In a move that underlines growing international cooperation in clean energy, French hydrogen specialist HDF Energy has signed a memorandum of understanding (MoU) with Vietnam’s Southern Power Corporation (EVNSPC) to develop five green hydrogen-based power plants in the country’s southern offshore regions.
The deal, valued at €500 million, was inked in Hanoi during French President Emmanuel Macron’s state visit to Vietnam, signalling high-level political backing for French cleantech exports. The agreement aims to bring round-the-clock, renewable electricity to isolated communities in the South China Sea, many of which continue to rely on diesel generators.
The signing took place at the French Embassy in the presence of senior government officials from both countries, including France’s Minister of Economy and Vietnam’s Deputy Minister of Industry and Trade. Also present were Damien Havard, CEO of HDF Energy, and Nguyen Phuoc Duc, CEO of EVNSPC, a subsidiary of national utility Vietnam Electricity (EVN).
HDF’s solution centers on its proprietary Renewstable technology, which integrates intermittent renewable sources with green hydrogen storage and high-power fuel cells to deliver baseload electricity. The system is designed to overcome the intermittency challenges of solar and wind power, particularly in remote or off-grid locations.
“This agreement marks a key milestone in our Vietnam strategy,” said Havard. “We offer a concrete, integrated, and sustainable response to the country's energy transition challenges. The fact that this MoU was signed during President Macron’s visit underlines the confidence in French technology and our long-term commitment to the region.”
EVNSPC, which oversees power distribution in Vietnam’s southern provinces, expects the partnership to not only cut carbon emissions but also lower power generation costs on islands that are expensive to electrify using traditional means.
“This collaboration will accelerate the energy transition in off-grid islands managed by EVNSPC,” said CEO Nguyen Phuoc Duc. “It ensures stable electricity supply 24/7 at a lower cost compared to diesel. We are grateful for the support from both governments and see this as a powerful testament to Franco-Vietnamese cooperation in sustainable development.”
The high-power fuel cells used in the projects will be manufactured at HDF’s plant in Blanquefort, near Bordeaux. The facility, backed by the French government under the Important Projects of Common European Interest (IPCEI) program, is scheduled to begin production in 2025.
Vietnam has emerged as a key frontier market for green hydrogen and renewable integration in Southeast Asia, with rising energy demand, an ambitious net-zero target by 2050, and a growing policy push to decarbonize remote regions.
Founded in France, HDF Energy has built a global footprint with operations in Latin America, the Caribbean, Africa, and the Asia-Pacific. The company, listed on Euronext Paris since 2021, is currently developing a project pipeline valued at over €3 billion. It aims to become a major player in hydrogen-based baseload power and clean mobility across emerging markets.
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