Not only bringing opportunities to the economy and the Vietnamese energy sector, the Electricity Law (amended) also brings 5 great opportunities to the business community.
Sharing with reporters of the Industry and Trade Newspaper, Mr. Bui Van Thanh - Vice President of the Vietnam Industrial Park Finance Association; Chief Lawyer of the New Sun Law Office said that the revised Electricity Law, effective from February 1, 2025, has many important changes, aiming to improve the legal environment and promote the development of the electricity industry.
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| Lawyer Bui Van Thanh - Vice President of Vietnam Industrial Park Finance Association; Chief Lawyer of New Sun Law Office. Photo: BT |
In particular, changes from the revised Electricity Law can bring five great opportunities to the business community, including:
First , promote competition and create opportunities for private enterprises.
Regarding this issue, Mr. Bui Van Thanh said that the revised Electricity Law creates conditions for private enterprises to participate in developing, producing and distributing electricity, helping to create a healthy competitive environment.
"This can help businesses reduce electricity costs and access stable energy sources, with reasonable quality and prices" - Mr. Bui Van Thanh emphasized and affirmed: The law also encourages investment in renewable energy, businesses can take advantage of support and incentive policies to invest in renewable energy projects, such as: Solar power, wind power, to both reduce energy costs, thereby contributing to the goal of sustainable development.
Second , changes in the electricity trading process. More specifically, according to Mr. Bui Van Thanh, the revised Electricity Law will reform the procedures and processes of electricity trading, with regulations on bidding for electricity trading between manufacturers and distribution units. Enterprises will have to adapt to new processes, especially in participating in electricity auctions, creating more transparency and fairness in the distribution of electricity sources.
In addition, the revised Electricity Law also adjusts the way electricity prices are calculated, affecting the energy costs that businesses have to pay. This can help businesses reduce costs in the long term if electricity prices are adjusted appropriately.
Third , environmental management and protection. The law sets out requirements for renewable energy and environmental protection. Accordingly, businesses will have to comply with environmental protection regulations in electricity production and consumption, especially for industries that consume large amounts of electricity. This will encourage businesses to focus on investing in clean technology, reducing emissions and improving energy efficiency.
The law also encourages energy efficiency, which will require businesses to adopt energy-saving measures, such as investing in modern technology and using energy-saving equipment. This could create opportunities for companies that specialize in providing energy-saving solutions.
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| The Electricity Law (amended) helps improve the efficiency of using electricity. Photo: EVN |
Fourth , strengthen the role of the state in monitoring and regulating electricity.
Regarding this content, Mr. Bui Van Thanh said that with the revised Electricity Law, the control of power quality and security will be enhanced, requiring businesses to strictly comply with standards on power quality and security of supply. This helps ensure the stability of business production activities, but can also create additional costs and require stricter compliance with regulations.
The revised Electricity Law also provides dispute resolution mechanisms between stakeholders, including businesses and electricity suppliers, to help minimize conflicts and ensure the rights of businesses in electricity supply and consumption.
Fifth , the Law affects large energy-producing and energy-consuming enterprises. Accordingly, large energy-consuming enterprises (such as industrial production) will be strongly affected by policies on electricity saving and emission reduction. Adjusting electricity prices and encouraging the use of renewable energy can help enterprises reduce costs but also require them to invest in new infrastructure and technology.
With the revised Electricity Law, important industries, especially manufacturing, can receive government support in investing and using clean energy, minimizing costs.
Thus, the revised Electricity Law brings great opportunities for businesses to improve the efficiency of electricity use, invest in renewable energy and reduce costs. “However, businesses also need to face strict requirements on environmental protection, comply with new regulations and invest in modern technology. All these changes will create a more competitive and sustainable energy environment for businesses” – Lawyer Bui Van Thanh - Vice President of the Vietnam Industrial Zone Finance Association informed.
Source: https://congthuong.vn/luat-dien-luc-sua-doi-mang-den-5-co-hoi-lon-cho-doanh-nghiep-362720.html
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