AMENDMENTS TO CIRCULAR NO. 27/2024/TT-BCT DATED NOVEMBER 21, 2024 OF MINISTRY OF INDUSTRY AND TRADE OF VIETNAM PRESCRIBING BID EVALUATION CRITERIA AND FORMS OF BIDDING DOCUMENTS FOR SELECTING INVESTORS EXECUTING ENERGY PROJECTS

1. Some clauses of Article 3 are amended as follows:

a) Clause 2 is amended as follows:

“2. EOI requester means an agency, organization or unit of or affiliated to Ministry of Industry and Trade of Vietnam or provincial People's Committee; an agency or unit affiliated to an economic zone management board (for a project located in an economic zone); or a commune-level People's Committee that is assigned to carry out procedures for invitation for EOIs (Expression of Interest).”.

b) Clause 3 is abrogated;

c) Clause 4 is amended as follows:

“4. Authorities making decision to conduct bidding for investor selection include the Ministry of Industry and Trade of Vietnam, provincial People's Committees, and Economic Zone Management Boards.”.

2. Some clauses of Article 4 are amended as follows:

a) Clause 2a is added following Clause 2 as follows:

“2a. For a project applying simplified procedures for direct appointment of investor as prescribed in point b clause 1 Article 44d of the Decree No. 115/2024/ND-CP, as amended by clause 18 Article 2 of the Decree No. 225/2025/ND-CP, requirements concerning capacity and investment efficiency in development of electricity sector are set out on the basis of those contents specified in Appendix III enclosed herewith.”.

b) Clause 3 is amended as follows:

“3. A draft power purchase agreement which forms part of the bidding documents shall be prepared on the basis of the main contents of the power purchase agreement corresponding to the type of the power plant promulgated by the Minister of Industry and Trade of Vietnam.”.

c) Clause 4 is amended as follows:

“4. In the forms provided in Appendixes I, II, and III enclosed herewith, italicized text provides instructions and illustrative provisions and shall be specified in detail in EOI request, bidding documents, request for proposal according to the scale, nature, and specific conditions (if any) of each project.”.

d) Clause 5 is abrogated.

3. The phrase “dự án đầu tư công trình năng lượng” (“energy projects”) is replaced with the phrase “dự án đầu tư kinh doanh điện lực” (“electricity business investment projects”) in clause 1, clause 2 and clause 3 Article 1; clause 2 Article 2; and heading of Article 4.

4. Some contents of Appendix I enclosed with the Circular No. 27/2024/TT-BCT, as amended by Circular No. 32/2025/TT-BCT, are amended in Appendix I enclosed herewith.

5. Some contents of Appendix II enclosed with the Circular No. 27/2024/TT-BCT, as amended by the Circular No. 32/2025/TT-BCT, are amended in Appendix II enclosed herewith.

1. This Circular comes into force from January 15, 2026.

2. If the EOI request, bidding documents, or request for proposal for projects have been approved but are yet to be issued by the effective date of this Circular, EOI requesters, procuring entities, or proposal requesters shall review, and make necessary modifications to such EOI request, bidding documents, or request for proposal, and submit them to competent persons to seek their approval in accordance with provisions of the Law on Bidding, the Decree No. 115/2024/ND-CP, as amended by the Decree No. 225/2025/ND-CP, and this Circular.

3. If, within the period from the effective date of the Decree No. 225/2025/ND-CP to before the effective date of this Circular, the EOI request, bidding documents, or request for proposal for projects have been issued in accordance with provisions of the Law on Bidding, the Decree No. 115/2024/ND-CP, and the Decree No. 225/2025/ND-CP, the investor selection shall continue to be carried out according to such issued EOI request, bidding documents, or request for proposal.

