Viet Nam, Australia sign MoU on just energy transition

Speaking at the signing ceremony, Mr. Nguyen Hoang Long, Deputy Minister of Industry and Trade, said that the MoU translates the commitments made under the Viet Nam - Australia Comprehensive Strategic Partnership, established in March 2024, into concrete action, with cooperation in resources and energy identified as a key strategic pillar.

According to the Deputy Minister, the power sector is among the fastest-growing industries, experiencing rapid expansion while facing increasing demands for system management, regulatory oversight, power system operations, electricity market development, and energy security. For an emerging and developing economy like Viet Nam, international experience in electricity regulation, particularly that of Australia, holds significant value.

Viet Nam is entering a new phase of development with highly ambitious goals, including sustaining double-digit economic growth over an extended period. In this context, the development of the power sector is crucial. Advancing the electricity market, modernizing the power system, and refining the regulatory and policy framework for the sector have become increasingly urgent priorities.

“The Ministry of Industry and Trade expects both sides to pursue practical cooperation, focusing on areas with direct application value to support the development of Vietnam’s power sector during the energy transition,” Deputy Minister emphasized.

Gillian Bird, Ambassador Extraordinary and Plenipotentiary of Australia to Viet Nam, commended the positive outcomes of cooperation between the Electricity Authority of Viet Nam and the Australian Energy Regulator (AER) in recent years. She reaffirmed that Australia places great importance on energy cooperation with Viet Nam within the framework of the Comprehensive Strategic Partnership.

She expressed confidence that the newly signed MoU would provide a strong foundation for both sides to further strengthen exchanges of experience, share technical expertise, and implement practical cooperation initiatives, contributing to the development of safe, efficient, and sustainable energy systems in both countries.

The Memorandum builds on and expands the outcomes of the first agreement, signed in October 2017, between the former Electricity Regulatory Authority of Viet Nam and the Australian Energy Regulator (AER).

Under the agreement, the two sides will enhance cooperation through information exchange, experience sharing, and capacity-building activities in areas aligned with their respective mandates and responsibilities.

Key areas of cooperation include electricity regulation and power system operation; international regulatory approaches to emerging trends in the electricity sector; ensuring a secure and reliable electricity supply; improving power system efficiency, including demand-side management and demand response (DSM/DR) programs; and strengthening capacity for monitoring, evaluation, oversight, and the promotion of transparency in electricity regulation.