The MoU provides the foundation for the Australian Department of Foreign Affairs and Trade and ERAV under the Ministry of Industry and Trade to share experience and facilitate the development of a competitive electricity market and greater renewable energy integration.

The move is also evidence of the increasingly deepened cooperation between the two countries in energy and climate change.

At the signing ceremony, Australian Ambassador to Vietnam Andrew Goledzinowski said Australia has the same challenges and aspirations as Vietnam to ensure sustainable, secure and affordable energy supplies while achieving climate commitments as the foundation for prosperity and economic growth.

The MoU is built on current activities within the Partnerships for Infrastructure (P4I) programme, other bilateral programmes, and regional programmes to facilitate the development of a competitive electricity market.

Assistant Minister for Climate Change and Energy Jenny McAllister said that with increased cooperation on climate, environment, and energy, the two sides can realise the opportunities for a clean energy future while strengthening bilateral commitments on climate and energy.

For his part, MOIT Deputy Minister Nguyen Sinh Nhat Tan stressed that the creation of a competitive electricity market and appropriate legal framework can attract private investment to realise Vietnam’s renewable energy goals.