Victor Lee Strengthens Korea-Vietnam Renewable Energy Cooperation... Envisioning the Future of Vietnam's ESS Market

Vietnam ESS Site Inspection (Photo by Victor Lee)

Following the recent Korea-Vietnam summit, the two countries have agreed to strengthen cooperation in training human resources for renewable energy and nuclear power, and have signed a memorandum of understanding (MOU) to promote collaboration in the renewable energy sector. The Ministry of Trade, Industry and Energy of Korea and the Ministry of Industry and Trade of Vietnam have set a shared goal to increase the proportion of Vietnam’s renewable energy facilities from 55% in 2023 to 62% by 2030. Public-private partnership projects are expected to be actively developed in areas such as solar power, wind power, and energy storage systems (ESS).

Victor Lee, an energy solutions specialist, recognized Vietnam’s growth potential early on and responded proactively. Last year, the company established a local subsidiary in Vietnam and began implementing market-specific solar monitoring platforms and ESS solutions as part of its market penetration strategy. Through MOUs with VinFast and NuriFlex Vietnam, Victor Lee has also strengthened its foundation for cooperation to stabilize the power grid and enhance the efficiency of renewable energy utilization.

Victor Lee is a specialized energy solutions company that directly designs, develops, and supplies PMS (control solutions for various ESS applications) and EMS (operation platforms). Based on this expertise, the company is advancing strategies for introducing smart grid solutions in Korea, including ESS for commercial and industrial (C&I) use (with EV charger integration) and long-duration ESS business models, and plans to apply this experience to the Vietnamese market to foster a sustainable energy ecosystem.

In Vietnam, policy changes such as the PDP8 National Power Development Plan, the introduction of DPPA, and amendments to the Electricity Law are expected to drive the expansion of the ESS industry and create growth opportunities in areas such as power trading and carbon credit linkage. However, given the risks associated with policy and the power grid, localized demonstration experience and technology implementation are essential.

Leveraging its integrated EMS operation experience, Victor Lee is pursuing a strategy to manage risks and build market trust by validating complex scenarios, including ESS for C&I use, grid-connected ESS, integrated solar operation, and EV charging integration systems.

Lee Cheolhee, Vice President of Victor Lee, stated, "We will accelerate the global expansion of our business by applying our accumulated technological expertise and demonstration experience locally, spreading our ESS control technology and platforms, and securing a leading position in the Vietnamese market."