 

 

AMENDMENTS TO APPENDIX I ENCLOSED WITH CIRCULAR NO. 27/2024/TT-BCT
(Enclosed with the Circular No. 66/2025/TT-BCT dated December 31, 2025 of the Minister of Industry and Trade of Vietnam)

1. The phrase “dự án đầu tư công trình năng lượng” (“energy projects”) is replaced with the phrase “dự án đầu tư kinh doanh điện lực” (“electricity business investment projects”) in heading of Appendix I; Section 19.3 of Chapter I Part 1.

2. Table of abbreviations is replaced with the following:

3. Section 8 of the Form of Invitation for EOI is amended as follows:

“8. Deadline for submission of applications for project execution:          

4. Sub-section 8 of Section 1.2 Chapter I Part 1 is amended as follows:

“8. Deadline for submission of applications for project execution:          

5. Section 3.1 Chapter I Part 1 is amended as follows:

 “3.1. If it is a domestic investor, it must be an enterprise, cooperative, cooperative union, artel, public sector entity, foreign-invested economic organization or another organization that is duly established, registered and operating under the law of Vietnam. If it is a foreign investor, it must be duly established, registered and operating under the law of its home country;”.

6. Section 5.2 Chapter I Part 1 is abrogated.

7. Section 10.2 Chapter I Part 1 is amended as follows:

“10.2. The investor shall be required to submit its application for project execution on VNEPS before _________ [insert the deadline (specific time and date) for submission of applications for project execution, provided that the period from the issue date of the EOI request to the bid closing date must be at least 20 days].”.

8. Section 16.1 Chapter I Part 1 is amended as follows:

 “16.1. The EOI requester shall receive all applications for project execution submitted before the bid closing date which is _________ [insert specific time and date, provided that the period from the issue date of the EOI request to the bid closing date must be at least 20 days, and the bid closing time should not be set to the beginning of a business day so as not to limit the submission of applications for project execution by investors].

9. Section 20 Chapter I Part 1 is amended as follows:

20.1. Any entity that violates the Bidding Law and other relevant laws shall, depending on the nature and severity of the violation, be disciplined, incur administrative penalties or face criminal prosecution. In case of a violation against regulations of the Bidding Law which causes damage to the State interests, lawful rights and interests of other entities, the violating entity shall make compensation for damage in accordance with regulations of law.

20.2. In addition to the penalties prescribed in Section 20.1 of ITI, depending on the nature and severity of the violation, the entity that performs any of the prohibited acts prescribed in Article 16 of the Bidding Law shall be prohibited from participation in bidding for a period from 06 months to 05 years. The violating entity, including any employee of the competent authority, the EOI requester, the procuring entity, expert team or appraisal team, shall be prohibited from participation in bidding for the period of time as below:

a) If one of the violations in clauses 1, 2, 4 and point a clause 3 Article 16 of the Bidding Law is committed, the prohibition period is 03 - 05 years;

b) If one of the violations in point c clause 3, clause 5 Article 16 of the Bidding Law is committed, the prohibition period is 01 - 03 years;

c) If one of the violations in points a, b, c, d, dd and e clause 6 and clause 7 Article 16 of the Bidding Law is committed, the prohibition period is from 06 months to 01 year.

20.3. For a consortium, prohibition from participation in bidding for investor selection as prescribed in Section 39.2 shall be subjected to the following provisions:

a) If one of the violations in point c clause 3; clause 4; points b, c, d, dd clause 5; points a, b, c, d, dd, e clause 6; clause 7 Article 16 of the Bidding Law is committed, only the violating member of the consortium will be prohibited from participation in bidding;

b) If one or some members of the consortium commit a violation other than that prescribed in point a of this section, all consortium members shall be prohibited from participation in bidding.

20.4. The prescriptive period for imposing the penalty that is prohibition from participation in bidding for investor selection as prescribed in Section 20.2 is 10 years from the occurrence of the violation.

