On 12 March 2024, the Ministry of Industry and Trade (MOIT)’s Electricity Regulatory Authority of Vietnam (ERAV) released for public comment a draft new circular (“Draft Circular“), which if adopted would take effect from 1 July 2024 and would replace Circular No. 45/2018/TT-BCT dated 15 November 2018 regulating the operation of the Vietnam Wholesale Electricity Market (VWEM) in Vietnam (as amended) (“Circular 45“).
Most of the adjustments made to the Draft Circular are technical in nature. However, the release of the Draft Circular is part of a wider effort by the government to update its legislation around grid-connected projects ahead of the launch of numerous LNG-to-power tenders this year, including through the concurrent preparation of a separate draft new circular on power tariff determination and model power purchase agreement (which we have previously discussed – read here).
