Early issuance of criteria as a basis for green credit
Despite its great potential, renewable energy development in Vietnam still faces many barriers such as unsynchronized transmission infrastructure, unstable price mechanisms, inconsistent legal policies and prolonged approval procedures. Private enterprises also have difficulty accessing long-term capital and quality human resources for green transformation projects.
Speaking with Lao Dong, Dr. Bui Thanh Minh said that the "four pillars" include: Resolution No. 57 (on breakthroughs in science, technology, innovation and national digital transformation development), Resolution No. 59 (on international integration in the new situation), Resolution No. 66 (on innovation in law-making and enforcement to meet the requirements of national development in the new era) and Resolution No. 68 (on private economic development) are launching the "Innovation 2.0", creating a solid policy corridor for transforming the growth model.
Combined with domestic potential and international commitments, this is the right time for Vietnam to re- positivise its energy policy, shifting from dependence on fossil fuels to green energy leadership, renewability with the private sector as the main force in creating and developing.
To promote and attract the private sector to invest in the renewable energy sector, Dr. Bui Thanh Minh said that it is necessary to soon issue criteria to confirm green projects as a basis for green credit, green bonds and incentives.
Pioneering the domestic carbon market: Follow the roadmap, establish a carbon credit trading floor, complete the MRV system and connect with the international mechanism according to the Paris Agreement on Climate Change. Synchronous investment in energy infrastructure: Prioritize power transmission and storage systems and integrated planning for power - land - sea. A capable infrastructure is a necessary condition for large-scale absorption and distribution of renewable energy.
Completing the policy framework and market mechanism to encourage private investment
Speaking with Lao Dong, Dr. Nguyen Quoc Viet - economic expert, lecturer at the University of Economics (VNU-UghN) - said that the legal framework related to renewable energy in Vietnam is still lacking in consistency and not attractive enough to attract investment from economic sectors.
Technical standards and regulations on renewable energy technology are not yet complete, causing difficulties in implementing renewable energy projects. Moreover, the lack of a specialized law on renewable energy reduces transparency and consistency in preferential policies, causing legal and financial risks for investors.
Completing the energy market policy framework and mechanism is very necessary to promote energy transition. The government needs to continue to improve and make transparent preferential policies and electricity price mechanisms, such as the FIT (Feed-in-Tariff) mechanism and the direct electricity purchase and sale contract (DPPA) model.
These mechanisms will encourage the private sector to participate in investing and developing clean energy infrastructure. At the same time, amending laws related to energy and power development planning will help facilitate the implementation of renewable energy projects, strengthen supervision and evaluation of policy implementation effectiveness, and ensure the success of energy transition" - Dr. Nguyen Quoc Viet emphasized.
