Speaking at the Energy Market Development Forum organized by the Vietnam Chamber of Commerce and Industry (VCCI) on the afternoon of 18 December, Mr. Nguyen Quang Huan—Member of the National Assembly’s Committee for Science, Technology and Environment and Chairman of the Board of Directors of Halcom Vietnam delivered a keynote address highlighting the urgent need to strengthen Vietnam’s legal framework and enhance regulatory oversight to support the development of a competitive, transparent, and efficient energy market in the new era.
According to Mr. Nguyen Quang Huan, as Vietnam accelerates its energy transition, strengthens national energy security, and pursues high economic growth during the 2026–2030 period, building a competitive, transparent, and market-based energy market has become an essential requirement. Major policies of the Party and the State—particularly Politburo Resolution No. 70-NQ/TW—have clearly outlined the strategic direction for developing a synchronized energy market based on market pricing mechanisms while attracting substantial private-sector and social investment.
In his address, Mr. Huan highlighted several existing challenges, including overlapping legislation governing the energy sector, as well as the lack of a comprehensive legal framework for the wholesale electricity market, the Direct Power Purchase Agreement (DPPA) mechanism, the capacity market, and the carbon credit market. He also pointed out that electricity pricing has yet to fully reflect actual costs, market oversight remains limited, the regulatory authority lacks sufficient independence, and the adoption of digital technologies for market management and supervision has been slower than required.
Based on these realities, Mr. Nguyen Quang Huan proposed several key policy recommendations. These include comprehensively revising the Law on Electricity to foster genuine market competition; ensuring the independence of the energy regulatory authority; accelerating the implementation of the Direct Power Purchase Agreement (DPPA) mechanism and other emerging energy markets; expanding the use of big data and artificial intelligence (AI) for market monitoring and oversight; and creating greater opportunities for the private sector to invest in energy infrastructure.
These recommendations would help establish a transparent and stable legal foundation, creating stronger incentives for investment while promoting the long-term sustainable development of Vietnam’s energy market.
Please find the full text of the speech below: