Singaporean media outlet highlights Vietnamese renewable energy sector

The newswire quoted Mark Hutchinson, director of the Southeast Asia taskforce at industry group Global Wind Energy Council (GWEC), as saying that there remains a lot of work to do, although the sentiment in the industry is much more positive than it was eight months ago, or certainly a year ago.

Meanwhile, Thomas Jakobsen, managing director of Singapore-based renewable power producer and developer Indochina Energy Partners, said he was “very happy” with the tempo of regulations, which is “as good as I have seen in 20 years in Vietnam”.

The media outlet points out that the latest Vietnamese electricity law, which takes effect from 2024, solves concerns not only relating to the solar and wind sectors, but also include rules aimed at facilitating the use of fuels such as natural gas and hydrogen.

The article outlines that nuclear power development once again features in the wording, after being left out of the earlier iteration published in 2004.

Updates have been billed as important for energy security, although there are questions over whether Vietnam can attend to all the different sectors at once, according to the article.

Observers noted that the nation is taking a more deliberate approach with managing its energy sector following spells of volatility during the previous years.

“We are seeing caution in the government approach, which is understandable. And they are not going to let that happen again, which is the right thing to do,” said Hutchinson.

“Next year is going to be about finalising the DPPA (direct power purchasing agreements) regulations and charges, working to build all the decrees and circulars under the Electricity Law, and moving the  Electricity of Vietnam  (EVN) and Vietnam National Oil and Gas Group (PVN) projects forward. So it is going to be less about high-level policy and more about implementation,” he added.