The forum was jointly organized by the Ministry of Finance of Vietnam, the Italian Trade Agency (ITA), and the Confederation of Italian Industry (Confindustria).

The event was attended by Mr. Ho Sy Hung – Deputy Minister of Finance of Vietnam, Mr. Valentino Valentini – Deputy Minister of Enterprises and Made in Italy, representatives of relevant ministries and agencies, the Embassy of Italy in Vietnam, more than 200 Vietnamese enterprises and nearly 100 Italian enterprises.

The EVN delegation was led by Mr. Nguyen Xuan Nam – Vice President of EVN.

EVN Vice President Nguyen Xuan Nam (front row, left) exchanges Letter of Intent with CDP representative

At the forum, Mr. Nguyen Xuan Nam, on behalf of EVN, formally presented the Letter of Intent to the partner in the fields of energy and infrastructure, in the presence of senior leaders from both Vietnamese and Italian ministries. He also participated in specialized panel discussions on high technology and innovation, as well as business-to-business (B2B) meetings with various organizations and enterprises.

The Bac Ai Pumped-Storage Hydropower Project (the Project) is the first of its kind in Vietnam, and its investment plan has been approved by EVN. It is classified as one of the priority energy infrastructure projects for the period 2021–2030 under the National Power Development Plan VIII, as approved by the Prime Minister in Decision No. 500/QĐ-TTg dated May 15, 2023.

Delegates attending Vietnam–Italy Business Forum

The project has also been approved by the Ministry of Industry and Trade as part of the national portfolio of coordinated operation plants with major hydropower facilities. It is considered strategically important for economic development, national defense, and security. Designed with a maximum generation capacity of 1,200 MW, the plant will supply peak-hour power to the national grid, while pumping water from the lower to the upper reservoir during off-peak hours to store energy. This will help flatten the national power load curve, with up to seven hours of daily peak generation, while also providing frequency regulation, reactive power compensation, and spinning reserve for the system.

On May 12, 2025, EVN and a group of six development finance institutions – including the French Development Agency (AFD), the German KfW Development Bank, the Japan International Cooperation Agency (JICA), the European Investment Bank (EIB), the Italian national development bank CDP, and Proparco – signed a Term Sheet to arrange financing for the Bac Ai Pumped-Storage Hydropower Project. This document serves as the basis for proceeding to the next implementation phases.

Translator: Hoàng Duy Khánh