Plan to implement the National Energy Development Strategy of Vietnam issued by the the Ministry of Industry and Trade

Plan to implement the National Energy Development Strategy of Vietnam issued by the the Ministry of Industry and Trade (Internet image)

Regarding this matter, LawNet would like to answer as follows: 

On April 12, 2024, the Minister of Industry and Trade issued Decision 854/QD-BCT on Plan to implement the National Energy Development Strategy of Vietnam until 2030, with a vision until 2045.

Plan to implement the National Energy Development Strategy of Vietnam issued by the the Ministry of Industry and Trade

The Ministry of Industry and Trade has outlined the following content for the Plan to implement the National Energy Development Strategy of Vietnam until 2030, with a vision until 2045:

- Disseminate and widely promote the contents of the Energy Development Strategy and the Plan to implement the Energy Development Strategy. Monitor the implementation and evaluate the progress of the Energy Development Strategy.

- Direct and urge enterprises in the energy sector to implement the objectives, orientations, tasks, and solutions set out in the Energy Development Strategy.

- Research and propose mechanisms and policies to attract resources from reputable foreign investors and experience for the development of the domestic oil and gas industry, with a focus on offshore areas.

- Monitor and closely supervise the production of the oil, gas, and coal industries to ensure a balance in the supply and demand of oil, gas, and coal fuels for economic and social development.

- Direct research, absorption, and application of domestic manufacturing technology for exploration, processing, and transportation equipment for oil, gas, and coal.

- Research and propose mechanisms and policies to encourage investment in the development of domestic electricity sector projects, with a focus on new energy.

- Direct research, absorption, and application of domestic manufacturing technology for equipment in energy projects such as hydropower, thermal power, solar power, and wind power.

- Review to ensure the stability, coherence, flexibility, and unity between the Vietnam Power Industry Development Strategy until 2030, with a vision until 2050, and the Energy Development Strategy, as well as the development strategies and plans of localities and related sectors.

- Negotiate and sign cooperation agreements, exchange energy with neighboring countries, and participate in Vietnam's integration into the energy interconnection system among countries in the region.

- Monitor and closely regulate electricity activities to ensure a safe, stable, and quality electricity supply in order to maintain macroeconomic stability and enhance the economy's resilience against external impacts.

- Focus on building and improving necessary conditions (legal, technical infrastructure, etc.) for the development of an effective competitive energy market according to the Plan for Developing the Competitive Energy Market until 2030, with a vision until 2045, approved by the Prime Minister in Decision 2233/QD-TTg dated December 28, 2020.

- Research and develop mechanisms and policies for energy-saving and efficient energy use.

- Strengthen and enhance the implementation of the National Program on Energy Efficiency and Conservation, energy-saving programs, and nationwide electricity saving projects to contribute to ensuring electricity supply.

- Coordinate with relevant units to research and promote domestic production, technology application, innovation, and labor productivity improvement in the energy sector.

- Continue to coordinate with agencies and units to implement the National Action Program on Sustainable Production and Consumption for the period 2021–2030, approved by the Prime Minister in Decision 889/QD-TTg dated June 24, 2020.

- Implement energy transition, with a focus on transitioning from fossil fuels to renewable and new energy sources; promote research and application of carbon capture and utilization/storage (CCS/CCUS) technologies in the energy sector.

- Review, amend, and improve specialized laws on oil and gas, coal, electricity, energy-saving and efficiency, and other related legal documents to align with international practices and the country's development context in the context of deep international integration, serving as a basis for more effective market mechanisms.

- Strengthen international energy relations in all relevant sectors and fields in line with the integration trend, seize opportunities from trade agreements, and establish favorable political and diplomatic relations to develop energy.

More details can be found in Decision 854/QD-BCT, taking effect on April 12, 2024.

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