[LMS 2025] VIAC & ITPC organized the Conference “Cooperation in investing & operating energy projects: Developments, current trends & solutions for enterprises”

On August 21, 2025, within the framework of the Ho Chi Minh City Legal Management Series 2025 (LMS 2025), the Vietnam International Arbitration Centre (VIAC) in collaboration with the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), in collaboration organized the Conference “Cooperation in investing & operating energy projects: Developments, current trends & solutions for enterprises”.The event attracted around 200 participants, including representatives from enterprises, experts, and legal practitioners active in the energy sector.

Mr. Trần Phú Lữ - Director of HCMC Investment & Trade Promotion Centre (ITPC)

Opening the conference, Mr. Trần Phú Lữ - Director of ITPC, emphasized that with the city’s vision to become a global, smart, modern, and sustainable metropolis, energy development has been identified as one of the two strategic pillars alongside digital transformation. He noted that to realize Vietnam’s commitment at COP26 to achieve net-zero emissions by 2050, efforts to attract both domestic and foreign investment in renewable energy have been increasingly prioritized. This is reflected through recent revisions and updates to the legal framework governing the energy sector, which aim to create a more coherent and feasible regulatory environment while addressing implementation challenges. According to Mr. Lữ, while these changes bring positive signals, they also present new challenges, requiring enterprises to stay informed, strengthen legal risk management, and adopt more adaptive business strategies.

Mr. Châu Việt Bắc - Deputy Director of VIAC’s Ho Chi Minh City Branch and Vice Secretary General of VIAC

Following that, Mr. Châu Việt Bắc - Deputy Director of VIAC’s Ho Chi Minh City Branch and Vice Secretary General of VIAC, shared his observations that disputes involving the energy sector have been on the rise in the year 2023 and 2024. These disputes are typically complex, technically demanding, and involve multiple parties, both domestic and international. He noted that this increase stems from growing corporate interest in the energy sector and the introduction of new investment and business models. However, infrastructure bottlenecks and gaps in the legal framework remain significant obstacles, hindering enterprises from efficiently accessing and operating projects. Mr. Bắc expressed that the discussions would provide practical guidance, helping enterprises identify appropriate cooperation models while ensuring compliance with Vietnam’s legal requirements for energy investment and business.

Mr. Phạm Đăng An - Deputy General Director of Vũ Phong Energy Group, Director of VP Carbon

Delivering the keynote presentation “Current situation of Vietnamese enterprises in energy sector: Developments and existing challenges,” Mr. Phạm Đăng An - Deputy General Director of Vũ Phong Energy Group and Director of VP Carbon, highlighted that from 2026, when the EU’s CBAM mechanism officially takes effect, exporting enterprises will be subject to carbon taxation. Without timely adaptation, he cautioned, businesses would face mounting difficulties and competitiveness loss. He pointed out three converging pressures on the domestic energy industry: rising market demand; capacity expansion under Power Development Plan VIII; and increasing regulatory as well as international policy requirements. Nonetheless, Mr. An affirmed that these pressures also create opportunities for enterprises to innovate, transform business models, and leverage sustainability trends to strengthen long-term competitiveness

Panel Discussion 1 moderated by Ms. Nguyễn Phương Ngân - Partner of Vietnam International Law Firm (VILAF - Hồng Đức)

The conference continued with two discussion panels focusing on cooperation models in energy projects and plant development. Focusing on the Business Cooperation Contracts (BCC), O&M, and M&A in Energy Projects, the 1st session was moderated by Ms. Nguyễn Phương Ngân - Partner at VILAF – Hồng Đức, featured insights from (i) Dr. Nguyễn Quốc Vinh - Founding Partner of Scientia Law Firm, Arbitrator of VIAC, Mediator of Vietnam Mediation Centre (VMC), and (ii) Mr. Théo Millet - Senior Counsel at TWL Law Group.

Mr. Théo Millet - Senior Counsel of TWL Law Group

Drawing on international research and comparisons with Vietnam, Mr. Millet observed that in the post-FIT era, investment opportunities have become less pronounced, giving way to new cooperation models. For instance, solar and wind power projects, once considered “hot spots” for investment due to preferential pricing policies, have become less attractive as incentives phased out, making financial returns less predictable. In contrast, the Direct Power Purchase Agreement (DPPA) mechanism presents a promising alternative. The issuance of Decree No. 57/2025/NĐ-CP not only provides a legal foundation for this model but also reflects a broader market shift toward flexible, decentralized, and transparent power trading, aligned with environmental expectations of end-users, particularly FDI enterprises.