20.5. The Ministry of Industry and Trade of Vietnam, or provincial-level People’s Committee shall consider issuing a decision on prohibition from participation in bidding within scope of their management within 15 days from their receipt of any of the following documents:

a) A written request accompanied by documents proving the violation provided by the procuring entity;

b) Recommendations included in the inspection record of an inspection agency or the examination record of an examination team;

c) Petition settlement results given by the Council in charge of petition settlement;

d) Other documents indicating the violation given by regulatory authorities.

20.6. A decision on prohibition from participation in bidding shall, inter alia, include:

a)  Name of the violating entity;

b) Details of violations, legal grounds for imposing penalties and corresponding prohibition period for each violation; total prohibition period (if 02 or more violations are committed); scope of prohibition;

c) Validity period of the decision.”.

10. Point b Section 2.2 Chapter II Part 1 is abrogated.

11. Section 2.3 Chapter II Part 1 is amended as follows:

“2.3. The investor’s capacity shall be preliminarily evaluated according to the following Table 01:

 ⁽¹⁾ The required equity shall be determined on the basis of total investment capital (including total estimated costs of execution and compensation, support and resettlement costs (if any)).

The investor’s equity shall be determined on these grounds:

- Financial statements or report on the equity which has been audited during the year; in case financial statements or report on the equity which has been audited during the year is not available, those of the previous year can be used in accordance with regulations of law on enterprises, law on auditing, and law on accounting;

- The equity of an enterprise whose operating period is fewer than 12 months shall be determined on the basis of its paid-in charter capital as prescribed by the law on enterprises.

If the investor participates in more than one project and makes other long-term financial investments (if any) within the same period of time, it shall be required to prepare and provide the list of such projects and other long-term financial investments, and ensure that its total equity is sufficient to make contributions to such projects and long-term financial investments as committed.

The investor is obliged to provide information and documents about their financial capacity using Form No. 05 in Chapter III – Document forms used in EOI request response.”.

12. The phrases “kinh nghiệm” (“experience”), “và kinh nghiệm” (“and experience”) and “tài liệu chứng minh kinh nghiệm thực hiện dự án tương tự” (“documents proving experience in executing similar projects”) in heading of Section 5, heading of Section 12, Section 12.2, point a Section 12.2, Section 14.1, Section 18.1, Section 18.2, Section 19.1 of Chapter I Part 1; Section 1.1, heading of Section 2, Section 2.1 of Chapter II Part 1; clause 2 Article 3 of Form No. 03 of Chapter III Part 1 are removed.

13. Form No. 04 Chapter III Part 1 is replaced with the following:

……….[place], …………………..[date]

1. Name of the investor/consortium member:

2. Country of registration:

3. Year of establishment:

4. Legal office address in the licensing country:  

5. Information about the legal representative:

- Name:

- Address:

- Telephone/fax number:

- E-mail address:

6. Investor’s organizational chart.

(1) In case of consortium investor, each member of the consortium shall be required to fill out this Form on their own. The investor/consortium member shall submit this form enclosed with the photocopy of one of the following documents: Enterprise registration certificate or establishment decision or another document of equivalent validity issued by a competent authority to the domestic investor; the document proving establishment and operation of the foreign investor as prescribed by the domestic law of its home country.

(2) Names of partners executing the project are specified. If a partner’s identity is unavailable at the time of the investor's response to the EOI request, the investor shall only provide information in the "role" column. When a partner is selected to perform the declared task after the investor is selected, that partner’s information must be provided for the procuring entity.

(3) The role of each partner is specified.

(4) The investor shall insert the reference number of the contract and provide the certified copy thereof. Any contract or written agreement made with the partner must bear signatures of lawful representatives of two parties. The lawful representatives of the parties shall be their legal representatives or their authorized persons.”.

14. Form No. 06 in Chapter III Part 1 is abrogated.

 

 AMENDMENTS TO APPENDIX II ENCLOSED WITH CIRCULAR NO. 27/2024/TT-BCT
(Enclosed with the Circular No. 66/2025/TT-BCT dated December 31, 2025 of the Minister of Industry and Trade of Vietnam)

1. The phrase “dự án đầu tư công trình năng lượng” (“energy projects”) is replaced with the phrase “dự án đầu tư kinh doanh điện lực” (“electricity business investment projects”) in heading of Appendix II; Sections 36.1 and 36.4, Section 40.3, Sections 41.1 and 41.3 of Chapter I Part 1.

