Vietnam and Australia signed a MoU to cooperate in developing a competitive electricity market

The signing ceremony was witnessed by Senator Jenny McAllister, Australian Deputy Minister of Climate Change and Energy and Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan.

Deputy Minister Nguyen Sinh Nhat Tan highly appreciated the relationship between Vietnam and Australia, which is at a stage of strong and sustainable development, demonstrated by the two countries upgrading their relationship to a comprehensive strategic partnership during the visit to Australia Prime Minister Pham Minh Chinh (in March 2024). On that basis, many important cooperation documents have been signed, including a Memorandum of Understanding to establish the Vietnam-Australia Ministerial Dialogue mechanism on energy and minerals, to promote bilateral cooperation in the industry and trade sector.

At the meeting, Ms. Jenny McAllister agreed to share: "Ministerial dialogue on energy and minerals" plays an essential role in promoting effective bilateral cooperation. This mechanism will guide future energy and mineral cooperation, ensuring compliance with the general development trend of the global energy industry and the Net Zero goal by 2050. Furthermore, “For Ministerial-level dialogue on energy and minerals" also promises to create a strong driving force for economic and trade growth between the two countries.

On this occasion, Deputy Minister Nguyen Sinh Nhat Tan and Ms. Jenny McAllister witnessed the signing ceremony of the "Memorandum of Understanding on Cooperation to Promote the Development of Competitive Electricity Markets" between the Vietnam Electricity Regulatory Authority and the Australian Embassy in Vietnam. The memorandum of understanding is evidence of the increasingly deepening cooperative relationship between Australia and Vietnam in the energy sector.

A memorandum of understanding on cooperation to promote the development of a competitive electricity market between the Electricity Regulatory Authority and the Australian Embassy in Vietnam was signed to support technical cooperation and build a solid cooperation foundation for long long-term mutually beneficial relationship between the two organizations. Promote the exchange, and sharing of experiences, updating information for the training to improve capacity in the field of regulating electricity activities developing a competitive electricity market and operating an integrated electricity system/electricity market with a large proportion of renewable energy, consistent with the new context of energy transition in Vietnam.

The MoU also aims to formalize the framework for cooperation and facilitate contributions to the common interests of both sides. At the same time, support capacity building for officials of the Electricity Regulatory Authority in developing policies, mechanisms and regulations to serve the regulation of electricity activities and develop the electricity market in the new context of electricity regulation in the World and Vietnam today.

The signing ceremony of a memorandum of understanding on cooperation to promote the development of a competitive electricity market between the Electricity Regulatory Authority and the Australian Embassy in Vietnam was held successfully. Both sides affirmed that this is an important mark and a basis for promoting cooperative activities to maximize the strengths and potentials of each side and contribute to the further development of the partnership Vietnam - Australia energy in the coming time.