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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.

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Author

Frederick Burke is a member of Baker McKenzie’s Global Policy Committee, comprised of the Firm’s Managing Partners globally, responsible for driving the overall strategy of the Firm. He is also the Managing Partner of our Baker McKenzie offices in Vietnam, more particularly in Hanoi and Ho Chi Minh City. He has more than 30 years’ experience practicing in the areas of corporate law, real estate, international trade and is highly regarded for his work on foreign investment projects in Vietnam and China for key players in property development, trade, IT/C, and project finance, among other areas. Mr. Burke is the go-to advisor for big deals in Vietnam’s flourishing industries including: renewable energy, agribusiness, airlines, hotels, resorts and tourism and large scale infrastructure projects. He is currently the representative of the American Chamber of Commerce in Vietnam to the Prime Minister’s Advisory Council on Administrative Reform in Vietnam and he has been recognized by the Ministry of Justice of Vietnam for his “Outstanding contributions in the field of international legal cooperation”. Mr. Burke is consistently ranked as a Leading Lawyer in Corporate / M&A by leading legal publications in Vietnam (Legal 500 AP 2007-2018; Chambers and Partners AP 2012-2018; IFLR1000 2010-2018).

Author

Chi Lieu Dang joined Baker McKenzie's Hanoi office in 2008 and became a special counsel in July 2012. He focuses his practice on mergers and acquisitions, corporate, energy, mining and infrastructure. He also has substantial experience in commercial, insurance and telecommunications. Mr. Dang is a member of the Hanoi Bar Association.

Author

Thanh Hai Nguyen is an Associate in Baker McKenzie's Hanoi office.