According to Associate Professor, Dr. Ngo Tri Long, the Electricity Law (amended) recently passed by the National Assembly has created a favorable legal framework for the development of Vietnam's electricity market.
As an economic expert, Associate Professor, Dr. Ngo Tri Long - former Director of the Institute for Price Market Research (Ministry of Finance) - shared and highly appreciated the Electricity Law (amended) right after it was passed by the National Assembly on the afternoon of November 30.
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| Associate Professor, Dr. Ngo Tri Long shares about the new points of the Electricity Law (amended) recently passed by the National Assembly. Photo: HT |
Dear Associate Professor, Dr. Ngo Tri Long, on the afternoon of November 30, the Electricity Law (amended) was passed by the National Assembly. So, in your opinion, what are the notable new points of the amended Law?
The Electricity Law (amended) was passed by the National Assembly on the afternoon of November 30. According to my assessment and that of many experts, one of the major changes of the Electricity Law (amended) is the adjustment of the electricity market structure, aiming towards a more efficient and transparent electricity market. Regulations on the electricity market, distribution, and purchase and sale of electricity between parties, especially enhancing the role of organizations and enterprises in participating in the electricity market will help increase competition and reduce monopoly.
The important new point in the Electricity Law (amended) is the promotion of renewable energy development. Especially the policies to encourage investment in solar energy, wind energy and other renewable energy sources. This is in line with the current trend of sustainable development and response to climate change in the world.
The revised law also introduces new regulations to manage electricity prices in a more reasonable, public and transparent manner. This will protect consumers’ rights and promote flexible electricity price adjustment mechanisms, in line with the actual situation of the economy and the electricity market.
At the same time, the Law also focuses on protecting national energy security, properly managing electricity resources and protecting national interests, ensuring stable electricity supply for socio-economic development.
In addition, the amended Law also stipulates preferential policies for power infrastructure development projects, especially in disadvantaged and remote areas. This will help improve access to electricity for people in these areas.
In summary, the new points of the revised Electricity Law not only create a favorable legal framework for the development of the electricity market but also contribute to improving the sustainability of Vietnam's energy development.
According to you, what bottlenecks in electricity development in the past have been resolved by the Electricity Law (amended)?
In my opinion, the Electricity Law (amended) this time has resolved a number of important bottlenecks in Vietnam's electricity development in recent times, specifically:
Before the amendment, Vietnam's electricity market still had many limitations in competition, leading to monopoly and lack of transparency in electricity distribution. The amended law has clear provisions on expanding and developing the electricity market, especially building mechanisms to allow many economic sectors to participate.
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| The revised Electricity Law has encouraged investment in renewable energy. Photo: TH |
In recent years, the development of renewable energy (such as solar power and wind power) in Vietnam has encountered many difficulties due to the lack of clear and effective support mechanisms and policies. The revised Electricity Law has created policies to encourage investment in renewable energy, such as building a reasonable price mechanism, supporting renewable energy projects and promoting the participation of domestic and foreign investors. This will help increase the supply of renewable energy while reducing dependence.
Before the amendment, electricity price management was difficult, lacking flexibility and transparency. This sometimes led to unfairness between consumer groups and businesses, and made it difficult for investors to forecast and plan their business. The amended law has introduced more flexible electricity price management mechanisms, helping to adjust electricity prices in line with market supply and demand.
One of the major bottlenecks is the unsynchronized development of electricity infrastructure, especially in remote areas. These areas often have difficulty accessing electricity, affecting socio-economic development. The Electricity Law (amended) has introduced strong support policies to develop electricity infrastructure in these areas, thereby ensuring stable and equitable electricity supply to all regions across the country.
With increasing demand for electricity and dependence on imported energy sources, energy security is a major challenge. The revised law has stricter regulations on protecting national energy security, ensuring stable supply and minimizing the risk of power supply disruptions from external factors.
Thus, the Electricity Law (amended) has solved many fundamental problems in Vietnam's electricity development, helping the electricity industry operate more effectively, ensuring sustainable development and meeting the growing needs of the economy.
To ensure that the Electricity Law (amended) is implemented and put into practice from February 1, 2025, what tasks should the Ministry of Industry and Trade prioritize?
In order for the Electricity Law (amended) to be implemented and put into effect on February 1, 2025, the Ministry of Industry and Trade needs to take the following important steps:
The Ministry of Industry and Trade needs to issue and complete decrees and circulars providing specific guidance on the implementation of the provisions of the Electricity Law. This includes regulations on electricity price mechanisms, licensing procedures for power projects, as well as the rights and obligations of relevant parties.
In the coming time, it is necessary to upgrade and complete the power infrastructure system, especially the national power grid projects, to ensure the stability and operational capacity of the power system when new regulations are applied.
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| The Electricity Law (amended) has removed many bottlenecks in the development of Vietnam's electricity market. Photo: Manh Hung |
In addition, the Ministry also needs to organize training programs for officials and civil servants, especially those working in the fields of management, operation, inspection and supervision of electricity activities, to help them understand and properly apply the new regulations.
It is necessary to strengthen propaganda work so that people, businesses and related organizations clearly understand and comply with the provisions of the new Electricity Law. This will help minimize difficulties in applying the law in practice.
The Ministry of Industry and Trade needs to closely coordinate with other agencies and localities such as the Ministry of Finance, the Ministry of Planning and Investment, and local agencies to synchronize policies and implement appropriate support measures during implementation.
The Ministry needs to develop a mechanism to monitor and evaluate the implementation of the Electricity Law in order to promptly adjust and amend it if necessary. This helps ensure the effectiveness and appropriateness of the law in practice.
These steps will help create a transparent and stable operating environment, while enhancing competitiveness and sustainability for the electricity industry.
Thank you very much!
Source: https://congthuong.vn/pgsts-ngo-tri-long-luat-dien-luc-sua-doi-tao-ra-khung-phap-ly-thuan-loi-cho-phat-trien-thi-truong-dien-361830.html
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