VILAF, working alongside Simmons & Simmons, has always brought fruitful and successful results. Our longstanding and steadfast relationship is now further enhanced with our cooperation to provide the Vietnam content for Simmons & Simmons’ Clean Energy Tool. The tool is an online platform providing comprehensive information for investors and developers making key decisions in the clean energy sector.
It is a sector that is rapidly expanding in Vietnam. At the 26th UN Climate Change Conference of the Parties (COP26), Vietnam’s Prime Minister Pham Minh Chinh announced his commitment to work towards net zero emissions by 2050. Accordingly, the Ministry of Industry and Trade has updated its draft Vietnam’s Power Development Plan VIII (PDP 8) wherein much emphasis is given to increasing the capacity of renewable energy resources, developing gas-fired power generation, and strongly reducing coal-fired power.
In October 2021, Vietnam rose up in the rankings of the world’s top 40 markets in terms of attractiveness of renewable energy investment and deployment opportunities according to EY’s Renewable Energy Country Attractiveness Index (RECAI). In Southeast Asia, Vietnam is one of the leading countries actively involved in renewables.
By the end of the 2021, Vietnam’s renewable energy made up 27% of the country’s capacity and accounted for 12.27% of the country’s energy output. The International Renewable Energy Agency (IRENA) has reported that Vietnam is among the top ten countries with the highest installed solar energy capacity. The total solar power output is 10.8% while wind energy accounted for 1.3% of the country’s total output. There are currently 70 wind-to-power projects in Vietnam.
Now, along with more than 40 other jurisdictions, investors and developers can access crucial information about the Vietnamese clean energy sector using Simmons & Simmons’ Clean Energy Tool. The tool offers detailed legal and regulatory overviews of all aspects of renewable energy projects including acquisition of land, finance, tax, structuring, revenue streams, grid connection and disputes. Wide-ranging information is presented in a standardised Q&A style, enabling a cross-jurisdiction comparison function for subscribers to browse and compare renewable energy frameworks across multiple jurisdictions.
The overall purpose is to provide accurate, consistent and up-to-date information via a user-friendly platform that can streamline decisions for investors and developers across jurisdictions. Content is created through Simmons & Simmons’ collaboration with best-in-class local counsel in over 60 countries across Africa, Asia, Europe, Latin America, Australia and the Middle East, with more jurisdictions being added to the online tool every month.
VILAF Partner, Mr. Hung Q. Nguyen says: we are very pleased to be able to provide our clients with a very easily accessible way for them to get detailed information on the Vietnam’s renewable energy’s legal framework when assessing their opportunity in this market.
To learn more about the tool, or to request a demo/free trial please visit Clean Energy Tool.
We would like to send our thanks to those that contributed to the Vietnam chapter of the Clean Energy Tool: Partner Hung Q. Nguyen with the assistance from associates Nguyen Thu Thuy and Pham Tung Lam.