Vietnam still pursues a bureaucratic, subsidized way of thinking which lacks a long-term, large-scale vision, with development strategies "full of crumbs and holes".

Vietnam's Ministry of Industry and Trade has put forth innovative measures for direct electricity purchases, bypassing conventional channels and potentially accelerating the country's transition to renewable energy sources.

After over 6 years of preparation, the Ministry of Industry and Trade has reported draft regulations to the prime minister, proposing a pilot mechanism for direct power transactions between renewable energy suppliers and large electricity consumers.

In a significant stride towards renewable energy adoption, 15 transitional renewable energy projects have contributed approximately 154 million kilowatt-hours (kWh) of electricity.

Renewable energy investors are being assured that national policy and electricity purchase prices are both secure and lucrative.

By June 27, 13 renewable energy power plants or projects with a combined capacity of 640.52MW have completed commercial operation date (COD) procedures and are now generating commercial electricity to the grid.

Investors in 65 out of the total 85 renewable energy transition projects, with a combined capacity of 3,640 MW, have written to Vietnam Electricity Group (EVN) proposing pricing negotiations before purchase agreements are reached.

As the world has reduced its dependence on traditional non-renewable energy sources, industrial metals, especially copper, will become an indispensable material for the transformation to green energy.

Electricity of Vietnam (EVN) Electric Power Trading Company (EPTC) has received dossiers from 37 out of 85 transitional renewables projects for electricity price negotiations.

The Ministry of Industry and Trade has approved the provisional electricity prices for 19 wind and solar power plants with a total capacity of around 1,400MW.

The Ministry of Industry and Trade has approved the provisional electricity prices for 15 wind and solar power plants after its negotiations with the Vietnam Electricity Group (EVN).

According to Electricity of Vietnam (EVN) and some independent experts, the 3 percent electricity price will help EVN have an additional VND8 trillion, and will have only a small impact on households and the economy.

The Prime Minister has signed Decision 500/QD-TTg dated May 15, 2023 approving the national power development plan for 2021-2030 with a vision towards 2050. The plan is known as PDP 8.

As energy demand continues to rise and domestic sources of fossil fuels for electricity generation become increasingly scarce, ensuring national energy security has become a pressing issue that requires a long-term vision.

The government says that no developed country considers solar panels as hazardous waste. It has proposed collecting and treating expired solar panels.

While investment in renewable power was 480 percent higher than planned, investment in thermal power sources only neared 60 percent, according to a government report.

Wind and solar power investors continued to voice their grievances over difficulties in price negotiations and extending project deadlines with the Power Trading Company (EVNEPTC), a subsidiary of Vietnam Electricity (EVN) Group.

The newest draft of the eighth national power development plan (PDP 8) sets priorities for the development of renewable power, which has been applauded by international institutions.

With the 3 percent retail electricity price increase from VND1,864.44 per kwh to VND1,920.3732 per kwh, commencing from May 4, EVN will have VND8 trillion more from now to the end of 2023.

Renewable energy companies in the country have recently proposed the Government remove regulatory bottlenecks faced by their solar and wind power projects, reported the local media.