On 11 February 2020, the Politburo of Vietnam issued Resolution No. 55- NQ/TW on the orientation of the National Energy Development Strategy of Vietnam to 2030, with a vision to 2045 ("Resolution No. 55").
Resolution No. 55 provides for the prioritization of fast and sustainable energy development, while aiming to foster favorable conditions for all economic sectors, particularly the private sector, to participate in energy development. The Resolution further aims to eliminate subsidies, monopolies, opaqueness and unfair competition in the energy sector.
More specifically, Resolution No. 55 sets out the following key targets and policies:
General policies for energy
- Build a synchronous, competitive and transparent energy market with diverse forms of ownership and business models;
- Emphasize the integrated and reasonable development of diversified types of energy sources;
- Prioritize the thorough and efficient exploitation and use of renewable, new and clean energy sources;
- Use domestic fossil energy sources reasonably;
- Concentrate on the objective of stabilizing and regulating national energy reserves;
- Prioritize development of gas-to-power;
- Build a roadmap for the reasonable reduction of the power share of coal-fired power projects;
- Actively import fuels for power plants;
- Promote optimal distribution/allocation of national energy systems, in all fields, on the basis of the comparative advantages of each region or locality;
- Concentrate on research and application of Industry 4.0 achievements in the energy sector and its subsector development; and
- Accelerate digital transformation in the energy sector.