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On 30 November 2024, the National Assembly of Vietnam has officially adopted the new law on electricity ("New Electricity Law"). The New Electricity Law will take effect from 1 February 2025 and replace the current electricity law (together with consolidated prior amendments).
This is the most important legal document governing the power and energy sector in Vietnam. The New Electricity Law provides for a comprehensive reform in the legal framework in the power and energy sector of Vietnam after 2 decades of having implemented the current electricity law 2004 (with certain arounds of ancillary amendments).
We have highlighted herein the key regulations in the New Electricity Law impacting on the development and financing of power projects in Vietnam, especially those related to domestic gas and LNG to power projects, all renewable energy generation technologies, as well power transmissions, energy storage, carbon capture, new energy such as green hydrogen, green ammonia, from the master planning, site survey to bidding, investment and revenue contracts.
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