, mining, airport and
seaport operation, transportation, logistics, cigarette production, real estates,
education, etc. According to our understanding, legally, there is no such
investment constraint in the power industry. However, in the field of
electricity transmission, currently, the government still holds monopoly power
by owning 100% of the only company operating in this field. This might not be
changed in the near future as the government considers these fields as
extremely important to national defense and social security.
Page 32 of 44
In terms of indirect investments, there is a constraint that foreign investors, in
total, are not allowed to hold more than 49% of a public company and 30% of a
local commercial bank. A single investor or group of investors, regardless the
nationality, is not allowed to hold a stake of more than 15% of a commercial
bank unless there is a special approval of the Prime Minister which can extend
the limit to 20%.
In terms of land ownership, according to Vietnam’s law, land is considered as
national asset and managed by the Government. All individual, authority and
business entities have right to use land but do not own land. Foreign entities
are granted permanent land using right but have to rent land from the
government to make investment projects. The rental fee can be paid as a whole
at the beginning of the lease contract or paid annually depending on the nature
of the investment projects. Some foreign entities can own residential property
in Vietnam within a maximum period of 50 years. After that period, the foreign
entity has to sell or give the property away.
Investment Incentives
Investors will receive investment incentives when they have projects
belonging to encouraged investment sectors or encouraged investment areas
that were regulated in Decree No.108/2006/NĐ-CP by the Prime Minister
dated Sep 22, 2006. The incentives consist of incentives on income tax; import
tax; land use tax, land use fee, land and water surface rental fee.
In addition, foreigners investing into energy, waste treatment and
transportation infrastructure sectors are able to receive the Government’s
commitment to sell foreign currencies in the case they cannot buy foreign
currencies from commercial banks, according to the Law of Investment.
The hydropower plants are usually constructed in difficult areas, so that
investors may benefit from the above investment incentives. Besides, investors
may also earn other revenue from wood when clearing land for construction.
INTERNATIONAL INTEGRATIONS
Since 1986, the Vietnamese economy has gained considerable achievements
and has been more integrated with the global economy. Vietnam now is a
member of various international multilateral organizations. In details:
In 1995, Vietnam joined the Association of Southeast Asian Nations
(ASEAN) and then participated in the ASEAN Free Trade Area (AFTA).
In 1998, it joined the Asia Pacific Economic Cooperation (APEC)
In 2007, Vietnam became a full member of the World Trade
Organization (WTO)
Vietnam is also among the founders of Asia - Euro Meeting (ASEM)
In terms of multilateral financial organizations, Vietnam has relations with
World Bank (WB), International Monetary Fund (IMF) and Asian Development
Bank (ADB).
Page 33 of 44
INDUSTRY SPECIFIC LEGAL ISSUES
Applicable Laws
The major applicable laws and regulation governing the hydropower industry
include:
No
Code
Institution
01
28/2004/QH11
National Assembly
Date of
issuance
Content
12/03/2004
Electricity Law
02
105/2005/NĐ-CP
Government
08/17/2005
Electricity Law Instruction
04
08/1998/QH10
National Assembly
05/20/1998
Law on Water Resources
52/2005/QH10
National Assembly
11/29/2005
Law on Environmental Protection
59/2005/QH11
National Assembly
11/29/2005
Investment Law
21/2008/NĐ-CP
Government
02/28/2008
03
60/2005/QH10
05
13/2003/QH11
07
16/2003/QH11
06
08
09
National Assembly
National Assembly
National Assembly
11/29/2005
11/26/2003
09/22/2011
10
05/2008/ TT –
BTNMT
Ministry of Natural
Resources and
Environment
08/12/2008
11
34/2010/TT-BCT
Ministry of
Industry and Trade
01/07/2010
12
112/2008/NĐ-CP
Government
10/20/2008
13
24/2011/QĐ-TTg
Government
04/15/2011
14
153/2008/QD-TTg
Government
11/28/2008
Law on Enterprises
Land Law
Law on Construction
Amending and supplementing a
number of articles of the
Government’s Decree No.
80/2006/ND-CP of 9 August 2006,
detailing and guiding the
implementation of a number of
articles of the Law on
Environmental Protection
Detailed guidance on strategy
environment impacts assessment
report and
environment impacts assessment
report and environment protection
commitment
Regulation on safety management
for dam of hydropower plant
Managing, protecting and
exploiting natural resources and
environment at hydropower and
irrigational reservoirs.
Applying market mechanism in
electricity price adjustment.
Defining the functions, tasks,
powers and organizational
structure of the Electricity
Regulatory Agency, MoIT.
Page 34 of 44
15
32/2006/QĐ-BCN
Ministry of
Industry and Trade
09/06/2006
16
15/2008/QĐ-BCT
Ministry of
Industry and Trade
Requirements and procedures of
applying and modifying licenses in
electricity production and
transmission.
07/01/2008
Amendment of 32/2006/QD-BCN
17
40/2010/TT-BCT
Ministry of
Industry and Trade
12/13/2010
Procedures of solving economic
dispute in electricity markets.
18
18/2008/QĐ-BCT
Ministry of
Industry and Trade
07/18/2008
19
42/2011/TT-BCT
Ministry of
Industry and Trade
12/18/2011
Ministry of
Industry and Trade
12/14/2010
20
21
41/2010/TT-BCT
124/2008/TT-BTC
Ministry of
Finance
12/19/2008
The lists of incremental costs and
sample electricity contract applied
to small renewable electricity
generating companies.
Regulations on retail electricity
price and instructions.
Guidance to determine electricity
selling price, procedures of
constructing electricity price
scheme and approvals of PPAs.
Guiding the regime of collection
money, payment, management and
utilization of fees for appraisal of
and issuing electricity operation
license.
In Vietnam, the Ministry of Industry and Trade performs as a State – agency
that is directly managing the electricity industry in particular and has
responsibilities including:
Preparing and submitting the draft Electricity law and other related
legal documents to the Government.
Submitting to the Prime Minister for approval and implementing of the
power master plans or energy strategy,
Playing as the prime responsibility for evaluating, approving, inspecting
and supervising execution of investment projects, and
Providing for the grant, modification, revocation and extension of
permits related to electricity.
Regarding new energy and renewable energy, the MoIT’s in charge of:
Approving provincial/municipal electricity development planning;
Publicizing a list of electricity works under the electricity development
planning in order to attract investment in and manage the execution of
those works;
Approving cascade planning of hydropower plants on a river, new
energy and renewable energy planning;
Page 35 of 44
Direct and perform tasks related to atomic electricity, new energy and
renewable energy;
Promulgating regulations on the formulation, evaluation, consultation
and approval of electricity retail prices.
Authorized department: Electricity Regulatory Agency
Persons in charge:
Mr. Pham Manh Thang –General Director
Mr. Nguyen Vu Quang – Deputy General Director
Mr. Bui Quoc Hung- Head of Public relationship and license granting
division
Specific licenses/ registration/permits
The major licenses/registration/permits to construct a hydropower project
comprise:
No
Licenses/registration/permits
Issuer
02
Certificate of land use right
Provincial People’s Committee
04
Electricity operation license
Electricity Regulatory Authority of Vietnam
Construction license
Ministry of Construction
01
03
05
06
07
Investment license
Interim Power Purchase Agreement
Approval on environmental impact assessments
report
Permit for surface water exploitation and use
Ministry of Industry and Trade
EVN
Ministry of
Environment
Natural
Resources
and
- Capacity ≥2MW: Ministry of Natural
Resources and Environment
- Capacity
Committee.
<2MW:
Provincial
People’s
Although the time line for the authorities to consider and respond for these
licenses or permits are detailed by related regulations, investors may not
obtaining these licenses/permits as quick as what regulated in the Law or
regulations due to the overlap managements and the common delay of
administrative procedures. As such, it is quite complex to estimate how long
investors may take to obtain all documents for hydropower projects.
After finishing construction, investors should send to the electricity buyer all
certificates showing that the plant, other constructions and equipments are
operated with good performances during the experimental period and ready
for the official operation date.
Page 36 of 44
ENERGY POLICIES
Sustainable Development Strategy for the period 2011-2020
The Prime Minister just signed the Sustainable Development Strategy for the
period of 2011-2020 on April 12 2012. The Strategy aims to ensure macroeconomic stability, food-energy-financial security, renovate the growth model,
effectively use resources, and move toward to green growth and low-carbon
economy. Step by step, prices of energy are expected to move toward the
market regime, bringing the weight of clean and renewable energy in total
energy consumed to increase.
Vietnam energy development strategy until 2020 and vision 2050
The Prime Minister promulgated this strategy in 2007, showing the following
objectives:
Ensuring sufficient energy supply to meet socio-economic development
demand;
Enhancing accuracy in fundamental energy sources’ assessment;
Ensuring sufficient power for socio-economic development;
Developing oil refineries to increase the capacity to 25-30 tons of crude
oil in 2020;
Ensuring that the national strategic reserves of petrol and oil will be
equal to 45 average days of consumption in 2010, 60 days in 2020 and
90 days in 2025;
Finalizing the energy program in rural and mountainous areas;
Transforming operation of the sectors of electricity, coal, oil and gas
into State-oriented market economy operation, creating competitive
power retailing market after 2022, coal, oil and gas market by 2015;
Making good preparation for operation of the first nuclear power plant
in 2020, by 2050 nuclear power may make up 15-20% of total national
energy consumption;
Connect regional electricity network by 500km electricity line between
2010 and 2015, connecting regional natural gas system between 2015
and 2020.
Policy for Energy Efficiency
The National Assembly even promulgated a Law on Energy Saving and
Efficiency in 2010 to guide the use of energy in Vietnam. The Law points out
some solutions to save and use energy efficiently for each industry and each
sector. Given the fact that Vietnam is likely to be a net energy imported
country, it is necessary to use energy efficiently.
Incentives policy for renewable power sources
For developing renewable power sources, the Government has provided
various incentives to investors, comprising incentives for investment,
electricity tariffs and taxes. In details:
Page 37 of 44
Regulation
Incentives
Electricity Law No.
28/2004/QH11 dated
December 2004
- Supports of the government
+ Support on investment capital
+ Support on interest rates of loans for investment.
+ Tax incentives
- The details supports are promulgated by MoIT and MoF
Decision No. 1855/QD-TTg
dated 27 December 2007
Decision No. 130/2007/QD-TTg
dated 02 August 2007 on
financial mechanisms, policies
for investment projects under
clean development mechanism
(CDM projects)
- Providing financial support for program on investigation,
research, trial manufacturing and establishment of pilot
locations using new and renewable energy,
- Exempt equipment and technology of new and renewable
energy from import tax, production and circulation tax.
-
-
Decree No. 151/2006/ND-CP
dated 20 December 2006 by
Government on State
investment development credit
and export credit;
And Decree No. 106/2008/NDCP dated 19 September 2008 by
the Government on
amendments, supplements of
some articles of Decree No.
151/2006/ND-CP
-
-
Tax: exemption from import tax on goods imported for the
formation of the projects’ fixed assets, materials, supplies or
semi-finished products which cannot yet be domestically
produced and imported in service of the projects’ production
activities; preferential enterprise income tax rates
Land use fee: entitled to land use levy or land rent exemption
or reduction under current legal provisions
Price subsidy: CDM project’s products might be given price
subsidy from Vietnam Environmental Protection Fund
Investment capital
151/2006/ND-CP
support:
subject
to
Decree
No.
Investors of wind power plant projects, renewable energy
power plants, small hydropower plants with capacity equal to
or less than 50MW in areas with extremely difficult socioeconomic conditions can obtain a loan up to 70% investment
cost of each project from Vietnam Development Bank (VDB)
with the maximal term of 12 years at interest rate equivalent to
government bond interest rate with term of 5 years plus 1% for
loan in VND.
The government can provide loan guarantee in case investors
have to obtain loan from other financial institutions.
Investment Law No.
59/2005/QH11 dated 29
November 2005
- Stipulation on term of land use, land rent exemption.
dated 13 August 2010 by the
Import tax exemption is applied for imported goods for forming
fixed assets of renewable energy projects.
Governmental Decree No.
108/2006/ND-CP dated 22
September 2006, on detailed
stipulations for implementation
of some articles of Investment
Law.
- Stipulation on loss transfer
- Stipulation on fast depreciation
Page 38 of 44
Government on detailed
stipulations for implementation
of some Articles of Law on
export, import taxes.
dated 11 December 2008 by the
Government on detailed
stipulations for and guideline on implementation of some Articles
of Law on Corporation Income
Tax
Income tax rate: 10% for duration of 15 years; may be
extended up to 30 years in case project of large scale, new or
high technology which needs to attract investment.
Income tax exemption, reduction: Tax exemption for the first 4
years, reduction of 50% of payable tax for the next 9 years.
Decision No. 18/2008/QD-BCT
by MoIT on avoided cost tariff
and standardized PPA for small
renewable energy power
projects.
Power company has to buy electricity from small renewable
energy power plants at avoided cost tariff with standard power
purchase agreement
dated 14 January 2009 by the
Government on incentives,
support for environmental
protection activities
- Preferential corporate income tax
Circular No. 97/2008/TT-BTC
dated 29 October 2008 by
Ministry of Finance guiding on
implementation of State support
policies for investment,
development of electricity in
rural, mountainous, island
areas.
Investor can borrow a portion of investment capital at amount
level, conditions, terms, loan interest rates, payback period and
risk treatment under conditions more preferential than those of
commercial loan.
- Exemption from import tax for machines, equipments, facilities,
materials that are imported for serving production activities.
