Section B.4: From information provided under this section, it appears that building a hydro-power project is mandated in the Master Plan. Therefore, the investor did not have any choice but select investing in the project activity if it is commercially viable. The values for equity and debt under section B.5 could have been designed to arrive at WACC above PIRR at the time of signing contract for construction. It is not clear what were the WACC and PIRR when approval for construction of the IPP was processed.

Section B.5: Is 10% variation in electricity generation and investment costs in VietNam realistic for the sensitivity analysis?

Section B.5: The groupings in Table 9 are used by the VietNamese government for purposes other than CDM and it is mentioned that "private entities are encouraged to invest in projects smaller than 100MW". How is then group D projects different than any in groups C to F to justify the project activity not a common practice.
Section B.6: It is not clear how the baseline GHG emissions have been estimated by EVN and whether the "Tool to calculate baseline, project and/or leakage emissions from electricity consumption" has been followed for the baseline emissions. Also, the grid electricity generation figures mentioned do not match with same years figures quoted in another CDM project from VietNam (15MW Hiep Son Coke Ovens Waste Heat Power Project); it is not clear which PDD is correct with respect to baseline emission reduction estimations.