Recently, under the promotion of Haixing Power, Chinese energy storage company Livoltek and Vietnamese EPO company officially signed a strategic cooperation agreement for a 500MWh energy storage project. According to the agreement, Lvde will provide Vietnam with a comprehensive system solution covering photovoltaic, energy storage, and charging scenarios, achieving comprehensive output from technology, products to services.

Both parties stated that they will establish a long-term strategic partnership starting from the 500MWh project and jointly explore the energy storage market in Vietnam and even Southeast Asia. Livode has achieved independent research and intelligent manufacturing in energy storage cells, system integration, medium voltage substations, and container solutions, ensuring that its products maintain industry leadership in reliability, safety, and cost.

Under the strong promotion of the Vietnamese government's energy transformation policy, the country's energy storage market is experiencing rapid development. In 2023, the size of Vietnam's energy storage market has exceeded 320MWh. According to IEA and BNEF forecasts, the average annual growth rate of this market will reach 25% -30% in the next five years, and the installed capacity is expected to increase to 4GW by 2030, with a market size exceeding 5 billion US dollars.

Vietnam has listed energy storage as a priority development area for many years. The Decree No. 58/2025/ND-CP, which will come into effect in March 2025, clearly stipulates that supporting energy storage projects will receive policy support such as reductions in sea use fees and land rental discounts, and simplify the signing process of power purchase agreements to create favorable conditions for project implementation.

With the rapid increase in installed capacity of wind and photovoltaic power, Vietnam's curtailment rate has reached 15% in 2023, and energy storage has become a key technology for balancing power supply and demand. The Vietnamese government plans to increase the proportion of renewable energy generation to 30.9% by 2030, and the demand for energy storage market is expected to continue to expand. Editor/Yang Beihua