2. Table of abbreviations is replaced with the following:

3. Section 3.1 Chapter I Part 1 is amended as follows:

 “3.1. If it is a domestic investor, it must be an enterprise, cooperative, cooperative union, artel, public sector entity, foreign-invested economic organization or another organization that is duly established, registered and operating under the law of Vietnam. If it is a foreign investor, it must be duly established, registered and operating under the law of its home country;”.

4. Section 12.2 Chapter I Part 1 is amended as follows:

“12.2. Documents proving the investor’s satisfaction of capacity requirements include:

a) Information on the investor’s capacity which is provided using Forms No. 06 and 07 in Chapter IV – Bidding forms. In case the currency specified in the documents proving the investor’s capacity and experience is not the one specified in BDS, the investor shall, when preparing the bid, carry out conversion to single currency for comparison of bids. Where the direct quote is not available, an intermediary currency as prescribed in BDS shall be used for conversion and declaration in the bid; 

b) Other documents as prescribed in BDS.”.

5.

“b) The investor performs any of the prohibited acts specified in Article 16 of the Bidding Law or commits violations against the Bidding Law resulting in bid cancellation.”.

6. Point c is added following point b Section 31.1 Chapter I Part 1 as follows:

“c) In case of international investor selection, any foreign investors making commitment to transfer technologies to domestic investors or partners shall be given 2% incentive during evaluation of their bids.”.

7. Section 33 Chapter I Part 1 is amended as follows:

a. Point d Section 33.1 is abrogated.

b. The word “, d” in Section 33.2 is removed.

8. Some contents of Section 38 Chapter I Part 1 are amended as follows:

“When an investor is found itself that its lawful rights and interests are affected, it is entitled to make petition for review of the matters arising during the investor selection process or investor selection result to the procuring entity, the competent person, or the Council in charge of petition settlement (Advisory Council) at the address stipulated in BDS. Petitions for review of bidding-related matters shall be settled in accordance with Article 89 of the Bidding Law and Article 61b, Article 61c, Article 61d of the Decree No. 115/2024/ND-CP.”.

9. Some contents of Section 39 Chapter I Part 1 are amended as follows:

“39.1. Any entity that violates the Bidding Law and other relevant laws shall, depending on the nature and severity of the violation, be disciplined, incur administrative penalties or face criminal prosecution. In case of a violation against regulations of the Bidding Law which causes damage to the State interests, lawful rights and interests of other entities, the violating entity shall make compensation for damage in accordance with regulations of law.

39.2. In addition to the penalties prescribed in Section 20.1 of IBI, depending on the nature and severity of the violation, the entity that performs any of the prohibited acts prescribed in Article 16 of the Bidding Law shall be prohibited from participation in bidding for a period from 06 months to 05 years. The violating entity, including any employee of the competent authority, the EOI requester, the procuring entity, expert team or appraisal team, shall be prohibited from participation in bidding for the period of time as below:

a) If one of the violations in clauses 1, 2, 4 and point a clause 3 Article 16 of the Bidding Law is committed, the prohibition period is 03 - 05 years;

b) If one of the violations in point c clause 3, clause 5 Article 16 of the Bidding Law is committed, the prohibition period is 01 - 03 years;

c) If one of the violations in points a, b, c, d, dd and e clause 6 and clause 7 Article 16 of the Bidding Law is committed, the prohibition period is from 06 months to 01 year.