- Exemption from environmental protection fees
- Allowed to make depreciation for fixed assets 1.5 times faster
than normal depreciation level in current regulation
Source: New and Renewable Energy Department (MoIT)
However, the existing incentives are still insufficient to create appropriate
conditions to attract investors. These incentives are mainly beneficial to
just small hydropower projects only and not to other forms of renewable
energy.
Page 39 of 44
APPENDIX
Appendix 1: Acronyms and Abbreviations
Agribank
Agrimeco
BIDV
Bitexco
BOO
BOT
Cent
COMA
EPTC
EVN
EVN-CPC
EVN-HCMPC
EVN-HNPC
EVN-NPC
EVN-SPC
EVRA
GDP
HP
HPP
ICON4
IDICO
IPP
JSC
kWh
LICOGI
LNG
MITRACO
MOC
MoIT
MW
NLDC
NPT
PPA
ROO
ROT
SHPP
SMPH
VCGM
Vietcombank
VND
VSH
Vietnam Bank for Agriculture and Rural Development
Agriculture & Irrigation Mechanization and Electrification
Corporation
Bank for Investment and Development of Vietnam
Binh Minh Import - Export and Trade Production Company
Build, Own, Operate
Build, Operate, Transfer
US cent
Construction Machinery Corporation
Electricity Power Trading Company
Vietnam Electricity
Central Power Corporation
Ho Chi Minh City Power Corporation
Ha Noi Power Corporation
Northern Power Corporation
Southern Power Corporation
Electricity Regulatory Authority of Vietnam
Gross Domestic Product
Hydropower
Hydropower Plant
Investment &Construction JSC No.4
Vietnam Urban and Industrial Zone Development Investment
Corporation
Independent Power Producer
Joint Stock Company
Kilo watt hour
Infrastructure Development and Construction Corporation
Liquefied Natural Gas
Ha Tinh Mineral and Trading Corporation
Ministry of Construction
Minister of Industry and Trade
Mega Watt
National Load Dispatch Centre
National Power Transmission Corporation
Power Purchase Agreement
Rehabilitate, Operate, Own
Rehabilitate, Operate, And Transfer
Small Hydropower Plant
Strategic Multipurpose Hydropower plant
Competitive Electricity Generation Market
Bank for Foreign Trade of Vietnam
Vietnam dong
Vinh Son - Song Hinh JSC
Page 40 of 44
Appendix 2: List of approved & started for construction HPPs
(Large projects)
No
Name of plant
01
Nam Chien
Capacity
(MW)
Investor
100
Song Da Corporation
Located
Son La
02
Ban Chat
220
EVN
Lai Chau
04
Nho Que
110
Bitexco
Ha Giang
06
Ba Thuoc
80
Thanh Hoa
08
Dambri
75
Sourthern Hydropower JSC
Lam Dong
10
Dak Rinh
125
Quang Ngai
11
Sre Pok 4a
64
PVD-BIDV-Licogi-Song Da
Corporation
Lai Chau
03
05
07
09
Hua Na
Khe Bo
Dong Nai 2
Nam Na 2
180
100
70
66
Hua Na Hydropower JSC
EVN Development JSC
Trung Nam Group
IPP
Buon Don Hydropower JSC
Nghe An
Nghe An
Lam Dong
Lai Chau
Đak Lak
12
Nam Na 3
84
Hung Hai Corporation JSC
14
Thuong
Kontum
220
VSH
Kontum - Quang Ngai
60
Thien Tan Hydropower JSC
Kontum - Quang Ngai
13
15
Yen Son
Dak Re
70
Song Da 6 JSC
16
Huoi Quang
520
EVN
18
Dong Nai 6
135
Duc Long Gia Lai JSC
20
Trung Son
260
EVN
22
Song Bung 4
156
EVN
24
Dak My 2
98
Agrimeco
17
19
21
23
Dong Nai 5
Lai Chau
Song Bung 2
Dong Nai 6A
145
440
100
106
Vinacomin
EVN
EVN
Duc Long Gia Lai JSC
Tuyen Quang
Lai Chau
Lam Dong
Dong Nai
Lai Chau
Thanh Hoa
Quang Nam
Quang Nam
Dong Nai
Quang Nam
Page 41 of 44
Appendix 3: List of approved & started for construction HPPs
(Medium projects)
No
Name of plant
Capacity
(MW)
01
Ta Thang
60
02
Nam Phang
36
03
Nam Toong
34
04
Ngoi Hut
48
05
Nam Muc
44
06
Van Chan
57
07
Song Bung 4A
49
08
Song Tranh 3
62
09
Nho Que 1
32
IPA Investment
Sa Pa - Northern Electrical
Development JSC No 3
Truong Thanh Development and
Construction Investment JSC
Nam Muc Hydropower JSC
Van Chan Hydropower JSC
(65% ownership of Viet Nam
Mechanization Electrification
And Construction JSC)
Phu Thanh My JSC
Song Tranh 3 Hydropower JSC
Northern Electrical
Development JSC No 1
Lao Cai
Lao Cai
Yen Bai
Dien Bien
Yen Bai
Quang Nam
Quang Nam
Ha Giang
Thanh Hoa
Song Da - Hoang Lien
Hydropower JSC (Afiliated of
Song Da Copr.)
