Vietnam, US to develop competitive power market

(VNF) - The US Department of State Bureau of Energy Resources (ENR) and the Electricity Regulatory Authority of Vietnam (ERAV) on May 7th signed a Memorandum of Understanding (MoU) for technical support from ENR for the development of Vietnam's competitive power market.
May 07, 2015 | 23:52

(VNF) - The US Department of State Bureau of Energy Resources (ENR) and the Electricity Regulatory Authority of Vietnam (ERAV) on May 7th signed a Memorandum of Understanding (MoU) for technical support from ENR for the development of Vietnam's competitive power market.

Vietnam, US to develop competitive power market
According to ENR's Principal Deputy Assistant Secretary Ambassador Warlick, the establishment of a competitive power market can incentivize investment in new power generation and transmission, lower electricity costs, drive innovation in cleaner technology, and encourage conservation.

While Deputy Chief of Mission at the US Embassy in Hanoi, Pierangelo, expressed her amazement at economic growth and development Vietnam had achieved over the last decade but added that a country can only expand as far as its power supply would allow.

“Vietnam needed reforms, like the establishment of a competitive power market, to ensure the country's electrical supply could meet future demand. The MoU as yet another example of how the US is committed to helping Vietnam become a strong, prosperous and independent country”.

The establishment of a competitive power market would ensure fair competition, transparent prices and efficient performance by Vietnam's power companies.

The MoU is the latest in a series of agreements for US assistance to develop and strengthen Vietnam's energy sector. It also provides another success story in the bilateral relationship during the 20 year anniversary of normalization of relations between the two nations./.

( VNF )

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