39.3. For a consortium, prohibition from participation in bidding for investor selection as prescribed in Section 39.2 shall be subjected to the following provisions:

a) If one of the violations in point c clause 3; clause 4; points b, c, d, dd clause 5; points a, b, c, d, dd, e clause 6; clause 7 Article 16 of the Bidding Law is committed, only the violating member of the consortium will be prohibited from participation in bidding;

b) If one or some members of the consortium commit a violation other than that prescribed in point a of this section, all consortium members shall be prohibited from participation in bidding.

39.4. The prescriptive period for imposing the penalty that is prohibition from participation in bidding for investor selection as prescribed in Section 39.2 is 10 years from the occurrence of the violation.

39.5. The Ministry of Industry and Trade of Vietnam, or provincial-level People’s Committee shall consider issuing a decision on prohibition from participation in bidding within scope of their management within 15 days from their receipt of any of the following documents:

a) A written request accompanied by documents proving the violation provided by the procuring entity;

b) Recommendations included in the inspection record of an inspection agency or the examination record of an examination team;

c) Petition settlement results given by the Council in charge of petition settlement;

d) Other documents indicating the violation given by regulatory authorities.

39.6. A decision on prohibition from participation in bidding shall, inter alia, include:

a)  Name of the violating entity;

b) Details of violations, legal grounds for imposing penalties and corresponding prohibition period for each violation; total prohibition period (if 02 or more violations are committed); scope of prohibition;

c) Validity period of the decision.”.

10. Section 41 Chapter I Part 1 is amended as follows:

a. Point b Clause 41.4 is amended as follows:

“b) The transferee must meet relevant operational conditions set out in regulations of law applicable to the business type of the economic organization, the Law on Investment, the Law on Enterprises, the Land Law, the Law on Real Estate Business and specialized sector or industry law; inherit rights and obligations to execute the investment project as undertaken by the transferor in its bid and the project contract.”.

b. Section 41.5 is amended as follows:

“41.5. Transfer of the business investment project and transfer of shares/stakes of the economic organization as prescribed in clauses 3 and 4 Article 52 of the Decree No. 115/2024/ND-CP must be specified in the contract.

Based on terms and conditions of the contract, the competent person shall consider approving the application for transfer of the investment project involving land use or transfer of shares/stakes of the economic organization.

If an application for transfer is approved, the competent person shall assign the procuring entity to review and modify the contract.”.

c. Section 41.9 is amended as follows:

“9. During the implementation of the investment project, if there is a request for adjustment of the investment project whose investment guidelines require approval as prescribed in point a clause 1 Article 76 of the Bidding Law (except the case specified in Section 41.3 or 41.4 of ITI) or adjustment of the investment project whose investment guidelines do not require approval, resulting in changes in contents of the project contract, the competent person shall assign the procuring entity to cooperate with the local investment registration agency in instructing the investor or economic organization established by the successful investor to follow procedures for adjustment of the investment project in accordance with regulations of the Law on Investment, and also assign the procuring entity to request the investor to provide updated commitment to meet technical and financial capacity requirements for implementing the project, and review contents of the contract in order to make appropriate modifications thereto after completion of adjustment of the project.".

11. Point b of ITI Section 13 in the Bid Data Sheet of Chapter II Part 1 is amended as follows:

11. Headings of some sections in the Bid Data Sheet of Chapter II Part 1 are replaced as follows:

a) “CDNDT 29.4 (a)” is replaced with “CDNDT 29.2 (a)”.

b) “CDNDT 29.4 (b)” is replaced with “CDNDT 29.2 (b)”.

c) “CDNDT 29.4 (c)” is replaced with “CDNDT 29.2 (c)”.

12. Section 2 Chapter III Part 1 is amended as follows:

2.1.1. Capacity shall be evaluated by scoring.

The required minimum score of a sub-criterion of capacity is at least ___ % of its maximum score [specify the percentage (%) which is at least 60%].

The required minimum score of a criterion of capacity is at least ___ % of its maximum score [specify the percentage (%) which is at least 50%].

