Circular No. 54/2025/TT-BCT amends and supplements some articles of Circular No. 09/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the dossier, procedures, and methods for determining and approving the power generation price framework; stipulates the dossier, procedures, and methods for constructing and approving the electricity import price framework; and Circular No. 12/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the method for determining the power generation service price; principles for calculating the electricity price to implement power projects; main contents of the electricity purchase and sale contract.

CIRCULAR

Amending and supplementing some articles of Circular No. 09/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the dossier, procedure, and method for determining and approving the electricity generation price framework; stipulating the dossier, procedure, and method for constructing and approving the electricity import price framework; and Circular No. 12/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the method for determining the electricity generation service price; principles for calculating electricity prices to implement power projects; main contents of the electricity purchase and sale contractPursuant to the Electricity Law No. 61/2024/QH15 At the proposal of the Director of the Electricity Administration;The Minister of Industry and Trade issues this Circular amending and supplementing some articles of Circular No. 09/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the dossier, procedure, and method for determining and approving the electricity generation price framework; stipulating the dossier, procedure, and method for constructing and approving the electricity import price framework; and Circular No. 12/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the method for determining the electricity generation service price; principles for calculating electricity prices to implement power projects; main contents of the electricity purchase and sale contractArticle 1. Amending and supplementing some articles of Circular No. 09/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the dossier, procedure, and method for determining and approving the electricity generation price framework; stipulating the dossier, procedure, and method for constructing and approving the electricity import price framework1. Supplement Point c following Point b Clause 1 Article 1 as follows:

"c) Point a Clause 8 Article 51 provides that the electricity generation price framework shall be applied to power plants specified in Clause 2 Article 51, including: small renewable energy power plants that have reached the end of the period for applying the avoided cost tariff; power plants that have commenced commercial operation and have reached the end of the period for applying the electricity purchase and sale contract price; power plants that have reached the end of the BOT contract period and have been transferred to the Government." 2. Amend and supplement Point a Clause 2 Article 1 as follows:;

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

"a) State agencies, organizations, and individuals owning power plants operating within the territory of the Socialist Republic of Vietnam connected to the national power grid, except strategic multi-purpose hydropower plants, small renewable energy power plants applying the avoided cost tariff, power plants and units providing ancillary services, independently invested energy storage systems, and power plants applying the electricity purchase price mechanism as stipulated in relevant authorized documents;" 3. Amend Clause 3 Article 2 as follows:"3. A pumped-storage hydropower plant is a hydropower plant that uses water storage systems at different elevation levels to store hydro energy and generate electricity, where water is pumped from low-elevation storage areas to higher-elevation storage areas during non-generation periods to store hydro energy and released through turbines to generate electricity when the power system requires it."

4. Supplement Clause 7 following Clause 6 Article 2 as follows: "7. A flexible power plant is a thermal power plant using reciprocating internal combustion engines (RICE) or aeroderivative gas turbines (Aero-GT) with fast start-up capabilities, designed in modular form to generate electricity for balancing capacity and maintaining power system stability."5. Amend and supplement Clause 2 Article 5 as follows:.

"2. Capital investment costs are evenly converted annually TC according to the formula below:

TC

(SĐT × P

(1+i)

n

× i

SĐT:

Calculated investment cost determined according to Clause 4 of this Article (VND/kW or VND/kWp); kWp is the unit measuring the peak power output of solar photovoltaic panels under standard conditions;

P

Calculated power (kW or kWp) as specified in Clause 3 of this Article;

n:

Where:

Proportion of loan capital in total investment as specified in the Appendix to this Circular (%);

E:

Where:

Proportion of foreign currency loan capital in total loan capital as specified in the Appendix attached to this Circular (%).

For power plants invested under the BOT model, D_{For coal-fired thermal power plants where the enterprise holds 100% of the registered capital and uses 100% of its own capital to invest in the project approved by the competent authority, E is determined as 100%;} is determined based on the total investment amount and the capital structure of the project according to the project approval decision of the competent state agency;

F_{For coal-fired thermal power plants where the enterprise holds 100% of the registered capital and uses 100% of its own capital to invest in the project approved by the competent authority, E is determined as 100%;} Proportion of domestic currency (Vietnamese Dong) loan capital in total loan capital as specified in the Appendix attached to this Circular (%);_F × r_d,F + D_{Domestic air passenger transport service on regular basic economy class} × r_d,D

In this context:

8. Add Article 8a after Article 8 as follows:

"Article 8a. Method for determining the pricing framework applicable to other types of power plants

1. Other types of power plants include those in the following cases:

a) Coal-fired power plants with a capacity of up to 200 MW;

b) Coal-fired power plants where the enterprise is wholly owned by the State, using 100% equity capital to invest in projects approved by competent authorities;

c) Coal-fired power plants funded entirely by domestic currency loans for project investment;

d) Small renewable energy power plants that have exceeded the period of application of avoided cost tariff schedules; power plants that have commenced commercial operation and have exceeded the period of application of power purchase agreement prices; power plants that have completed the BOT contract period and have been handed over to the Government.

2. The pricing framework applicable to other types of power plants as specified in points a, b, and c of Clause 1 of this Article shall be regulated as follows:

a) The maximum price level of the pricing framework shall be determined based on the principle of establishing the pricing framework set forth in Clause 1 and Clause 2 of Article 3 of this Circular;

b) Input parameters for calculating the maximum price level of the pricing framework shall be determined based on the feasibility study report of the project approved or the basic design of the project reviewed by the competent state authority, or actual data from negotiating power purchase agreements (if available).