In addition, carbon credit and renewable energy certificate markets are emerging as attractive opportunities. These mechanisms not only support compliance with Net Zero and the EU’s CBAM but also offer supplementary revenue streams that enhance business efficiency. Mr. Millet further highlighted the growing feasibility of establishing dedicated transmission line operators, which could help resolve technical constraints for manufacturers transitioning to green energy.

Dr. Nguyễn Quốc Vinh – Founding Partner of Scientia Law Firm, VIAC's Arbitrator, VMC's Mediator

On the topic of M&A in the energy sector, especially solar power projects, Dr. Nguyễn Quốc Vinh noted that rising electricity demand serves as a long-term driver for investment, thereby expanding opportunities for M&A. Through this, enterprises can combine local expertise with international capital and technology, enabling foreign investors to overcome early-stage hurdles, such as land procedures and project licensing - and then accelerate project implementation.

However, he stressed that social due diligence should now be placed on equal footing with financial and legal due diligence, as it allows investors to more accurately assess sustainability and mitigate risks. He advised adopting a multi-dimensional due diligence approach, selecting suitable partners, and maintaining tight control from the preparation phase. According to him, the success of energy-sector M&A transactions and Vietnam’s overall energy transition will depend not only on corporate efforts but also on a stable, transparent, and investment-friendly regulatory environment.

Panel 2 moderated by Ms. Hoàng Nguyễn Hạ Quyên - Managing Partner of LNT & Partners. Deputy Director of VMC, Arbitrator of VIAC

Continuing with Panel 2 on joint venture models in energy project investment and operation, the Conference featured a panel chaired by Ms. Hoàng Nguyễn Hạ Quyên – Managing Partner at LNT & Partners, Deputy Director of VMC, Arbitrator of VIAC. The panel also welcomed Mr. Nguyễn Phan Dũng Nhân – Head of Legal at BCG Energy, and Mr. Nguyễn Tuấn Phát – Director of Legal, Compliance, and Government Relations at Asia Clean Capital Vietnam.

Mr. Nguyễn Tuấn Phát - Director of Legal, Compliance, and Government Relations at Asia Clean Capital Vietnam

According to Mr. Phát, in the energy sector, particularly renewable energy, joint ventures can only operate sustainably when parties ensure transparent and fair benefit-sharing and risk allocation. Therefore, joint venture agreements are typically designed with detailed provisions on financial responsibilities, management rights, and legal obligations to mitigate risks.

However, due to the large scale of energy projects and their close linkage with state policies, legal risks remain prevalent, especially those arising from policy changes. Mr. Phát warned that such risks could escalate not only into commercial disputes between enterprises but also into investor-state disputes. In such cases, he noted, arbitration and mediation, with their flexibility, cost-effectiveness, and ability to preserve business relationships, are among the most appropriate and efficient dispute resolution methods for energy joint ventures.

Mr. Nguyễn Phan Dũng Nhân – Head of Legal at BCG Energy

Echoing this perspective, Mr. Nhân emphasized that partnering with international investors is a strategic approach to mobilize large-scale capital, technology, and expertise. With Vietnam’s net-zero target by 2050, the country is pursuing an “unprecedented” growth agenda, estimated to require around USD 135 billion in energy investment. To meet this capital demand, attracting international investment plays a crucial role, with joint venture models serving as an effective mechanism for project financing and cooperation.

Citing China’s experience, Mr. Nhân explained that joint ventures have played a crucial role there in facilitating market access and technology transfer. He suggested that Vietnam should develop its own adaptive models, clearly delineating the roles of domestic and foreign partners: local investors leveraging their deep understanding of regulatory and policy frameworks, while foreign investors contribute capital, technology, and operational expertise. He concluded that this balance would help bridge the gap between legal insight and commercial capacity, advancing Vietnam’s national energy transition goals.

The discussions provided valuable insights into emerging trends and development trajectories of Vietnam’s energy sector, while recommending feasible cooperation models for enterprises investing or operating in this field. The experts also shared key considerations for contract risk management and dispute control, contributing to the sustainable and legally compliant development of energy projects in Vietnam.

Other photos from the Conference

Related articles about the event (Vietnamese):

1. New cooperation trends in energy investment in Vietnam - Vietnam Economic News

2. Vietnamese enterprises face challenges in renewable energy - Vietnam Financial Times

3. Cooperating to develop renewable energy: New direction for Vietnam's energy sector - VTV Times

4. Driving long-term momentum to promote investment and M&A in the solar power field - VNBusiness

INFORMATION ON EVENTS IN THE ENERGY SECTOR | LMS 2025

	Training workshop "Contract structuring and management in renewable power production and business" View here for more details
	Online Talkshow "ESCO Models: A business solution in energy sector and key considerations on risk allocation mechanisms" Đây View here for more details