Australia and Vietnam to develop competitive electricity market

The signing ceremony was witnessed by Jenny McAllister, Australian Assistant Minister for Climate Change and Energy, and Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan .

Tan emphasised the importance of developing a competitive electricity market that can support Vietnam’s ambitious decarbonisation agenda for Power Development Plan VIII.

"Creating a competitive electricity market alongside the appropriate regulatory frameworks can entice the private investment needed to achieve Vietnam’s renewable energy targets," said Tan.

The agreement commits the Department of Foreign Affairs and Trade and the ERAV, the energy regulator under the MoIT, to share its experience and develop cooperation activities to facilitate the development of the electricity markets.

The MoU will build on existing activities developed under the partnerships for infrastructure and other bilateral and regional programmes and supports the development of a competitive electricity retail market; provides practical suggestions on the regulatory framework and mechanisms for regulating transmission and distribution; and implements capacity building and training, along with other activities.

"Australia values our relationship with Vietnam. By strengthening climate, environment, and energy cooperation, we can realise the opportunities of a clean-energy future. I am pleased to see the growing relationship between ERAV and the Australian Embassy that will strengthen bilateral engagement on climate and energy," said McAllister.

Jenny McAllister, Australian Assistant Minister for Climate Change and Energy

In March, Australia and Vietnam elevated their relationship to a Comprehensive Strategic Partnership (CSP) with a focus on climate, energy, and the environment, which is the first of its kind for an Australian CSP.

"Australia has the same challenges and aspirations to ensure sustainable, secure, and fair electricity services and the foundation for prosperity and economic growth. This partnership provides an important opportunity to share knowledge and explore solutions for the Vietnamese power sector," said Australian Ambassador to Vietnam Andrew Goledzinowski.

Australia strengthens climate and energy cooperation with Vietnam Australia's Assistant Minister for Climate Change and Energy Jenny McAllister will travel to Vietnam to drive cooperation on climate and the energy transition under the recently signed Comprehensive Strategic Partnership and Australia’s Southeast Asia Economic Strategy to 2040.

Vietnam, Australia cooperate to develop offshore wind power projects Deputy Prime Minister Tran Hong Ha received Australian Ambassador to Vietnam Andrew Goledzinowski and leaders of Corio Generation of Australia’s Macquarie Group in Hanoi on March 28.

Vietnam and Australia to enhance engagement under comprehensive strategic partnership Enhancing economic engagement is highlighted as Australia and Vietnam upgrade relations to a comprehensive strategic partnership.