Vietnam is considered to be a country with great potential for renewable energy, especially solar energy in the central and southern regions of the country, with an average solar radiation intensity of about 5 kWh / m2. /day. Solar energy in Vietnam is available all year round, is quite stable, widely distributed across different regions of the country and is used mainly for the purposes of generating electricity and supplying electricity. Investing in solar power projects has been assessed by investors as having good investment efficiency, especially in the context that the country is still short of electricity supply and must be imported from China (0,82%) and Laos (0.68%) according to the 2017 Center of the National dispatching system.

Evaluating the great potential of solar power, which has yet to be fully exploited, Phu Yen  TTP Joint Stock Company has conducted a survey and assessment of the feasibility of implementing energy projects. regeneration in the central provinces of Vietnam. The survey report noted that Phu Yen is one of the most potential and most suitable provinces to implement the project with an average radiation of 5.38 kWh / m2 / day and the commercial electricity growth rate consistent with the development situation. socio-economic as well as the investment and construction situation in the province in the past time and a vision to 2030. Based on the existing topographic and climatic indicators of the province, through the People's Committee of Phu Yen province, it has a policy of attracting investment in wind and solar power projects.

Therefore, Phu Yen TTP Company has decided to choose Hoa Hoi Commune, Phu Hoa District, Phu Yen Province to invest in the development of the first solar power project to contribute to ensuring energy security and creating job, stable income for local workers, increasing budget revenue, creating a driving force for socio-economic development of the province and the locality called "Hoa Hoi Solar Power Plant".

After assessing the practicality and feasibility of the project and based on the Official Letter No. 15 / TTg-CN dated January 31, 2018 of the Prime Minister on the addition of the project of Hoa Hoi PV Power Plant In the adjusted Power Planning VII, the People's Committee of Phu Yen province issued a Decision approving the investment policy so that Phu Yen TTP Joint Stock Company is an investor to implement Hoa Hoi Solar Power Project in Official Dispatch No. 946 / QD -UBND May 11, 2018.

 

“This is a pleasure and honor for all leaders and staff of Phu Yen TTP Joint Stock Company; Besides, this decision on investment policy will also help us more motivation and determination to fulfill our promise to the People's Committee of Phu Yen province, to put the factory into operation before June 30, 2019, in the celebration 30 years of re-establishment of Phu Yen province ”said Mr. Nguyen Anh Tuan, General Director of Phu Yen TTP Company.