Neovest accompanies Vietnam in realizing Resolution 70 on ensuring national energy security

Mr. Qiang Wang, Chairman of NEOVEST, is delivering a keynote presentation at the event.

Energy Storage - A Strategic Infrastructure for Modern Power Systems

Speaking at the Forum, Mr. Qiang Wang, representative of a Singapore-based renewable energy fund and strategic partner of Neovest Energy Digital Technology (China), emphasized that energy storage is no longer a supplementary solution, but has become a strategic requirement for power systems with a rapidly growing share of renewable energy.

According to Mr. Qiang Wang, under Power Development Plan VIII (PDP8) and its subsequent revisions, Vietnam has officially incorporated energy storage into its medium- and long-term power system development roadmap. Notably, in the 2025 revision of PDP8, targets for electrochemical energy storage were raised to 10–16.3 GW by 2030 and nearly 96 GW by 2050, demonstrating Vietnam’s strong commitment to building a modern, flexible, and sustainable energy infrastructure.

In the context where Vietnam’s total installed power capacity reached approximately 85 GW by the end of 2024, with electricity demand growing by over 10% annually, energy storage is widely regarded as a key factor in stabilizing the power system, controlling electricity costs, and enhancing the national economy's competitiveness.

China’s Experience and Neovest’s Technological Solutions

Sharing practical experience from China, currently the world leader in battery energy storage system (BESS) deployment, Neovest’s representative noted that success lies not only in scale, but in a shift in development models, from policy-driven deployment to market-oriented operation.

Mr. Qiang Wang, Chairman of NEOVEST, is participating in the panel discussion on ‘Mechanisms for mobilizing capital for large-scale energy projects and investor selection under the revised PDP VIII”.

Neovest is involved throughout the entire lifecycle of large-scale energy storage projects, from project development and grid connection to digitalized operation. In 2025, the company completed a 200 MW / 400 MWh grid-forming BESS project in China, utilizing liquid-cooled LFP batteries with a lifespan of up to 12,000 cycles, ensuring stable operation for 20 years.

With a response time of just 20 milliseconds, the system is capable of voltage and frequency support, power fluctuation smoothing, and providing black start capability during large-scale outages-features particularly suitable for power systems with high penetration of wind and solar energy, such as Vietnam.

Alongside hardware infrastructure, Neovest has developed an “ALL IN ONE” intelligent energy management and control platform based on digital twin technology, enabling 24/7 monitoring, early fault warning, and operational optimization. The platform increases asset transparency by up to 90%, reduces financial due diligence costs by 70%, boosts annual operating revenue by approximately 15%, and extends equipment lifespan by an additional 10%.

Development Opportunities and Long-term Investment Commitment in Vietnam

At the Forum, Neovest stated that Vietnam has a favorable opportunity to shorten its development pathway and gradually build a modern energy storage ecosystem, provided there is effective coordination among technology, capital, and market mechanisms.

According to Neovest’s analysis, well-designed grid-side energy storage projects under an appropriate market framework can achieve an internal rate of return (IRR) exceeding 9%, with a payback period of less than 10 years, making them attractive to long-term investors. On this basis, Neovest announced plans to co-establish a USD 100 million energy storage fund in Vietnam, targeting the implementation of 3–5 pilot projects, while expanding cooperation with domestic EPC contractors and investors.

Neovest reaffirmed its “Technology + Capital + Operations” approach, expressing readiness to co-invest, build, and operate projects together with EVN and Vietnamese partners, based on the principle of shared benefits and shared risks.

Joining Hands to Build a “Golden Triangle” for Vietnam’s Energy Future

Concluding the presentation, Neovest called for the establishment of a “Golden Triangle” of Government – Enterprises – Capital as the foundation for realizing the objectives of Resolution 70 and Power Development Plan VIII. Accordingly, energy storage should be granted a clear and independent legal status, broader market access, and be properly valued for the flexibility and grid services it provides, thereby attracting long-term international investment to accompany Vietnam’s sustainable energy development.

Mr. Qiang Wang, Chairman (right), and Mr. Yingjiong Li, Co-Founder (left) of NEOVEST, were seated in prominent positions in the hall.