A turning point in policy
Ms. Le My Nga, former Project Director of the World Energy Council in Vietnam, stated that Resolution No. 70-NQ/TW is truly a policy turning point that will contribute to ensuring national energy security and meeting the country's development requirements in the new era. It can be said that the key point is that Resolution No. 70-NQ/TW has presented an ecosystem-based vision, shifting from traditional energy to renewable and clean energy; from traditional technologies to new technologies such as hydrogen, green ammonia, and the development of small module nuclear power (SMR). In particular, Resolution No. 70-NQ/TW emphasizes the equal role of the private sector, encouraging the broad participation of public and private enterprises, both domestic and foreign. The greatest expectation of Resolution No. 70-NQ/TW is that Vietnam can shift from a model of "shortage and anxiety" to a model of "proactive and sustainable development," with the energy sector truly becoming a pillar of long-term socio-economic development with a national strategic vision in diversifying energy sources and promoting research and application of high-tech science and technology in the energy sector.
Resolution No. 70-NQ/TW is not only a policy turning point with a strategic direction, but also an affirmation of Vietnam's strong determination to implement a strategy aimed at ensuring energy security alongside sustainable development and global integration. Resolution No. 70-NQ/TW represents an improvement over Resolution No. 55-NQ/TW of the Politburo, issued on February 11, 2020, on the orientation of Vietnam's national energy development strategy to 2030, with a vision to 2045. Resolution No. 55-NQ/TW still had many limitations and bottlenecks in its mechanisms and policies; the challenge of electricity shortages, as well as the risk of electricity shortages, remained present; it did not address the development of nuclear power; the competitive market was not yet synchronized; energy prices were not in line with market mechanisms; and cross-subsidization in electricity pricing still existed…
General Director of Vietnam Electricity Group (EVN), Nguyen Anh Tuan, affirmed: Resolution No. 70-NQ/TW opens a new chapter in energy security and is an important basis for EVN to concretize its action program; including the application of a two-component electricity pricing mechanism. Resolution No. 70-NQ/TW represents a decisive reform, a breakthrough in institutional reform, and the removal of the "bottleneck of all bottlenecks" to quickly complete the restructuring of the electricity sector according to the competitive market roadmap. Resolution No. 70-NQ/TW also affirms the urgency and concretizes the principle of equality and non-discrimination, thereby creating opportunities for the private sector to participate more strongly in all stages of supply, production, and services in the electricity market, as well as ensuring the right of choice for electricity users in accessing and selecting electricity suppliers that suit their needs. This is a key step in forming a truly competitive electricity market.
Boosting private investment attraction
The overarching spirit of Resolution No. 70-NQ/TW is to "pave the way" for a competitive electricity market and promote private investment. Regarding this, Ms. Le My Nga stated: "Paving the way" for a competitive electricity market is necessary, and reforming the electricity market and expanding the space for the private sector by promoting private investment in this field is urgent. Resolution No. 70-NQ/TW also affirms the urgency and concretizes the principle of equality and non-discrimination, thereby creating opportunities for the private sector to participate more strongly in all stages of supply, production, and services in the electricity market, as well as ensuring the right of choice for electricity users in accessing and selecting electricity suppliers that suit their needs. This is a crucial step towards forming a truly competitive electricity market. This is the time for Vietnamese businesses not only to play a participating role, but also to become leading entities in several areas of energy technology.
Resolution No. 70-NQ/TW both promotes reform and opens up space for the private sector to assert its position in the electricity sector – a strategically important field. The resolution also requires the early implementation of a direct power purchase agreement (DPPA) between power generators and large customers, while simultaneously establishing transparent, long-term contracts to ensure the legitimate rights of investors. This is a significant step forward; however, to attract private investment, it is necessary to ensure a balance of interests for all three parties: investors/investment funds seeking profits; people having access to electricity at reasonable prices and high quality; and the State playing a role in maintaining national energy security. This is precisely when a transparent competitive mechanism and an innovative energy sector ecosystem are needed, where private and state-owned enterprises cooperate for mutual development. Only then will Resolution No. 70-NQ/TW truly become a driving force for the economy and impact people's lives.
Energy industry experts believe that Resolution No. 70-NQ/TW is open and creates the maximum conditions to attract private investment. However, private investors prioritize profit and therefore desire a favorable environment with minimal risks. Thus, Resolution No. 70-NQ/TW has put forward many specific solutions such as: Strongly reforming administrative procedures, reducing processing time by 30-50%, which is an important signal to reduce risks and create confidence for investors.
To promote the development of a modern, smart, and sustainable energy ecosystem, the most important thing is to quickly remove legal and planning bottlenecks. Clear, transparent, and consistent policies are crucial for investors to have confidence and long-term commitment. Developing a modern, smart, and sustainable energy ecosystem requires parallel elements such as: completing a comprehensive legal framework for all types of energy, ensuring balance and fairness for participating businesses; establishing preferential financial and credit mechanisms or collaborating with venture capital funds to promote green energy and high-tech projects; and training and developing high-quality human resources ready to master modern technologies.
In the context of Vietnam's increasingly deep integration and participation in international forums such as the World Energy Council, a new, comprehensive, and groundbreaking Resolution will help Vietnam ensure energy security, balance, and equity across the country, while also establishing a foundation for asserting its national position in the global energy value chain. Therefore, Resolution No. 70-NQ/TW plays a crucial role and was issued very promptly, affirming Vietnam's strong commitment to implementing a strategy of ensuring energy security alongside sustainable development and global integration. If Vietnam utilizes this Resolution as a "guiding principle," combining Vietnamese intelligence with international resources, the energy sector could become one of the greatest drivers of national prosperity for decades to come.
Source: https://baotintuc.vn/thoi-su/nghi-quyet-so-70nqtw-tao-co-so-de-khang-dinh-vi-the-quoc-gia-trong-chuoi-gia-tri-nang-luong-toan-cau-20250922132028153.htm
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