The Made in Vietnam Energy Forum took place on November 21. The year marks the midpoint of the five-year term, with the energy and power sector taking centre stage in the public eye, solidifying Vietnam's position as a regional and global frontrunner in clean energy commitments.

Vietnam's proactive stance towards sustainable energy is evident through its implementation of various energy transition policies. These policies prioritise renewable energy sources in power generation and promote research into cutting-edge technologies within the power and energy sector.

The nation's clear vision recognises the imperative need for a transition to clean energy sources for sustainable development. In this context and in anticipation of COP28 in Dubai, the Made in Vietnam Energy Forum serves as a platform for dialogue between domestic and international private sector stakeholders and the public sector on crucial energy sector issues

The discussions held during this event offered valuable insights to support the government in achieving the net-zero commitments.

In addition, the forum also marked the launch of the Made in Vietnam Energy Plan 3.0 (MVEP 3.0). This report presents recommendations from the private sector to the government on how to encourage private sector involvement in energy development, in alignment with the spirit of Resolution 55 of the Politburo.

The event saw presentations from the relevant departments on Vietnam's strategies and policies on energy transition, its international commitments, namely Just Energy Transition Partnership (JETP) and other initiatives, and how these commitments shape Vietnam's policy landscape.

Industry experts, both financiers, donors, and power companies, also discussed how public and private sectors could work together to promote the development of renewable energy and leverage Vietnam's decarbonisation efforts to advance its development goals, thereby fostering net-zero emissions and amplifying GDP growth.

The MVEP 3.0 is a publication by the Power and Energy Working Group under the Vietnam Business Forum. The MVEP report was first published in 2016 (first edition), encouraging the usage of more renewable energy efficiency in response to Vietnam's altered Power Development Plan 7.

In 2019, the report was updated (second edition) to present a business case for the primary use of Vietnam's domestic resources to stimulate investment in clean, secure, and affordable energy generation.

This year, in its third edition, the MVEP had a closer look at Vietnam's power and energy sector within the context of the global energy transition process. With a particular emphasis on the private sector's perspective, the report explores strategies to draw in the necessary financing to support Vietnam's ongoing energy transition.

The MVEP 3.0 is structured into four parts. Part 1 offers an overview of Vietnam's power sector, covering consumption, generation, transmission, and distribution, and explains the concept of 'energy transition' in Vietnam, exploring the country's strategies and policies driving this transition.

Part 2 delves into an analysis of Vietnam's successful initiatives in kick-starting its renewable energy development and discusses the existing challenges that Vietnam encounters and will face in the future in achieving its transition objectives.

Part 3 accumulates global experiences from economies across the region and worldwide to address pivotal questions that Vietnam is looking to address around creating a robust legal framework to drive the desired energy transition in Vietnam, the bankability of power purchase agreements for renewable energy projects, defining a pathway for electricity prices, and ensure the nation's energy security.

The final part of the report draws implications from earlier discussions, presenting considerations for the short, medium, and long-term prospects. To fully unlock the country's potential, it is imperative to bolster the role of the private sector in the energy landscape and to embrace that process now.

This can be accomplished through facilitating the active participation of the private sector in the revision of the electricity law, the development of a robust regulatory framework for renewable energy, and further engagements in the Working Groups of the Just Energy Transition Partnership and other official direct assistance and bilateral projects.