Boosting investment in renewable energy as Electricity Law passes
On November 15, the National Assembly's Foreign Affairs Committee and the National Assembly's Committee on Science, Technology and Environment co-chaired and coordinated with the Danish Embassy to organize a working session to provide comments on the draft Law on Electricity (amended).
The Draft Law on Electricity (amended) is being discussed at the 8th Session of the 15th National Assembly. This is an important law project, affecting many areas of the economy, so the Government wants to pass it through a one-session process.
At the meeting, Vice Chairman of the Foreign Affairs Committee Nguyen Manh Tien affirmed that Vietnam has been actively implementing measures for a sustainable and equitable energy transition. This is to realize international commitments to achieve net zero emissions by 2050 and the Political Declaration establishing the Partnership for a Just Energy Transition.
From there, create momentum to promote green energy transition, innovate growth model on the basis of ensuring energy security and sustainable development of the energy sector.
Mr. Nicolai Prytz - Danish Ambassador to Vietnam - affirmed that over the past 10 years, Vietnam and Denmark have cooperated closely in the energy sector, through the Vietnam - Denmark Energy Partnership mechanism.
In November 2023, Prime Minister Pham Minh Chinh and Danish Prime Minister Mette Frederiksen had an online meeting; they agreed to adopt a Joint Statement establishing a Green Strategic Partnership between the two countries. Therefore, Denmark is always ready to share its experience in developing and promulgating policies on green energy transition.
"Vietnam's revision of the Electricity Law is very important to promote energy policies and investment in renewable energy. The Danish Government is ready to support Vietnam in this process," Ambassador Nicolai Prytz affirmed.
Will build a separate law project on renewable energy
Providing more information about the draft Law on Electricity (amended), Vice Chairman of the Committee for Science, Technology and Environment Ta Dinh Thi said that the contents of this amendment and supplement to the Law focus on the following contents: electricity development planning; investment in electricity development; electricity price policy; operation and dispatch of the national electricity system; policies on renewable energy (solar power, especially regulations on offshore wind power development), new energy, etc.
According to Mr. Thi, the draft Electricity Law (amended) has cut and simplified 19 administrative procedures in the electricity sector and assigned the Government to specify the procedures in detail.
At the same time, the Draft Law promotes decentralization and delegation of authority in deciding on investment policies for electricity development to ensure the progress of electricity development projects and meet the demand for electricity for socio-economic development.
In the Draft Law on Electricity (amended), one content that businesses and foreign investors are interested in is the policy on renewable energy generation, especially offshore wind power and solar power.
Raising this issue, Mr. Ta Dinh Thi said that the Government plans to develop a separate law project on renewable energy. However, in response to urgent practical requirements, the Draft Law on Electricity (amended) has designed a separate chapter on renewable energy, including offshore wind power and solar power to ensure feasibility and effective implementation in practice.
"Because regulations related to renewable energy development, such as electricity price negotiations, minimum product commitments, site clearance for power development projects, etc., are stipulated in many different laws, one of the very important requirements for the Draft Law on Electricity (amended) is to ensure the consistency and uniformity of the legal system," said Mr. Ta Dinh Thi.
Acknowledging and appreciating the opinions at the meeting, Deputy Chairman of the Foreign Affairs Committee Nguyen Manh Tien affirmed that he would fully synthesize the opinions and research, report to the National Assembly Standing Committee and the National Assembly for consideration in the process of finalizing the draft Law; at the same time, he hoped to continue to receive close coordination from the Danish Ambassador, experts and the Danish business community in Vietnam in building policies and laws in the coming time.
