Over 20 power giants including SP Group, Mitsubishi press Vietnam over US$13 billion clean energy row

[HO CHI MINH CITY] Singapore’s SP Group and more than 20 foreign power majors from the Philippines, Thailand, Japan and beyond are pushing Hanoi for urgent talks this month, as prolonged payment delays from Vietnam Electricity’s (EVN) following a sudden rule shift have pushed some investors to the brink of collapse.

In a joint letter dated Nov 3 to Vietnam’s ministers of industry and trade, justice and finance and reviewed by The Business Times, nearly two dozen investors of mostly solar farms claimed that EVN has halted or only partially paid them since January this year. Some cases date back to August 2022.

“This prolonged delay is deeply concerning to the business community. The financial strains continue to heavily impact all affected projects and burden investors,” the letter read. It noted that more than 80 letters of concerns have been sent by investors, embassies and business associations to Hanoi for a “fair and transparent resolution to the current challenge”.