Prime Minister Pham Minh Chinh on November 4 signed Decision No. 2433/QD-TTg regarding the establishment of the State Steering Committee for Key National Programmes, Projects, and Works in the Energy Sector.

The event serves as a key platform for global discussions on current challenges and future directions in the energy and fuel sectors, with Vietnam expected to take part in a series of important bilateral engagements on its sidelines.

Significantly, Resolution 70-NQ/TW emphasises the equal role of the private sector, encouraging deeper engagement from both domestic and foreign enterprises.

Vietnam’s new energy resolution promotes private investment, technological innovation, and a competitive electricity market.

Vietnam’s energy transition will require more than $135 billion between 2021 and 2030. But experts warn that unresolved policy bottlenecks are keeping investors from committing capital to this vital shift.

Deputy Prime Minister Bui Thanh Son has signed a decision approving the task of drafting a revised national energy master plan for the 2021–2030 period, with a vision to 2050.

As an ASEAN member, Vietnam is advancing its strategic vision to become the region's renewable energy hub, with strong commitments to clean energy development, emissions reduction, and meeting Southeast Asia's growing energy demands.

The deal encompasses a 5 billion USD oil refinery and storage complex and a 1 billion USD green manufacturing plant.

Vietnam is among the countries which are the most vulnerable to climate change, as extreme weather events such as storms, floods, and landslides have caused severe consequences, directly impacting both people and the economy.

The Ministry of Industry and Trade warns of slow LNG project rollout and holds back on major renewable proposals.

The research and development of technology in Vietnam's wind and solar power sectors are being actively encouraged and supported, according to a recently issued government decree.

The Politburo established a framework for private participation with the issuance of Resolution 55-NQ/TW on February 2020, outlining Vietnam’s energy development strategy until 2030 with a vision to 2045.

While domestic power sources - hydropower, gas power, solar and wind - remain the backbone of the country’s energy strategy, imported electricity serves as a crucial supplement to meet surging demand.

Affordable and competitive electricity rates play a vital role in ensuring consistent revenue streams for private enterprises, encouraging their participation in Vietnam's domestic energy market.

Prime Minister Pham Minh Chinh has signed Decision No. 266/QD-TTg, approving the implementation plan for the Global Coal-to-Clean Energy Transition Statement.

Vietnam is aiming for double-digit economic growth, making energy expansion essential. To achieve this, the country should create a transparent and investor-friendly environment to attract the private sector.

With much higher economic growth targets set for the future along with a strong commitment to achieve net zero emissions by the end of 2025, Vietnam is seeing growing demand for electricity.

Vietnam is making significant strides toward transforming its energy sector by fostering a competitive and sustainable market to meet the nation’s socio-economic development demands.

There is a huge potential for Việt Nam and the UK to enhance cooperation in clean energy, as both countries have set ambitious goals for carbon neutrality moving towards a sustainable future, experts have said.