Notice No. 412/TB-VPCP of the Government Office announces the conclusions of the Government Standing Committee at the meeting regarding the resolution of difficulties for offshore gas and wind power projects.

Notice No. 412/TB-VPCP dated September 12, 2024 regarding conclusions of the Standing Government on addressing challenges in gas and offshore wind power projects, with the following highlights:

(i) If the Federal Reserve cuts interest rates, Vietnam’s economy is forecasted to grow above 8%. The Standing Government urges the Ministry of Industry and Trade to review electricity sources in Power Plan VIII, shifting from coal to gas for base-load power. Domestic production should be prioritized to ensure electricity growth of 12-15% annually. The Ministry is also tasked with studying global nuclear power development to propose nuclear power plans for Vietnam.

(ii) A task force led by the Minister of Industry and Trade, EVN Chairman, and Chairman of the Vietnam Oil and Gas Group is expected to be established to address legal hurdles in project implementation.

(iii) Following the success of the recent 500kV transmission line project, laws should be revised to maximize decentralization. Issues should be resolved at the appropriate level, with clear responsibilities and stronger supervision tools.

(iv) Regarding the offshore wind power pilot project, it is proposed that Deputy Prime Minister Bui Thanh Son assigns relevant units to implement the policy on piloting offshore wind power production and export, as per Conclusion No. 76/KL/TW dated April 24, 2024.

----------

For more information, please contact:

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

© 2023 VSE LAWYERS LIMITED LIABILITY LAW COMPANY – All rights reserved.

Attention: This legal update is not an advice and should not be treated as such.