What does the international media say about the newly passed Electricity Law (amended)?

International media highly appreciates the Electricity Law (amended) as an important step towards a sustainable energy sector for Vietnam.

Vietnam has just witnessed an important turning point in energy policy with the passing of the Electricity Law (amended) on the afternoon of November 30, with 439/463 delegates voting in favor, accounting for 91.65% of the total number of National Assembly delegates participating in the vote.

This is an important Law project, having a great impact on the economy , ensuring the country's growth and development goals as well as national energy security.

Accordingly, the Electricity Law 2024 replaces the Electricity Law dated December 3, 2004; which was amended and supplemented 4 times in 2012, 2018, 2022 and 2023 (effective from July 1, 2024) after nearly 20 years of implementation.

The National Assembly voted to pass the Electricity Law (amended) with a high approval rate. Photo: National Assembly

The event immediately attracted significant attention from the international press, with articles from Reuters, Devdiscourse, Tribune and Canberra Times all taking a positive view, focusing on the groundbreaking reforms of the new law. Although each article had a different focus, overall, they showed the positive impact of this law on Vietnam’s energy future.

The common thread across the articles is that the revised Electricity Law will remove barriers to investment in the energy sector. Reuters, Tribune, and Canberra Times all emphasize the acceleration of the approval process for power purchase agreements (PPAs), creating favorable conditions for investors, especially in the renewable energy sector, to negotiate directly with electricity suppliers. This is seen as the key to attracting foreign investment and promoting the rapid development of clean and sustainable energy in Vietnam.

Specifically, Reuters has the headline “Vietnam approves data, electricity law, $67 billion rail plan”, stating: “ The Electricity Law is expected to remove some barriers to investment in energy projects in Vietnam and speed up the approval process for direct power purchase agreements, allowing producers to negotiate power supplies directly with renewable energy suppliers. The measure aims to create a more comprehensive legal system for the energy sector, which is currently subject to many separate regulations ”.

The article is about Vietnam's newly passed Electricity Law (amended) on Reuters. Screenshot

The articles also praised the effort to create a more comprehensive legal framework. Devdiscourse specifically highlighted that the new law would unify fragmented regulations, creating a more transparent and efficient investment environment. This is a point shared by both Reuters and Tribune, which mentioned the replacement of a system of many separate regulations with a more comprehensive legal system.

However, the articles also highlight challenges that need to be addressed in the future. Both Reuters and the Canberra Times mention the need for additional legislation to complete the regulatory framework for specific energy sectors such as offshore, wind and nuclear power.

Article on Vietnam's Electricity Law (amended) in Canberra Times. Screenshot

“ Additional legislation will need to be approved to complete the regulatory framework for specific energy sectors such as offshore, wind and nuclear power ,” the Canberra Times stressed.

From the content of the articles, it can be seen that the international press sees the Electricity Law (amended) as an important step forward for Vietnam in modernizing the electricity sector, attracting investment and promoting sustainable energy development. However, the success of this law depends on the effective implementation and continuous improvement of the legal framework in the coming time. The fact that prestigious international newspapers pay attention and give positive reviews shows that Vietnam is on the right track in international integration and is committed to the goal of sustainable energy development.

Source: https://congthuong.vn/truyen-thong-quoc-te-noi-gi-ve-luat-dien-luc-sua-doi-moi-duoc-thong-qua-361827.html