09:37 | 08/05/2015 Industry
The Electricity Regulatory Authority of Vietnam ( ERAV ) and the US Bureau of Energy Resources ( ENR ) signed a Memorandum of Understanding (MoU) on providing technical support to develop the competitive electricity market in Vietnam on May 7 in Hanoi.
Representatives from the Electricity Regulatory Authority of Vietnam (ERAV) and he US Bureau of Energy Resources (ENR) signed the MoU on providing technical support to develop the competitive electricity market in Vietnam (Source: VNA)
At the event, Head of the ERAV Nguyen Anh Tuan said the MoU will contribute to boosting the electricity market in Vietnam by ensuring fair competitiveness and transparent prices while raising the effectiveness of power projects.
He said the current market is plagued with poor infrastructure and unqualified labor force in its first stage.
Thus, the Ministry of Industry and Trade has learnt from other countries’ experience towards building a competitive market in Vietnam.
According to a senior ENR official, the project aims to focus on improving the activities of the Build-Operate-Transfer (BOT) electricity projects.
The US also continues to share experience and technologies to help Vietnam run a successfully competitive electricity market, said Ambassador Mary Warlick, Principal Deputy Assistant Secretary of ENR.
According to the framework to develop the electricity market approved by the Ministry of Industry and Trade, a power generation market was formed from 2011 to 2014.
The whole sale market will appear in 2015-2020. Ultimately, the retail electricity market will be ready by 2024.
Since 2010, Vietnam has allowed the private sector to build electricity plants under public-private partnership.