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The Vietnamese government has issued a new decree aimed at accelerating research and development in the country’s wind and solar energy sectors. Effective from March 3, the decree outlines provisions under the Electricity Law to enhance the growth of renewable and new energy sources. Under the new regulations, renewable energy projects integrated with energy storage systems and connected to the national grid will be given priority during peak electricity demand hours. However, this excludes electricity that is self-produced and consumed. The government is also prioritizing initiatives focused on scientific and technological advancements, particularly in the manufacturing of solar panels, wind turbines, and power conversion equipment. Additionally, new energy projects may qualify for incentives under Clause 2, Article 23 of the Electricity Law if they meet specific criteria. Eligible projects must generate electricity using 100% green hydrogen, 100% green ammonia, or a combination of both, and must be the first of their kind within each energy category. These projects must also be connected to the national power grid. To encourage investment, qualifying projects will receive several incentives, including exemptions from maritime area use fees during the first three years of infrastructure construction, followed by a 50% reduction in fees for the next nine years. Land use and lease fees will also be waived during the initial three-year construction phase, with further exemptions or reductions determined by investment and land regulations. The decree marks a significant step in Vietnam’s commitment to renewable energy development, reinforcing its efforts to transition towards a more sustainable energy future. |
