Trungnam Group is emerging as a leading renewable energy investor in Vietnam, possessing a portfolio of large-scale projects. Behind that success lie the sweat and tears of the "pioneers" of Vietnam's renewable energy industry.
TRUNGNAM GROUP - RISING TO THE TOP BY TURNING SUN AND WIND INTO VALUABLE RESOURCES
Ninh Thuan has always been scorching hot. Endless sand dunes, parched vegetation, and lean sheep herds were once the familiar images associated with this land. However, in recent years, the situation has transformed. Fresh vitality has been breathed into the region. The harsh sun and wind of Ninh Thuan have been "conquered" by forward-thinking investors, turning climate severity into economic opportunity and putting the province firmly on Vietnam's renewable energy map.
Today, following waves of rapid development, Ninh Thuan has become the capital of solar and wind power in Vietnam and Southeast Asia. Arriving in Thuan Bac district, anyone would be impressed by a vast solar farm stretching across the landscape beneath towering wind turbine pillars. This is the Solar and Wind Power Complex developed by
Trungnam Group—a one-of-a-kind project in Vietnam featuring solar panels on the ground and wind turbines above. Trungnam Group was among the very first investors to set foot here and unlock this land's energy potential.
Reflecting on this integrated solar-wind complex, Mr. Nguyen Tam Tien,
General Director of Trungnam Group, cannot hide his pride. “Trung Nam conceived and executed this model. Inadvertently, Trung Nam's approach is unprecedented globally,” Mr. Tien enthusiastically shared. Spanning 900 hectares with an annual power output approaching 1 billion kWh and a combined capacity exceeding 350 MW, this renewable energy complex has become the largest of its kind in Southeast Asia.
Since entering solar and wind energy investment, Trungnam's reputation has soared, making it a prominent trailblazer in Vietnam's energy market—a pioneer in the emotional narrative of "clean, green, and environmentally friendly" energy.
Today, Trungnam holds thousands of megawatts of "clean power," including 794 MW of operational solar power, 151.95 MW of wind power, and 118 MW of hydropower. Additionally, 545.8 MW of wind power capacity is under active round-the-clock construction to meet commercial operation deadlines before November 1, 2021.
This capacity places Trungnam among top-tier energy developers across Southeast Asia, spanning Ninh Thuan, the Central Highlands, and Tra Vinh. The government's incentive pricing policies for wind and solar power encouraged Trungnam to venture into this novel, challenging, yet rewarding sector. However, investing in clean energy has not been entirely smooth sailing, presenting complex hurdles alongside opportunities.
Mr. Nguyen Tam Tien, General Director of Trungnam Group, acknowledges that energy investment—especially clean energy—is a highly demanding field. These projects require massive capital and specialized technical expertise. Developing a single wind power project entails a full year of wind measurement and another year of equipment installation. Trungnam is one of the rare domestic enterprises that self-installs and constructs its own projects.
Upon completing 45 wind towers without a single workplace accident, Trungnam's leadership breathed a sigh of relief, as erecting equipment on wind towers hundreds of meters high amidst strong gusts poses severe safety risks. “That achievement was made possible by leveraging experienced foreign experts. They were meticulous; if any procedure was unsafe, they refused to proceed,” Mr. Nguyen Tam Tien recalled.
GRID OVERLOAD AND A LANDMARK DECISION IN THE ENERGY SECTOR
However, when investing in clean energy, Trungnam encountered an unexpected "obstacle" that threatened the project's financial plans: transmission grid overloading in Ninh Thuan and Binh Thuan provinces, which prevented many renewable energy plants from dispatching at full capacity to the grid. This issue affected most investors, including Trungnam.
Refusing to be sidelined, Trungnam proposed that the Government and Ministry of Industry and Trade allow private investment in the 220/500kV Substation and Transmission Line Project combined with the
450MW Trung Nam Thuan Nam Solar Power Plant. This bold proposal received strong backing from the Government and Ninh Thuan Provincial People's Committee. Trungnam committed to completing the 500kV substation and transmission line within 102 days—a target met with widespread astonishment and skepticism, as it represented the first 500kV substation and transmission line built by a private enterprise in Vietnam.
Through 102 intense days and nights, Trungnam brought the project across the finish line. To achieve the 102-day target,
Trungnam Group completed site clearance within the first 45 days and mobilized over 8,000 personnel—including managers, engineers, and workers—constructing day and night continuously across 557.09 hectares.
October 12, 2020, marked a historic milestone for Vietnam's energy sector as Trungnam held the inauguration ceremony for the
500kV Substation and 220/500kV Transmission Line Project combined with the 450 MW AC Trung Nam Thuan Nam Solar Power Plant. The event held special significance as a key project celebrating the 14th Ninh Thuan Provincial Party Congress for the 2020–2025 tenure.
Looking back at that decision today,
Mr. Nguyen Tam Tien still remembers the intense anxiety. He confided that failing to finish the project on time would have meant severe financial ruin, especially since not all project capacity was guaranteed the 9.35 US cents/kWh tariff. Yet, Trungnam persevered bravely, knowing it was a fierce race against time.
Speaking at the inauguration ceremony, Mr. Luu Xuan Vinh, Chairman of the Provincial People's Committee, emphasized: Although construction took place under severe COVID-19 impacts and prolonged drought in Ninh Thuan, the project was officially energized and completed in late September 2020—finishing 3 months ahead of the Prime Minister's deadline.
The completion and commissioning of the project are vital, realizing Government Resolution 115/NQ-CP to establish Ninh Thuận as the national renewable energy hub, relieving capacity bottlenecks for renewable energy plants across Ninh Thuận and Bình Thuận, and improving the provincial investment climate.
Nevertheless, challenges persisted. Power curtailment continued to affect Trungnam's project, prompting the Group to submit formal petitions to the National Assembly, the Government, and the Ministry of Industry and Trade. Mr. Tien shared, “Trungnam operates many power plants; where grid constraints require curtailment, we accept it, understanding that transmission lines take time to build. But for projects like Trung Nam Thuan Nam Solar Plant, we felt deep frustration. We invested in building the 500kV substation and transmission line to enable grid integration for all regional projects, so facing capacity curtailment like other non-grid-investing developers was extremely difficult.”
DETERMINED NOT TO SELL CONTROLLING STAKES IN RENEWABLE PROJECTS
In Vietnam, many developers sell controlling stakes to foreign investors immediately after completing procedures or construction. While numerous solar and wind projects were transferred, Trungnam continued to construct one project after another—demonstrating strong financial capacity and a long-term commitment to Vietnam's clean energy sector.
Only recently, to concentrate resources on ongoing developments, did Trungnam decide to transfer a 49% stake in the 204 MW Trung Nam Thuan Bac Solar Power Plant to ACIT. Subsequently, on May 14, Trung Nam Wind Power JSC signed a strategic partnership with Hitachi Sustainable Energy (Hitachi SE), a subsidiary of Japan's Hitachi Group. Under the agreement, Hitachi SE acquired a 35.1% stake in Trung Nam Wind Power Plant. By retaining a 64.9% controlling stake, Trungnam Group continues to play a decisive role in managing and directing wind power project development.
Explaining this legally permitted equity restructuring, Mr. Nguyen Tam Tien shared that it strengthens Trungnam financially, unlocking resources to execute additional large-scale projects.
