The US$66 million solar farm in Trang Bang district, Tay Ninh province, for which the board of Gulf Energy has authorized the company to enter into a shareholder agreement with TTC Group . 
Consequently, TTC Group is expected to hold 51%, while the remaining 49% is owned by Gulf Energy. The Project has been approved by the Ministry of Industry and Trade of Vietnam to sell electricity to the utility Vietnam Electricity (EVN) under a 20-year contract. Project construction will commence in June 2018 and commercial operation is scheduled for June 2019.
The plans comes as part on MoU singed by Gulf and TTC to form a partnership to jointly study, develop and invest in energy projects in Vietnam including solar, wind, natural gas, coal, waste, hydropower and thermal energy as well as natural gas import and terminal projects.
Vietnam's large-scale solar power industry is proliferating. Sunseap International, the international arm of Singapore`s leading clean energy provider Sunseap Group, has signed an agreement with InfraCo Asia Development Pte Ltd (InfraCo Asia) to jointly develop a 168 MWp utility-scale solar power project in Vietnam in February. Meanwhile, TTC also recently contracted JGC Corporation to build a 49MW project in Gia Lai Province.
In January, AC Energy, the energy sector business arm of the Philippines' largest conglomerate Ayala Group, also announced that it is investing in Vietnam's solar power industry through a partnership with Vietnam-headquartered BIM Group to jointly develop over 300 megawatts (MW) of solar power projects in Vietnam's Ninh Thuan province. 
According to reports from Oliver Massmann of Duane Morris, Mien Trung Energy JSC plans to invest more VND1.3 trillion (US$57.2 million) in a 50MW solar power plant on 60 hectares around Dau Tieng Lake in Tan Chau district. Furthermore, Bien Hoa-Thanh Long One-Member plans to build a 30MW solar power plant, worth VND736 billion (US$32.38 million) on 37 hectares of land in Thanh Long commune, Chau Thanh district.
Solar power is expected to become the main new renewable energy source in the future, with installed capacity to be increased from around six to seven megawatt (MW) at the end of 2017 to 850 MW by 2020, accounting for 1.6% of the country's power generation and 12,000 MW by 2030 or 3.3% of Vietnam's power generation, following the targets set by the government.