In the first nine months of this year, the company reported revenues of 6.2 billion baht (approximately $162 million) and a net profit of 20 million baht ($530,000), reflecting a 14% and 99.2% decline, respectively, compared to the same period in 2024.
Specifically, in Vietnam during this period, the company generated 2.3 billion baht ($61 million) from solar power, a 9.5% decrease year-over-year, and 322.5 million baht ($8.6 million) from wind power, a marginal 0.3% decline.
Super Energy attributed the decline in solar power revenue in Vietnam to currency fluctuations, as the Vietnamese dong depreciated against the Thai baht, despite stable production levels. Similarly, while wind power output increased due to favorable weather conditions, revenue decreased.
Solar power in Vietnam accounted for 37% of Super Energy’s total revenue, with wind power contributing 5%. The remaining revenue was derived from operations in Thailand, including solar power, waste-to-energy, IT, and water supply.
This revenue resulted in gross profits of 326.4 million baht ($8.7 million) from solar power and 52.3 million baht ($1.4 million) from wind power in Vietnam during the first nine months.
Super Energy’s portfolio in Vietnam includes nine operational solar power projects with a total capacity of 836.7 MW and four wind power projects totaling 200 MW. While all solar projects are active, only one wind project, HBRE Chu Prong, is currently operational.
Regarding legal issues, Super Energy noted that the Loc Ninh 3 project is under dispute. In April, the Hanoi People’s Court ruled that the company must compensate the state with 209.4 billion dong ($8.9 million). The company has appealed, and as of Q3 2025, the outcome remains pending.
The controversy surrounding the project began in 2020 when Super Energy acquired several intermediary companies to take control of the Loc Ninh 1, 2, 3, 4, and 5 solar power projects near the border area. In 2023, the Government Inspectorate identified multiple violations in the Loc Ninh 3, 4, and 5 projects, including the construction of Loc Ninh 3 on 149 hectares of production forest land without proper conversion permits.
Additionally, Super Energy confirmed that EVN has fully paid for the electricity supplied by its projects until recently, when new developments in renewable energy and COD impacted payments. As a result, the company’s trade receivables from EVN increased by 553 million baht ($14.7 million).
The company anticipates receiving gradual payments for most projects during the normal payment cycle in Q4 2025.
Today’s Live Hog Prices, November 26: Continued Rise Across Multiple Regions
Live pig prices have been consistently on the rise over the past two weeks, with a total increase of 5,000 to 6,000 VND per kilogram.
Dr. Trần Quý: In the Era of Aspiration, Policies Are Not Barriers but Value Filters
Speaking at the SIHUB seminar on the afternoon of November 26th, Dr. Tran Quy asserted that Vietnam is entering a new phase of governance, where policy becomes the pioneering force and filtering mechanisms are in place to attract valuable capital, technology, and talent, rather than lagging behind reality or creating barriers.
Implementing Regional Minimum Wage Increases Effective January 1, 2026
The government has outlined specific criteria for those eligible for regional minimum wage increases in Decree No. 293/2025/NĐ-CP, effective January 1, 2026.
Strategic Tech Sector Development: Deputy Prime Minister Engages Experts and Industry Leaders
On the morning of November 26th, at the National Innovation Center (NIC) in Hoa Lac, Hanoi, Deputy Prime Minister Nguyen Chi Dung chaired a working session with the Vietnam Innovation Network (VIN) and experts on the development of strategic technology sectors.
ADB Country Director Highlights Vietnam’s Remarkable Progress Over the Past Decade
On the morning of November 25th, in Hanoi, the Ministry of Finance and the Asian Development Bank (ADB) jointly hosted the 2025 High-Level Public-Private Partnership (PPP) Dialogue. This pivotal event brought together regulatory bodies, development partners, and domestic and international investors. It took place as Vietnam finalizes significant amendments to its PPP Law, marking a critical phase in the nation’s development trajectory.