2.1.2. For a consortium investor:

a) The equity of a consortium investor is the sum of equity amounts of all members of the consortium, and each member shall meet the requirements corresponding to its contribution to the consortium's equity under the consortium agreement.  Any investor acting as the lead member of the consortium must make a capital contribution equaling at least 30% of the consortium’s equity while each member of the consortium must make a capital contribution equaling at least 15% of the consortium’s equity;

b) The borrowed capital of a consortium investor is the sum of borrowed capital amounts of all members of the consortium;

If the invitation for EOI procedures for a business investment project have been carried out and there are at least two investors meeting the requirements of the EOI request, the capacity evaluation criteria set out in the bidding documents must be updated and modified on the basis of the approved EOI request and documents used as the basis for approval of the bidding documents.

2.2.1. The investor’s capacity shall be evaluated according to the following Table 01:

(1) The procuring entity or expert team shall stipulate specific score for each criterion.

(2) The required equity shall be determined on the basis of total investment capital (including total estimated costs of project implementation, and compensation, support and resettlement costs (if any)).  

The investor’s equity shall be determined on these grounds:

- Financial statements or report on the equity which has been audited during the year; in case financial statements or report on the equity which has been audited during the year is not available, those of the previous year can be used in accordance with regulations of law on enterprises, law on auditing, and law on accounting;

- The equity of an enterprise whose operating period is fewer than 12 months shall be determined on the basis of its paid-in charter capital as prescribed by the law on enterprises.

If the investor participates in more than one project and makes other long-term financial investments (if any) within the same period, it shall be required to prepare the list of ongoing projects and other long-term financial investments, and ensure that its total equity is sufficient to make contributions to such projects and long-term financial investments as committed.

At the time of conclusion of the project contract, the successful investor shall provide the competent authority with documents proving its financial capacity.

The investor shall provide information and documents proving its financial capacity by filling Form No. 06 in Chapter IV - Bidding forms, and make commitments on mobilization of equity using Form No. 07 in Chapter IV – Bidding forms.

(3) The investor shall make commitment on borrowed capital using Form No. 07 in Chapter IV – Bidding forms. The investor shall also provide the financial guarantee given by a bank or credit institution in respect to the remaining financial obligations (in addition to the equity) to be fulfilled by the investor.

13. Section 3.2.2 Chapter III Part 1 is amended as follows:

14. Point c Section 3.3.2 Chapter III Part 1 is amended as follows:

15. Clauses 5 and 6 are added following clause 4 Section 4 of Chapter III Part 1 as follows:

“5. Upon completion of the bid evaluation, if there are at least two investors achieving the same combined score which is also the highest score, the investor having experience in executing similar projects shall be prioritized according to the following rules:

a) The procuring entity requests investors to submit documents proving their experience in executing similar projects. The investor that has included such documents proving its experience in its bid shall provide updated or additional documents.

b) The procuring entity shall consider and evaluate to determine the investor with the most relevant experience in executing similar projects.

c) The investor with the most relevant experience in executing similar projects shall be considered successful and awarded the contract.

6. If experience in executing similar projects of investors is equally evaluated, the investor achieving the highest score of investment efficiency in development of the electricity sector shall be considered successful and awarded the contract.”.

16. The phrases “kinh nghiệm” (“experience”), “và kinh nghiệm” (“and experience”) and “tài liệu chứng minh kinh nghiệm thực hiện dự án tương tự” (“documents proving experience in executing similar projects”) in Section 10. 1, heading of Section 12, contents of Section 22, Sections 25. 1 and 25. 2, Section 29. 2, Sections 32. 2 and 32. 5 of Chapter I Part 1; ITI Section 25.1 and ITI Section 29. 4 (a) of Chapter II Part 1; point b Section 1. 1, clause 1, clause 2 and point b clause 3 Section 4 of Chapter III Part 1 are removed.

17. Form No. 05 in Chapter IV is replaced with the following:

Notes:

(1) In case there are partners jointly executing the project, the investor is required to fill out this form.

