Viettel Data Center Hit With Retroactive Business Power Rates in HCMC

Overview

EVN HCMC (EVNHCMC) has applied business electricity rates to data centers operated by Viettel and CMC, demanding retroactive payments of more than VND 7.9 billion and VND 1.7 billion respectively. The move, which the utility says follows a State Audit request, affects Viettel Group and its listed international investment arm Viettel Global (VGI, UPCOM). The dispute highlights the absence of a unified national pricing framework for data centers, a sector Vietnam aims to double to at least 788 MW of design capacity by 2030.

Key Facts

• EVNHCMC demands back payments of more than VND 7.9 billion from Viettel and more than VND 1.7 billion from CMC, calculated through August 25.
• The charges stem from the difference between business retail rates and production rates applied to data center electricity consumption.
• Viettel’s data center in Binh Duong High-Tech Park is managed by Thuan An Power Company; CMC’s data center in Ho Chi Minh City High-Tech Park is managed by Thu Duc Power Company.
• In early September, EVNHCMC instructed subsidiary power companies to apply business rates to data center customers and to suspend supply for non-compliance.
• The State Audit of Vietnam, in a 2026 working session with EVNHCMC, required business retail rates for centralized data processing, storage, and management services.
• Electricity accounts for roughly 40-50% of data center operating costs, according to the Ministry of Science and Technology.
• Vietnam targets at least 788 MW of total data center design capacity by 2030, double the current 372 MW.

What Happened

Viettel and CMC submitted formal petitions to the Ministry of Industry and Trade and the Ministry of Science and Technology regarding inconsistent retail electricity pricing across localities. The companies state that their data centers have been charged business retail rates rather than production rates, despite having paid in full and on time under the production tariff. EVNHCMC counters that the State Audit of Vietnam, during a 2026 review, directed it to apply business retail rates to facilities providing centralized data processing, storage, and management services, and to retroactively collect the tariff difference.

EVNHCMC has asked the Ministry of Industry and Trade to review the matter and issue a circular establishing a unified principle for electricity pricing for data centers, aiming to resolve the disputes. The utility’s early-September directive to subsidiary companies included a threat to halt power supply for non-compliant customers, according to the companies’ petitions. Neither the companies nor EVNHCMC have disclosed the full contractual terms or the exact volume of electricity consumed by the affected data centers.

Market Context

Viettel Global (VGI) trades on the UPCOM exchange and closed at VND 82,700 on September 25, 2026. The dispute is a regulatory cost issue rather than a direct operational threat to VGI’s core overseas telecommunications investments, but it affects sentiment toward Vietnam’s data center build-out, a strategic growth area for the Viettel group. The lack of a uniform pricing circular creates uncertainty for all operators in the Technology and Telecommunications sectors, particularly as the government pushes to double national data center capacity by 2030.

Strategic Significance

For long-term investors, the key issue is whether data centers will be classified as industrial production or commercial business customers for electricity pricing. A business-rate classification raises operating costs structurally, and with electricity at 40-50% of data center operating expenses, the margin impact is material for operators planning capacity expansions. A clear circular from the Ministry of Industry and Trade would reduce regulatory risk and could lower the cost base for Viettel’s domestic data center ambitions, which sit alongside VGI’s international portfolio. Conversely, a ruling favoring EVNHCMC would set a precedent for retroactive charges across the sector.

What to Watch

• Ministry of Industry and Trade circular on data center electricity pricing, expected to be drafted following EVNHCMC’s request.
• Resolution of the VND 7.9 billion and VND 1.7 billion back-payment demands, including whether Viettel and CMC escalate the dispute.
• Any State Audit of Vietnam follow-up findings or additional retroactive collection notices for other data center operators.
• VGI’s next financial disclosure for any provision or cost impact related to the electricity tariff dispute.
• Vietnam’s progress toward the 788 MW data center capacity target by 2030, as a signal of sector investment momentum.