In the summer of 2025, the production schedule of electronic factories in Beining and Beijiang in northern Vietnam will be changed three times a day. The machine is stopped, workers are waiting for electricity, but orders are not waiting for anyone. The gap in the northern power grid during peak hours exceeds 4000 megawatts, and tens of thousands of industrial enterprises have received off peak notices. Vietnam wanted to catch the plate of global industrial transfer, but was first choked by a wire.

The root cause of insufficient electricity

On the demand side, the average annual growth rate of electricity demand in Vietnam is about 10%; On the supply side, new power sources and grid upgrades are stuck in multiple stages such as land approval, investor selection, and financing. Even more tricky is the transmission link: out of the 43 large-scale transmission projects planned from 2026 to 2030, only 10 have entered the construction phase. Once the power supply is built, it cannot be sent out, and the completed wind and photovoltaic projects can only be idle. At present, the National Transmission Company, which undertakes the investment and operation of national power transmission, manages over 33000 kilometers of transmission lines and 222 substations. The stalls are getting bigger and bigger, but the wallets are getting tighter and tighter.

Open inquiry for 8 projects

On October 8, 2026, Vietnam Electricity Group announced that its subsidiary, State Transmission Company, is seeking loan financing for 8 power transmission and transformation projects, with a total financing demand of approximately 200 million euros. Qualified banks and financial institutions are invited to participate in competitive bidding. The deadline for this financing quotation is 8:30 am on November 27, 2026, and the funds will be used for the construction of substations and transmission lines. It is worth noting that the Vietnamese Ministry of Industry and Trade has submitted a restructuring plan for the power industry, and the National Transmission Company will be separated from the Vietnam Electricity Group and transferred to a specialized department for management. This financing tender is also a capital preparation before its independent operation. The State Bank of Vietnam has previously encouraged commercial banks to provide joint credit for large-scale energy projects through syndicated loans, and the direction of this public bidding is of great significance.keywords:Southeast Asia engineering information network

Opportunity window for Chinese enterprises

For Chinese engineering contractors and transmission and transformation equipment suppliers participating in the Vietnamese electricity market, the financing arrangements for this batch of projects are directly related to the subsequent construction progress - only after the loan is secured will the bidding catch up. Vietnam has limited local manufacturing capabilities and has long relied on imports for high-voltage transformers, high-voltage switchgear, and power automation equipment. Chinese companies have significant room for adaptation in terms of technology and cost advantages in the fields of ultra-high voltage and smart grids. However, this announcement belongs to project loan financing procurement, and the specific construction and equipment procurement arrangements still need to be subject to the subsequent announcements of the project owner.Editor/Yang Meiling