(2) Names of partners executing the project are specified. If a partner’s identity is unavailable at the time of bid submission, the investor shall only provide information in the "role" column. When a partner is selected to perform the declared task after the investor is selected, that partner’s information must be provided for the procuring entity.

(3) The role of each partner is specified.

(4) The investor shall insert the reference number of the contract and provide the certified copy thereof. Any contract or written agreement made with the partner must bear signatures of lawful representatives of two parties. The lawful representatives of the parties shall be their legal representatives or their authorized persons.

18. Form No. 08 is abrogated, and Form No. 8a is added following Form No. 07 in Chapter IV Part 1 as follows:

1. After studying the bidding documents for the project ____ [insert the project's name], we, ____ [insert the investor's name] hereby undertake that:

b) Return the value of the property on land with an amount of ____ [insert the residual value of the property (if the property is demolished or destroyed) or the selling price of the property on land (if the property is sold) in case the specific value of the property on land has been determined by the competent authority at the time of preparation of the bidding documents] or [insert the text "determined by a competent authority in accordance with regulations of law on management and use of public property” in case such value of the property on land has not yet been determined by the competent authority at the time of preparation of the bidding documents]].

2. If winning the bid, we hereby covenant to make full payment specified in Section 1 hereof according to the schedule and requirements set out in the project contract with an amount determined by the competent authority in accordance with regulations of the Land Law, and the law on management and use of public property.

(1) This Form is filled out if the investment project is to be located in the land area for which compensation, support and relocation costs are incurred upon expropriation in accordance with regulations of the Land Law, or on the land area on which there is property in accordance with regulations of law on management and use of public property.

19. The phrase “theo quy định tại điểm d Mục 33.1 CDNDT của hồ sơ mời thầu” (“as prescribed in point d of ITI Section 33.1 of the bidding documents”) in Section 2 Form No. 10 of Chapter IV Part 1 is removed.

20. Form No. 11 in Chapter IV Part 1 is abrogated.

 

REQUIREMENTS REGARDING CAPACITY AND INVESTMENT EFFICIENCY IN DEVELOPMENT OF ELECTRICITY SECTOR
(Enclosed with the Circular No. 66/2025/TT-BCT dated December 31, 2025 of the Minister of Industry and Trade of Vietnam)

1. Investor’s capacity requirements are specified in the following Table 01:

(1) The required equity shall be determined on the basis of total investment capital (including total estimated costs of project implementation, and compensation, support and resettlement costs (if any)).  

The investor’s equity shall be determined on these grounds:

- Financial statements or report on the equity which has been audited during the year; in case financial statements or report on the equity which has been audited during the year is not available, those of the previous year can be used in accordance with regulations of law on enterprises, law on auditing, and law on accounting;

- The equity of an enterprise whose operating period is fewer than 12 months shall be determined on the basis of its paid-in charter capital as prescribed by the law on enterprises. If the investor participates in more than one project and makes other long-term financial investments (if any) within the same period, it shall be required to prepare the list of ongoing projects and other long-term financial investments, and ensure that its total equity is sufficient to make contributions to such projects and long-term financial investments as committed.

At the time of conclusion of the project contract, the investor shall provide the competent authority with documents proving its financial capacity.

The investor shall provide information and documents proving its financial capacity using Form No. 06, and make commitments on mobilization of equity using Form No. 07 in Appendix II enclosed with the Circular No. 27/2024/TT-BCT, as amended by the Circular No. 32/2025/TT-BCT.

(2) The investor shall make commitments on mobilization of borrowed capital using Form No. 07 in Appendix II enclosed with the Circular No. 27/2024/TT-BCT, as amended by the Circular No. 32/2025/TT-BCT. The investor shall also provide the financial guarantee given by a bank or credit institution in respect to the remaining financial obligations (in addition to the equity) to be fulfilled by the investor.

2. Requirements regarding investment efficiency in development of electricity sector