Written by Senior Foreign Counsel Vaibhav Saxena
Circular No. 62/2025/TT-BCT (“Circular 62”) issued on 10 December 2025 establishes Vietnam’s first comprehensive regulatory framework governing standalone Battery Energy Storage Systems (BESS) connected to the national power system. The Circular provides:
- The methodology for determining and approving annual electricity generation price brackets for BESS;
- The methods for calculating electricity generation service prices of BESS;
- Detailed pricing, adjustment, and settlement formulas, including foreign exchange adjustment mechanisms;
- A regulated Power Purchase Agreement (PPA) framework, including mandatory minimum contents.
Circular 62 issued by the Ministry of Industry and Trade of Vietnam (MoIT), effective 26 January 2026, is a key implementing instrument of the Law on Electricity 2024, directly impacting BESS investors, lenders, EVN, power corporations, electricity market operators, and offtakers. While it adopts bankability-oriented principles (cost recovery, FX adjustment, IRR cap), pricing remains highly regulated and formula-driven.
Application and Exclusions
Regulated Entities
Circular 62 applies to:
- Owners of standalone BESS projects:
- Voltage level: 110 kV or higher;
- Capacity: 10 MW or higher;
- Connected to the national power system;
- Developed in accordance with the adjusted Power Development Plan VIII (2021–2030, vision to 2050);
- Electricity system and electricity market operators (including NSMO);
- Vietnam Electricity (EVN) and its member Power Corporations;
- Other relevant organizations and individuals.
Explicit Exclusions
The pricing methods and PPA contents under Circular 62 do not apply to:
- BESS integrated with renewable energy power plants under Circular 12/2025/TT-BCT;
- BESS invested by Power Corporations under Circular 17/2025/TT-BCT.