Techno-Economic Analysis of a PV–Hydrogen System: A Case Study in Vietnam

Abstract This study performs a techno-economic assessment of a photovoltaic (PV)–hydrogen system across nine representative sites in Vietnam. A MATLAB/Simulink-based framework was developed to integrate solar radiation data, PV generation models, and electrolyzer performance for evaluating energy yield and the Levelized Cost of Hydrogen (LCOH). System performance was analyzed under varying performance ratios (PR = 0.75–0.85). For a 1 MW PV system, the Net Present Value (NPV) reached approximately USD 1.01 million, with annual operation and maintenance costs of USD 1,587. Southern provinces such as Tay Ninh and Binh Thuan achieved the lowest LCOH (2.81–2.85 USD/kg at PR = 0.85) due to high annual irradiance (1,868–2,002 kWh/m²/year), while northern sites like Hanoi and Cao Bang exhibited higher costs (3.76–3.88 USD/kg). A strong inverse correlation (R² = 0.99) between PR and LCOH demonstrates that small gains in PV efficiency substantially reduce hydrogen production costs. The results identify Vietnam’s southern and Central Highlands as priority regions for green hydrogen deployment. This study contributes a reproducible MATLAB/Simulink framework that supports pre-feasibility evaluation and data-driven planning for renewable-based hydrogen production in emerging markets.