11
Song Bung 5
49
Nam Pan 5
Lao Cai
60
48
13
Vietnam Trading Engineering
Construction Joint Stock
Corporation
Tuyen Quang
Chiem Hoa
Ba Thuoc 1
Located
International Investment
Construction Copperation
Company
10
12
Investor
34.5
14
Nam Cun
40
15
Song Bac
42
EVN
Quang Nam
N.A
Son La
Lao Cai
Song Bac Hydropower JSC
Ha Giang
N.A
Ha Giang
16
Nhan Hac
45
Que Phong Hydropower JSC
18
Long Tao
42
N.A
Dien Bien
20
Chi Khe
41
Agrita - Nghe An Energy JSC
Nghe An
17
19
21
22
Nho Que 2
Bac Me
Song Nam Song Bac
Tra Khuc 1
48
45
49
36
N.A
Geruco Song Con Hydropower
JSC
Central Hydropower JSC (EVN)
Nghe An
Ha Giang
Da Nang
Quang Ngai
Page 42 of 44
23
Song Tranh 4
48
Song Tranh 4 Hydropower JSC
Quang Nam
24
La Ngau
46
La Ngau Hydropower JSC
26
Song Tranh 5
40
N.A
Quang Nam
28
Phu Tan 2
60
N.A
Dong Nai
30
A Lin
63
Truong Phu Hydropower JSC
32
Dak My 1
25
27
29
31
Song Lo 6
Thanh Son
Ban Mong
Dak My 3
44
40
60
45
54
Song Lo 6 Hydropower JSC
N.A
N.A
IDICO
N.A
Binh Thuan
Ha Giang
Thanh Hoa
Nghe An
Hue
Quang Nam
Kon Tum
Page 43 of 44
ANALYST CERTIFICATION
The analysts named in the first page of this report, who are primarily responsible for the preparation of this report,
certify that the opinion(s) on the subject company and any other views or forecast expressed herein accurately
reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to
the specific recommendation(s) or view(s) contained in this report.
REPORT DISTRIBUTION
This report is restricted to and intended only for the clients of ACBS in Vietnam. If the client receives and/or uses this
report outside Vietnam, it is the client’s sole responsibility to ensure that it is legally permitted in client’s jurisdiction.
Otherwise the client should disregard this report in its entirety and let ACBS know that it does not longer wish to
receive such reports.
DISCLOSURE & DISCLAIMER
This report is provided for information purposes only. It is aimed to aid the client in the investment progress. It is not
intended as an offer or solicitation for the purchase of the share of the subject company. The opinions and
recommendations herein (if any) do not take into account individual client circumstances, objectives, or needs and
are not intended as recommendations of particular share, investment tactic or strategy to a particular client.
The information in this report is obtained from sources believed by ACBS to be reliable. However ACBS makes no
warranty or representation as to their accuracy or completeness as well as this report is free from human’s or device
function’s error(s). The information is subject to change without prior notice.
The Client shall be liable for any risk or loss (if any) as the client makes the investment based on this report. ACBS
accepts no liability and will not be liable for any loss or damage arising directly or indirectly from the client’s use of
this report, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection,
fault, mistake or inaccuracy with its contents.
Some parts of the report reflect the assumptions, views and analytical methods of the analysts who prepared them,
and ACBS is not responsible for any error of their works and assumptions. ACBS may have issued, and may in the
future, issue other reports that are inconsistent with, and reach different conclusions from, the information
presented in this report.
Although at the present, ACBS and the analysts do not have any interest in the subject company as disclosed above, in
the future, ACBS and the analysts may have positions in and may from time to time purchase or sell its shares.
© Copyright. ACB Securities Company Limited 2012, ALL RIGHTS RESERVED. No part of this report may be
reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or
otherwise, without the prior written permission of ACB Securities Company Limited.
Page 44 of 44

ACBS - Energy Industry and Hydropower Industry - repdc

Transcription

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