The Future of Vietnam’s Energy: A Comprehensive Overview
Presented by Mr. Truong Thanh Hoai, Deputy Minister of Industry and Trade, the draft law encompasses six key policies. These include power planning and investment for energy security, renewable and new energy development, refined regulations on power conditions and licensing, a competitive and transparent electricity market, efficient grid management with a focus on conservation, and post-meter safety with an emphasis on dam safety during construction and operation.
The 36th session of the National Assembly’s Standing Committee discusses draft laws to be presented to the National Assembly at the 8th session
The draft law introduces new provisions for new energy sources, including electricity generated from hydrogen, green ammonia, and other innovative sources, excluding coal, gas, and oil-fired power, renewable energy, and nuclear power.
The state maintains its monopoly on nuclear power plant construction, alongside multi-purpose hydropower plants, emergency power sources, and grid infrastructure, as well as dispatch system management.
The Science, Technology, and Environment Committee of the National Assembly has appraised the draft law, acknowledging Vietnam’s potential for nuclear energy development and the initial preparatory steps taken. With the world embracing nuclear energy once again, this source assumes greater importance.
Nuclear energy is viewed as a pivotal option for energy security and achieving the net-zero target by 2050, as pledged by the government. However, the committee emphasizes the need for meticulous research and clear regulations regarding nuclear energy, including cross-references to the Atomic Energy Law.
They further suggest providing political, scientific, and technical grounds to facilitate nuclear power projects, along with risk management, safety, and environmental protection regulations. In addition to nuclear energy, the committee recommends that the government introduce flexible incentive mechanisms for diverse energy sources and energy storage solutions to enhance the integration of renewable energy into the grid, aligning with the Power Development Plan VIII.
Regarding the promotion of a competitive and transparent electricity market, the committee observes a sluggish pace in the power sector restructuring to foster market competition. Hence, they urge the drafting agency to clarify and supplement principles related to the roadmap for market development, power sector restructuring plans, and retail price reform, adhering to Resolution 55-NQ/TW.
On the subject of electricity pricing and service rates, the committee proposes the inclusion of specific provisions to ensure a stable electricity price structure. They recommend defining principles and a transparent roadmap for price reform, such as eliminating cross-subsidies between customer groups, implementing two-part tariffs, encouraging conservation, and defining import and export prices. Additionally, they emphasize the need to delineate the responsibilities of relevant state management agencies in the field of electricity pricing.
Prime Minister orders guarantee of electricity supply, coal and gas for power production
The Prime Minister, Pham Minh Chinh, has recently issued Directive No. 05/CT-TTg on February 14, 2024, regarding the assurance of electricity supply and provision of coal and gas for power production in the upcoming period.
Prime Minister demands completion of 500kV power line by June 2024
The Government’s leadership requires the Minister of the Ministry of Industry and Trade to coordinate with relevant units to guide, instruct, and support EVN in implementing and accelerating the progress of the 500kV Quang Trach – Pho Noi power line project for the northern region, aiming to complete and energize it by June 2024.
Prime Minister’s Directive on Ensuring Power Supply and Fuel for Electricity Production
Prime Minister Pham Minh Chinh has recently issued Directive No. 05/CT-TTg on February 14, 2024, regarding the assurance of electricity supply and the provision of coal and gas for power production in the near future.
