INDEFOL and the Vision for Green Hydrogen in Vietnam: A Discussion with Mr. Manuel Baumgartner, APAC GH2 Trading Director at INDEFOL

by Annie Nguyễn, VAHC Secretariat

Against the backdrop of the global green hydrogen revolution, Vietnam is emerging as a strategic destination for clean energy projects. Mr. Manuel Baumgartner, APAC GH2 Trading Director at INDEFOL, sat down with VAHC's Annie Nguyễn for an open conversation about the company's strategy, specific projects in Vietnam, and vision for the future.

Mr. Manuel Baumgartner, APAC GH2 Trading Director at INDEFOL

Strategy and the Choice of Vietnam

When asked about INDEFOL's strategy in Vietnam and ASEAN, Mr. Baumgartner explained that INDEFOL is strongly aligned with leading German firms such as Fraunhofer, Siemens, Deutsche Bank, VGU, EKPO, Neumann & Esser, DEKRA, and TÜV SÜD, all of which have a significant strategic presence in Vietnam. Thanks to this network of partners, Vietnam was chosen as the optimal location to develop the green hydrogen triangle across the three provinces of Tây Ninh, Hậu Giang, and Cam Ranh, powered by wind and solar energy.

The Vĩnh Long Project and the Mekong Delta's Potential

As the person directly leading the 42 MW Vĩnh Long fuel cell project, Mr. Baumgartner shared that the company is in the process of building a robust SPV structure. The inauguration of the project's first phase with 1 MW capacity is scheduled for September 21, with senior directors from Deutsche Bank, and other prestigious partners expected to attend. In the coming years, the project will be expanded to 42 MW, with the potential to reach 100 MW depending on wind turbine deployment in the Mekong Delta region, which holds significant renewable energy potential.

The Role of the Green Hydrogen Hub Vietnam

As a founding member of the "Green Hydrogen Hub Viet Nam" supported by GIZ, Mr. Baumgartner emphasized INDEFOL's key contribution: manufacturing the first 1 MW containerized alkaline electrolyzer in Vietnam, which can be exported throughout the Asia-Pacific region. He noted that the public-private partnership initiated with GIZ has gained significant momentum since 2025, with additional partners joining to support Vietnam's emerging hydrogen revolution.

Equipment Manufacturing and Partnership with Messer

Regarding the decision to install an alkaline electrolyzer production line with a capacity of 144 units per year and the strategic partnership with Messer Vietnam, Mr. Baumgartner expressed pride in becoming Messer's partner, a 125-year-old company with 13 subsidiaries in Vietnam. INDEFOL's main ambition is to guarantee baseload supply for global leading garment factories, helping them achieve decarbonization and energy independence. The long-term vision is to supply sufficient green hydrogen to Vietnam and Southeast Asia to achieve regional energy independence—a factor that could represent a significant geopolitical game changer. Additionally, the company aims to provide hydrogen for mobility applications including trucks, coaches, trains, ships, and aviation, which will be a core success factor.

Vietnam's Hydrogen Strategy and Renewable Energy Advantage

Vietnam has officially designated green hydrogen as a national strategic technology product under Decision No. 21/2026/QĐ-TTg, effective from July 1, 2026. "Green hydrogen and biofuel production, storage, transportation and distribution systems" are listed among strategic technology products with established markets and strong potential to directly drive economic growth. This reflects the government's high assessment of green hydrogen's commercial potential and its contribution to sustainable development.

Vietnam's hydrogen strategy, issued in February 2024, targets 100,000 to 500,000 tons of green hydrogen production annually by 2030, aiming for 10-20 million tons per year by 2050. This aligns with Vietnam's net-zero commitment and the Power Development Plan VIII, where renewables are expected to account for 40-47% of the power generation structure by 2030.

Vietnam's greatest competitive advantage is its abundant renewable energy potential. By 2026, wind and solar power capacity has reached over 10,000 MW, accounting for more than 10% of national electricity production. Offshore wind power is being studied for rapid development, with targets of 6,000–17,000 MW by 2030 and expected to account for 14.7–16.6% of the electricity generation structure by 2050. Resolution No. 70-NQ/TW of the Politburo on ensuring national energy security has prioritized the maximum exploitation of renewable energy and the development of a breakthrough mechanism for offshore wind power.

Carbon Credit Trading and Opportunities for Green Hydrogen

On June 29, 2026, Vietnam's domestic carbon exchange officially commenced operations at the Hanoi Stock Exchange with code VN2025. The event marked a historic milestone for Vietnam's carbon market, opening breakthrough opportunities for the hydrogen industry.

Importantly, under Decree No. 112/2026/ND-CP, effective from May 19, 2026, green hydrogen production projects—classified as new, high-cost technologies with limited implementation in Vietnam—may transfer up to 90% of the carbon credits they generate. This mechanism creates a new revenue stream to offset production costs, bringing green hydrogen closer to competitive pricing with fossil fuels. Other eligible projects include offshore wind power, Carbon Capture, Utilization and Storage (CCUS), and waste-to-energy incineration. In contrast, established emission reduction activities may only transfer up to 50% to ensure domestic carbon neutrality capacity.

The carbon market will operate in a pilot phase until 2028 and officially commence in 2029, aligning with Vietnam's green hydrogen development roadmap, creating a synergistic effect to attract investors from Japan, South Korea, and Europe. The carbon exchange serves not only as a green financial tool but also as a strategic lever helping Vietnam's hydrogen industry overcome cost barriers and achieve large-scale commercialization.

Outlook and Recommendations

Looking at the broader ASEAN and global landscape, Mr. Baumgartner observed that Vietnamese authorities have given the green light to the green hydrogen revolution, recognizing it as an inevitable long-term trend. As geopolitical conflicts reshape the world, fossil fuel prices are expected to rise while green hydrogen costs fall due to advancing technologies. He boldly predicts a strong green hydrogen presence across every sector by 2035, as it is the most elegant, versatile, and effective way to store energy long-term. He suggests Vietnamese policymakers focus on mobility and green hydrogen to achieve a greener, more sustainable, and more beautiful environment.

The discussion painted an ambitious picture of green hydrogen development in Vietnam, with the participation of international corporations and a strong commitment from INDEFOL to build a clean energy value chain and ecosystem for the future. Vietnam's strategic policy framework, abundant renewable energy resources, and innovative carbon market mechanisms are positioning the country as a potential hub for green hydrogen development in the ASEAN region.