Resolution No. 70-NQ/TW: Creating a foundation to affirm the country's position in the global energy value chain

The Politburo has just issued Resolution No. 70-NQ/TW on ensuring national energy security until 2030, with a vision to 2045. The Resolution is truly a turning point in the energy sector's policy, not only affirming the development of renewable energy and clean energy as a top priority but also "paving the way" for a competitive electricity market, attracting investment from all social resources.

Dam Nai wind power field ( Ninh Thuan ). Photo: Nguyen Thanh/VNA

Policy turning point

Ms. Le My Nga, former Project Director - World Energy Council in Vietnam (The World Energy Council) commented that Resolution No. 70-NQ/TW is truly a policy turning point that will contribute to ensuring national energy security to meet 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 put forward an ecosystem vision from traditional energy to renewable energy, clean energy; from traditional technology to new technology such as hydrogen, green ammonia to the development of small module nuclear power (SMR). In particular, Resolution No. 70-NQ/TW has emphasized the equal role of the private sector, encouraging the extensive participation of public and private enterprises, domestic and foreign enterprises. The biggest expectation in Resolution No. 70-NQ/TW is that Vietnam can shift from the "lack and worry" model to the "proactive and sustainable development" model, the energy sector truly becomes a pillar of long-term socio-economic development with a national strategic vision in diversifying energy sources, promoting research and application of high-tech science in the energy sector.

Resolution No. 70-NQ/TW is not only a policy turning point of orientation, but also an affirmation of Vietnam's determination to implement a strong strategy towards ensuring energy security in parallel with sustainable development and global integration. Resolution No. 70-NQ/TW is a step forward compared to Resolution No. 55-NQ/TW issued by the Politburo 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 has many limitations and bottlenecks in mechanisms and policies; challenges of power shortage as well as the risk of power shortage still exist, not to mention nuclear power development; the competitive market is not yet synchronized, energy prices are not suitable for market mechanisms, there is still a situation of cross-subsidy in electricity prices...

General Director of Vietnam Electricity (EVN) Nguyen Anh Tuan affirmed: Resolution No. 70-NQ/TW opens a new chapter of energy security, which is an important basis for EVN to concretize the action program; including the application of a two-component electricity price mechanism. Resolution No. 70-NQ/TW is a drastic reform, institutional breakthrough, removing the "bottleneck of all bottlenecks" to quickly complete the restructuring of the electricity industry according to the competitive market roadmap. Resolution No. 70-NQ/TW also affirmed the urgency and concretization of 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 electricity customers to choose and access the electricity supplier that suits their needs, this is a key step to form a truly competitive electricity market.

Promoting private investment attraction

The consistent spirit of Resolution No. 70-NQ/TW is to "pave the way" for a competitive electricity market and promote the attraction of private investment. Regarding this, Ms. Le My Nga said: "Paving the way" for a competitive electricity market is necessary and reforming the electricity market and expanding space for the private sector when promoting the attraction of private investment in this field is urgent. Resolution No. 70-NQ/TW also affirmed the urgency and concretization of 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 electricity customers to choose and access electricity suppliers that suit their needs. This is a key step to forming a truly competitive electricity market. This is the time for Vietnamese enterprises to not only play a participating role, but also become a leading entity in a number of energy technology fields.

Resolution No. 70-NQ/TW not only promotes reform but also opens up space for the private sector to assert its position in the electricity sector - a strategic sector. The Resolution also requires the early implementation of a direct power purchase mechanism (DPPA) between power generators and large customers, and the development of transparent, long-term contracts to ensure legitimate rights for investors. This is a big step forward, however, to attract the private sector, it is necessary to ensure the harmony of interests for all three subjects: Investors/Investment funds with profits; people have access to electricity at reasonable prices and high quality; the State with the role of ensuring national energy security. This is the time to need a transparent competition mechanism, an innovative energy industry ecosystem, where private and state enterprises cooperate to develop together, then Resolution No. 70-NQ/TW will become a real lever for the economy and enter people's lives.

Energy industry experts believe that Resolution No. 70-NQ/TW is open and creates maximum conditions to attract private investment. However, private investors put profit first, so they want a favorable environment with low risks. Therefore, Resolution No. 70-NQ/TW has proposed many specific solutions such as: Strongly reforming administrative procedures, reducing 30-50% of processing time. This is an important signal to reduce risks and create peace of mind 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 important factors for investors to have confidence and long-term commitment. Developing a modern, smart, and sustainable energy ecosystem requires the following factors: Completing a synchronous legal framework for all types of energy, balancing and being fair for all types of participating businesses; establishing financial mechanisms, preferential credit or cooperating with venture capital funds in promoting green energy and high-tech projects; training and developing high-quality human resources, ready to master modern technology.

In the context of Vietnam's increasingly deep integration and participation in international forums such as the World Energy Council, having a new, synchronous and breakthrough Resolution will help Vietnam ensure energy security, energy balance and equity throughout the country, while creating a basis to affirm the country's position in the global energy value chain. Therefore, it can be said that Resolution No. 70-NQ/TW plays an important role and was issued very promptly, affirming Vietnam's determination to implement a strong strategy in ensuring energy security in parallel with sustainable development and global integration. If Vietnam takes advantage of the Resolution as a "compass", combining Vietnamese intelligence with international resources, the energy sector can become one of the biggest drivers for the country's prosperity in the coming decades.

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