Incentives for solar power expansion discussed

Dung asked the Ministry of Industry and Trade to continue refining a draft on the PM’s decision on solar energy development, adding that it should consider experience acquired by developed nations and developing countries throughout the process.

Areas designated for renewable energy development should be zoned off, he said, adding that the PM’s draft decision will be reported to the government’s regular meeting before being signed.

According to Deputy Minister of Industry and Trade Hoang Quoc Vuong, existing policies and mechanisms, including the 2004 Electricity Law, fail to provide financial incentives for solar power growth.

The draft PM’s decision is expected to clarify relevant investment procedures and power price subsidies to the construction of solar energy facilities.

In the morning the same day, Deputy PM Dung also held a meeting with ministries and agencies concerned to clear hindrances to underway power projects in the form of build-operate-transfer (BOT).