In the current development trend, investment in green energy development is considered an inevitable solution and trend of many countries, including Vietnam, to solve the problem of ensuring energy for development.
Vietnam is facing an increasing demand for electricity due to rapid socio-economic development. In this context, green energy transition is not only an urgent task to meet sustainable development goals but also an international commitment, typically the target of net zero emissions by 2050 at COP26 and the Political Declaration establishing the Just Energy Transition Partnership (JETP) in 2022.
In Vietnam, renewable energy sources for electricity generation are produced from sources such as small hydropower, wind, solar, geothermal, tidal, biomass, landfill gas, waste treatment plant gas and biogas.
Developing renewable energy and new forms of energy will help reduce dependence on fossil resources such as oil, coal and natural gas. Non-renewable resources are finite and will be exhausted if used too much. Developing renewable energy can take advantage of sunlight, wind power, water and biomass energy, thereby helping to protect the environment and ensure that resources are not exhausted and are maintained into the future. 
Developing the renewable energy industry will create many jobs and promote economic development (Illustration photo)
In addition, developing the renewable energy industry will create many jobs, promote economic development, bring high efficiency in production, business, and develop fields related to green economic development and green technology. Thereby, promoting socio-economic development, protecting the environment and moving towards sustainable development.
According to the Power Plan VIII, in the coming time, Vietnam will focus on strongly developing renewable energy sources for electricity production, reaching a rate of about 30.9-39.2% by 2030, aiming for a renewable energy rate of 47%, provided that the commitments under the JETP Declaration with Vietnam are fully and substantially implemented by international partners. By 2050, the renewable energy rate is expected to reach 67.5-71.5%. At the same time, a smart grid system will be built, capable of integrating, safely and effectively operating large-scale renewable energy sources.
Also according to Power Plan VIII, it is expected that by 2030, 02 inter-regional renewable energy industrial and service centers will be formed, including electricity production, transmission and consumption; renewable energy equipment manufacturing industry, construction, installation, related services, building a renewable energy industrial ecosystem in areas with great potential such as the North, South Central, and South when there are favorable conditions; Developing power sources from renewable energy and producing new energy for export; Striving to have an electricity export capacity of about 5,000-10,000 MW by 2030.
To achieve the above goals, the most difficult and problematic issue that needs to be resolved now is to create favorable mechanisms and legal corridors, and have policies to encourage investors to actively participate in investing in developing green energy forms to produce electricity in the coming time.
The Draft Law on Electricity (amended) under consideration and comment at the 8th Session of the 15th National Assembly has added new regulations in Chapter III to promote the development of renewable energy and new energy. This is a step forward to institutionalize the Party’s policies in Resolution 55-NQ/TW, including breakthrough mechanisms to encourage clean energy sources to replace fossil fuels and implement the Prime Minister’s direction in Notice 292/TB-VPCP (2023). This draft also aims to reduce net emissions to “0” by 2050, in line with the National Master Plan.
Offshore wind power lacks incentives and incentives for development (Illustration photo)
However, there are still many problems in the Draft Law, which have not really opened up a clear legal corridor for the development of green energy and renewable energy, typically offshore wind power. Currently, the provisions of the Draft Electricity Law have not clearly defined the mechanism for the Government to develop a roadmap and development model, mobilize domestic resources, promote strengths and effectively use resources of state-owned enterprises, cooperate with international partners, and have appropriate approaches for the offshore wind power industry in Vietnam in all stages, especially the initialization/pilot stage.
Not only aiming to meet domestic electricity demand, investment in offshore wind power projects also opens up opportunities for electricity export, contributing to Vietnam’s foreign currency revenue. This has been clearly stated in the Power Plan VIII. To realize this potential, it is necessary to build a synchronous legal framework, detailed and feasible regulations, helping businesses confidently implement projects while still meeting strict requirements on national security and defense. In addition, there must be incentive and incentive mechanisms for offshore wind power projects and mechanisms for selling/exporting electricity directly abroad from offshore wind power sources. Not only adding provisions related to renewable energy development, it is also necessary to consider amending some provisions in other laws to synchronize the legal system.
Ensuring energy security plays an important and pivotal role in socio-economic development. Therefore, it is necessary to promptly remove institutional obstacles, pave the way, and encourage the development of green energy forms to create momentum for innovation in the growth model, promote green energy transition, as well as ensure security and sustainable development of the energy sector in the future.
