Forvis Mazars in Vietnam Alert - Regulatory & Legal updates - Issue July 2024
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Regulatory & Legal Updates - July 2024
On 3 July 2024, the Government of Vietnam issued Decree No. 80/2024/ND-CP on direct power purchase mechanism between renewable energy generators and large power consumers (“Decree 80/2024”). This Decree 80/2024 establishes a framework that allows large power consumers to directly purchase electricity from renewable energy generators, bypassing traditional utility structures.
The primary goals of this Decree are to attract private sector investment in renewable energy, support corporations in integrating renewable sources and reducing emissions, and foster the development of Vietnam's competitive retail electricity market. Additionally, it aims to enhance the State's management in electricity trading. By facilitating direct power purchase agreements, the decree creates a more flexible and competitive energy market, benefiting both renewable energy producers and large-scale consumers. This initiative underscores Vietnam’s commitment to decarbonizing the economy and achieving net-zero emissions targets by 2050, encouraging energy players to explore these new mechanisms to capitalize on emerging opportunities in Vietnam's renewable energy sector.
Contacts
Minh Nguyen Partner, Head of Advisory Services
Regulatory & Legal Updates - July 2024
On 3 July 2024, the Government of Vietnam issued Decree No. 80/2024/ND-CP on direct power purchase mechanism between renewable energy generators and large power consumers (“Decree 80/2024”). This Decree 80/2024 establishes a framework that allows large power consumers to directly purchase electricity from renewable energy generators, bypassing traditional utility structures.
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