DECISION NO. 1009/QD-TTG REGARDING APPROVAL OF THE PROJECT FOR THE IMPLEMENTATION OF THE POLITICAL DECLARATION ESTABLISHING A FAIR ENERGY TRANSITION PARTNERSHIP

(i) Principles: include maximizing and effectively using resources for a fair energy transition, ensuring transparency, consensus among stakeholders, and emphasizing the role of private investment alongside state resources and international partners for technology transfer and capacity building.

(ii) General Objective: is to successfully implement the JETP Declaration by promoting renewable energy development, energy conservation, and efficiency, contributing to the goal of achieving net-zero emissions by 2050. It involves developing a synchronized, smart energy sector infrastructure that ensures national energy security and fairness in energy transition, with effective international partnership support.

(iii) Specific Objectives: for the period up to 2030 include establishing a legal framework to attract investment and community participation in the energy transition, mobilizing resources, and deploying pilot projects for fair energy transition. It also focuses on upgrading infrastructure for production, transmission, storage, and distribution of electricity, developing renewable energy industries, and transitioning from coal and fossil fuel-based energy to clean energy sources.

(iv) Core Tasks: involve refining policies to promote energy transition, pushing for a shift from coal to clean energy, developing the renewable energy industrial ecosystem, encouraging energy saving and efficiency, upgrading transmission and distribution systems for smarter energy management, transitioning the transport sector to green energy, fostering innovation and technology transfer, ensuring fairness in the energy transition process, promoting retraining and support for affected workers and households, and enhancing communication and international cooperation for resource mobilization towards a fair energy transition.

In summary, the decision details a comprehensive approach to achieving a just and equitable energy transition in Vietnam, focusing on legal, infrastructural, industrial, and social dimensions, with an emphasis on environmental sustainability and international collaboration.

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For more information, please contact:

Hoang Pham (James) / Managing Partner at: hoang.pham@vselawyers.com

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