On December 20, 2019, the Scientific Council of Vietnam Energy Magazine officially announced the VCE 10 rankings, based on independent evaluations from the Ministry of Industry and Trade (MOIT) and the Vietnam Energy Association (VEA). According to the announcement, Trungnam Group was named the No. 1 investor in the clean energy sector in Vietnam.
The year 2019 marked a boom for the renewable energy (RE) sector, primarily driven by wind and solar power following incentive policies from the Vietnamese Government. This recognition highlights the substantial contributions of energy enterprises, particularly those focusing on eco-friendly energy development to drive Vietnam's socio-economic growth.
As of June 2019, 98 renewable energy projects nationwide with a combined capacity of 4,880 MW had achieved commercial operation, accounting for nearly 9% of the country's total power generation capacity. Among these were 89 solar power plants totaling nearly 4,440 MW.
According to industry experts, Vietnam holds massive renewable energy potential. Beyond large and medium hydropower plants developed over many years—currently providing over 19,000 MW alongside 3,300 MW from small hydropower facilities—remaining hydropower potential is limited (under 1,000 MW for medium hydropower and around 3,000 MW for small hydropower under 30 MW). Conversely, technical potential surveys reveal vast capacity for solar (>330 GWp) and wind power (27,000 – 140,000 MW).
Under national policies encouraging RE development, the Vietnamese Government introduced incentive frameworks such as avoided cost mechanisms, Feed-in-Tariffs (FiT), and net metering across hydro, biomass, wind, and solar sources. Consequently, public and private domestic and foreign investors have rapidly accelerated project development, swiftly expanding the proportion of renewable sources.
Driven by the rapid growth of renewable energy and clean energy enterprises in Vietnam, ranking projects and companies has gained significant attention from experts and society. Implementing a standardized ranking system to evaluate enterprise capability is both timely and essential. Experts established the ranking criteria based on: (1) RE investment scale, (2) alignment with global clean energy trends, (3) technology and equipment standards, (4) core growth drivers, (5) project deployment speed, and (6) corporate social responsibility (CSR).
Trungnam Group continuously leads in investing and constructing large-scale, high-quality renewable energy infrastructure. A prime example is the integrated Solar and Wind Renewable Energy Complex in Bac Phong and Loi Hai communes, Thuan Bac district, Ninh Thuan province. Recognized as Vietnam's first integrated RE complex, it combined 204 MW of solar power and 151.95 MW of wind power grid-connected in 2019, establishing a milestone for Ninh Thuan's clean energy vision.
The annual energy output generated by Trungnam Group's wind and solar portfolio reaches 1.2 billion kWh per year, encompassing the integrated Ninh Thuan complex and the Trung Nam Tra Vinh Solar Power Plant.
Furthermore, on November 29, 2019, Trungnam Group held a power generation ceremony for Phase 2 of the Trung Nam Wind Power Project, deploying its first 4.0 MW/turbine unit—the largest capacity onshore wind turbine installed in Vietnam—in Thuan Bac district, Ninh Thuan province. The project installation was executed by Trung Nam Construction and Machinery Erection JSC under the technical guidance of equipment supplier Enercon (Germany). Phase 2 of the wind farm features a 64 MW capacity and an annual yield of 182 million kWh across 16 wind turbines (4.0 MW each). It incorporates 0.4 – 1/22kV step-up transformer stations linked to the project's 22/110 kV Substation, connecting directly to the 110 kV feeder bay at the 220kV Thap Cham Substation to feed into the national grid. This marks a pivotal advancement in Trungnam Group's clean energy strategy. Phase 3 of the project will add 48 MW (12 turbines) to achieve an annual yield of 134 million kWh.
Top 10 Clean Energy Enterprises voted by the Scientific Council of Vietnam Energy Magazine:
1. Trung Nam Construction Investment Joint Stock Company (Trungnam Group)
2. Dau Tieng Energy Joint Stock Company
3. Truong Thanh Vietnam Group Joint Stock Company (TTVN Group)
4. TTC Group
5. BIM Group
6. Vietracimex
7. Vietnam Electricity (EVN)
8. Sunseap Group (Thailand)
9. Cong Ly Construction Commercial Tourism Co., Ltd.
10. Sao Mai Group
The total generation capacity of the Top 10 clean energy leaders, spanning a portfolio of 29 solar and wind plants, exceeds 2,300 MW (including 2,164.52 MW of solar and 139.15 MW of wind), accounting for 49% of total national solar and wind capacity and 27.6% of overall RE sources (excluding medium and large hydro). Trungnam Group aims to grid-connect 700 MW within 2020 and continue expanding its renewable energy investments with specific targets:
The VCE 10 rankings are based on independent evaluation data from the Ministry of Industry and Trade, EVN, VEA, and operational information disclosed by clean energy developers in Vietnam.