RECCESSARY’s “ASEAN Weekly” highlights Southeast Asia’s new energy and carbon market updates. (Image: RECCESSARY)
Rising energy costs and shifting corporate strategies are reshaping sustainability trends across ASEAN this week. As the Iran war drives up LNG prices, the Philippines is weighing power price intervention and a greater reliance on coal to stabilize electricity costs. Meanwhile, Vietnam’s VinFast continues to post widening losses despite strong delivery growth, signaling a strategic pivot toward hybrid models and broader global expansion. Here are the key ASEAN stories from Mar. 16–22.
From a costly setback to a 1GW pipeline: Whole Sun bets again on the Philippines
Taiwanese renewable energy developer Whole Sun Green Power (禾迅綠電), a subsidiary of Giga Solar Materials Group (碩禾電子材料), entered Southeast Asia nearly a decade ago with ambitious plans to expand its solar business beyond Taiwan and Japan. Instead, an abrupt policy reversal in the Philippines forced the company to shelve projects worth more than USD 50 million.
The company listed on Taiwan’s Emerging Stock Board in January 2026 and plans to pursue an IPO on the Taiwan Innovation Board later this year. For Whole Sun, the Philippines remains one of Southeast Asia’s most promising renewable energy markets. In this exclusive interview with RECCESSARY, the company reflects on what it learned from earlier setbacks and how those lessons are shaping its next phase of development. Read more here
Iran war: Philippines weighs power price Intervention, coal expansion as LNG costs spike
As the Iran war drives up liquefied natural gas (LNG) prices, the Philippine government is considering intervening in power prices as early as this week while also increasing electricity generation from coal. The Philippines is one of the few largely unregulated electricity markets in Southeast Asia, but the country could face a 16% rise in power prices by next month if the government does not step in, Energy Secretary Sharon Garin told Reuters.
Manila is also in talks with Indonesia to secure a more stable coal supply, as the government seeks to replace some LNG-fired generation with coal-fired power plants. Read more here
Thailand struggles to meet corporate renewable demand as DPPA hurdles persist
Corporate access to renewable power in Thailand is expanding, but unclear pricing and fragmented policies are slowing momentum, industry experts said on Mar. 17.
Speaking at a webinar hosted by the Asia Clean Energy Coalition (ACEC), experts pointed to Thailand’s evolving direct power purchase agreements (DPPAs) framework and the ASEAN Power Grid as critical to unlocking the next phase of the region’s energy transition. Read more here
VinFast losses widen despite delivery surge, eyes hybrid and global expansion
Vietnamese EV maker VinFast, listed in the United States, reported widening annual losses despite a sharp increase in vehicle deliveries. The company said it aims to sell up to 300,000 electric vehicles this year, while gradually resuming construction of its U.S. factory and expanding its electric two-wheeler business.
It also confirmed plans to introduce hybrid vehicles in 2026, positioning them as a transitional option to ease consumer adoption of fully electric models. Read more here
VinFast's EV deliveries were 86,557 in the fourth quarter of 2025, representing a 127% increase quarter-over-quarter. (Photo: VinFast)
Thai data center boom sparks fears of water shortage, air pollution
Thailand is experiencing a rapid data center boom, with more than 70 projects planned or underway. Critics say the sector is expanding with little transparency or community consultation, leaving locals uncertain about environmental safeguards and benefits. Read more here
Vietnam‘s energy transition: A looming regulatory storm in the shadow of DPPA
Vietnam’s renewable energy sector is caught in a strange, somewhat contradictory moment. On one hand, the long-awaited Direct Power Purchase Agreement (DPPA) framework finally went live in March. By lowering the barriers for entry, it felt like the industry had finally turned a corner, moving toward a more open and competitive market. But just as we started to see a glimmer of hope, a "regulatory backlash" from the past has come back to haunt the industry. Read more here
Op-ed: Legal analysis for Vietnam's Certificate of Construction Acceptance for FiT energy project
Vietnam’s DPPA rollout signals progress, but retroactive FiT disputes affecting 12GW of solar and wind projects have renewed investor concerns. Hoang Pham, Managing Partner at VSE Lawyers, examines the role of Construction Completion Acceptance (CCA) in determining project eligibility and tariff entitlement, and provides a legal perspective on the ongoing disputes. Read more here
V-Green to invest $400 million in Vietnam EV chargers powered by renewables
V-Green, the charging infrastructure arm of Vingroup, announced on March 18 that it will invest USD 400 million this year to deploy 99 renewable-powered fast-charging stations along highways across Vietnam, aiming to meet long-distance travel demand while helping curb transport emissions. Read more here
Indonesia plan to rezone elephant reserve for carbon trading and tourism sparks backlash
Indonesia plans to rezone large parts of Way Kambas National Park in Sumatra for carbon trading and luxury tourism to raise conservation funds. Experts say carbon projects and reforestation could reduce elephant food sources and worsen human-wildlife conflict. Read more here
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