3. The pricing framework applicable to other types of power plants as specified in point d of Clause 1 of this Article shall be regulated as follows:

a) The maximum price level of the pricing framework shall be determined based on the principle of establishing the pricing framework set forth in Clause 1 and Clause 2 of Article 3 of this Circular;

b) Economic life to calculate the maximum price level consistent with the remaining economic life of the power plant;

c) Capital cost to calculate the maximum price level shall be determined based on the investment cost of the power plant according to the residual value of the asset at the time when the power generation service price ceases to be effective or the power purchase agreement expires, plus any approved renovation and upgrade costs by the competent authority or agreed upon with the electricity purchaser. For power plants that have completed the BOT contract period, the capital cost to calculate the maximum price level shall be determined based on the residual value of the asset approved by the competent authority;

d) Other input parameters for calculating the maximum price level of the pricing framework shall be determined based on actual data of the power plant agreed upon by the seller and buyer of electricity.".

9. Amend and supplement point b of Clause 1 of Article 12 as follows:

"b) The table of parameters and calculation documents for the pricing framework for power generation as prescribed in Articles 5, 6, 7, 8, and 8a of this Circular;"

Article 2.  Amend and supplement some provisions of Circular number 12/2025/TT-BCT dated February 1, 2025, issued by the Minister of Industry and Trade on the method for determining the power generation service price; principles for calculating electricity prices for implementing power projects; main contents of power purchase contracts

1. Amend and supplement Clause 3 of Article 1 as follows:

"3. The contents regarding the method for determining the power generation service price; principles for calculating electricity prices for implementing power projects; main contents of power purchase contracts stipulated in this Circular shall not apply to the following entities: strategic multi-purpose hydropower plants; small renewable energy power plants applying the avoided cost tariff mechanism; independent power plants invested under the Build-Operate-Transfer (BOT) model; power plants and units providing ancillary services; pumped storage hydropower plants; independently invested energy storage systems; power plants applying the feed-in tariff mechanism as prescribed in the relevant documents of the competent authority."

2. Supplement Clause 16 after Clause 15 of Article 2 as follows:

“16. Median expected value P50 is the average electricity delivery value over many years of the power plant, with a probability of 50% that the actual electricity delivery volume of the power plant over many years will reach or exceed this value.

3. Amend and supplement points b and c of Clause 2 of Article 5 as follows:

"b) Economic life: Determined according to Appendix I attached to this Circular, except in cases where the competent state authority has approved a different economic life for the project than that prescribed in this Circular, in which case it shall be applied according to such document (years).

For offshore wind power plants, the economic life is determined to be 25 (years).

For flexible power plants, the economic life is determined to be 25 (years) or based on the feasibility study report of the project investment construction approved by the competent authority.

c) Average annual electricity generation at the point of electricity delivery (A_GN) is calculated as follows:

Where:

For renewable energy power plants that use combined energy storage systems,_GN is calculated according to the following formula:

In this context:

For power plant projects not using public investment capital or state capital outside public investment, in cases where it cannot be determined according to the above formulas, the seller and buyer of electricity agree based on the feasibility study report (or technical design document when it cannot be determined according to the feasibility study report) consistent with the approved installation parameters of the power plant, effective at the time of negotiation and_GN converted to the point of interconnection, but not lower than the value of electricity production determined in these reports. For wind power plants and solar power plants, the P50 expectation level serves as the basis for determining_GN 4. Amend and supplement Clause 2 of Article 10 as follows:_GN “2. Annual average electricity delivered and total project investment are determined as follows:_GN.”.

a) For power plant projects using public investment capital or state capital outside public investment, the total investment and annual average electricity delivered (according to the P50 expectation level) are determined based on the basic design (or technical design when it cannot be determined according to the basic design) consistent with the installation parameters of the power plant, reviewed by the competent state agency;

b) For projects not using public investment capital or state capital outside public investment, the total investment and annual average electricity delivered (determined according to the P50 expectation level) are agreed upon by the seller and buyer of electricity based on the feasibility study report (or technical design document when it cannot be determined according to the feasibility study report) consistent with the approved installation parameters of the power plant.”

5. Supplement Clause 3 of Article 22 as follows:

“3. Establish or hire consultants to build the proportion of major repair costs and other costs, labor cost ratios for types of power plants not specified in Appendix I of this Circular, and propose to the Ministry of Industry and Trade for supplementation of regulations as appropriate.”

6. Amend the title of Table 2 in Appendix I as follows:

“Table 2 - Operating and Maintenance Cost Ratios for Solar Power Plants and Wind Power Plants as prescribed in Article 10 of this Circular”.

6. Amend the title of Table 2 in Appendix I as follows:

"Table 2 - Operating and maintenance costs ratio for solar and wind power plants as prescribed in Article 10 of this Circular".

Article 3. Transitional Provisions

The electricity seller has submitted the dossier to negotiate the power purchase agreement, and both parties are currently in the process of negotiating the electricity price before this Circular takes effect but have not yet reached an agreement and signed the power purchase agreement. In such cases, they shall continue to negotiate according to the provisions of Circular No. 12/2025/TT-BCT, except where the electricity seller chooses to apply this Circular for further negotiations, in which case the electricity seller and the electricity buyer shall negotiate the electricity price in accordance with the provisions of this Circular.

Article 4. Effective date

1. This Circular takes effect from November 21, 2025.

2. During the implementation period, if any issues arise, organizations and individuals responsible shall report them to the Ministry of Industry and Trade for review and appropriate amendments.

                                                                                                                                                     DECISION MAKER. MINISTER

                                                                                                                                                     VICE MINISTER

                                                                                                                                                                          (Signed) 

                                                                                                                                                     Nguyen Hoang Long