Vietnam intends to develop a healthily competitive energy market under State regulation, according to a project approved recently by Prime Minister Nguyen Xuan Phuc.

Workers repair electricity facilities

The project on competitive energy market development through 2030 with a vision towards 2045 covers three sub-sectors - coal, gas, and electricity - which play a core role in energy production and consumption in the country.

It is expected to contribute to satisfying the requirements of socio-economic growth, reaching targets and policies set by the Party and the State and enhancing international integration.

Other objectives lie in diversified investment and business methods, the efficient exploitation and use of energy resources, and connectivity among the three sub-sectors.

The gas market will maintain its present model to 2025, which allows contractors and investors of new gas projects to sell gas directly to households or the Vietnam Oil and Gas Group (Petro Vietnam)’s subsidiary, the PV Gas.

In the coal market, State-owned enterprises will have a core role to play in exploitation, production, and business during the period. The sub-sector is also set to attract more foreign businesses and private investors, especially regarding coal imports.

Vietnam plans to consolidate and perfect the competitive wholesale power market in the next five years and put into operation a retail power market in line with the Prime Minister’s Decision No 63/201/QD-TTg dated November 8, 2013.