A forum held in Ho Chi Minh City on September 20 emphasized the need for a specific regulatory framework to encourage private capital flows into Vietnam's renewable energy sector, reported the Voice of Vietnam (VOV).

Speaking at the Investment Legal Support Forum 2024 themed “Attracting Investors to Renewable Energy and Promoting Green Economic Growth in HCM City,” Mr. Vo Van Hoan, Vice Chairman of the municipal People's Committee, highlighted the global trend towards sustainable development and HCM City's commitment to implementing a Green Growth Action Plan for 2024-2030.

The plan focuses on 14 key tasks for green development, prioritizing renewable energy. Combined with the National Assembly's Resolution 98, which outlines special mechanisms and policies for the development of HCM City,  the plan provides a framework for promoting green projects in the southern city.

However, Mr. Hoan expressed concerns about whether the current policies are truly favorable for renewable energy investors. The forum aimed to connect with investors and gather feedback to inform potential reforms in the investment environment.

Dr. Tran Du Lich, Vice President of the Vietnam International Arbitration Centre, emphasized the importance of renewable energy development, particularly wind, solar, and biomass, in mitigating environmental impacts and gaining a competitive advantage in the global trend towards greening.

Mr. Lich pointed out that the terms "greening" and "renewable energy" may be unfamiliar to many businesses, and the regulatory framework for the sector remains inadequate.

The lack of clear regulations and guidance increases the risk of disputes, raising concerns for both investors and the government, he said.