Published 23 June 2023
At the 26th Conference of the Parties to the United Nations Framework Convention of Climate Change ("COP26"), Vietnam pledged to reach its net zero carbon emission targets by 2050. For these targets to be realised, holistic and strong determination is needed from all stakeholders in Vietnam, requiring radical changes in the country's power sector structure inter alia revising the total capacity of power system nationwide, reducing coal-fired electricity and fostering renewable and green energy sources. The Vietnamese government has been aware of the importance of Liquefied Natural Gas (LNG) to achieve these targets and the need to develop the energy sector and environmental protection whereby the country needs to prepare LNG-related infrastructure and pave the way for LNG electricity market. The Vietnamese Government has shown its readiness to pursue regulatory reform to create a stable legal framework in order to attract foreign investment, particularly in sectors where foreign investment can be leveraged to expedite implementation of its ambitions. Firstly, this novel paper navigates the complex legal framework governing energy and LNG-to-Power projects in Vietnam and presents a user-friendly understanding of the current legal regime. Secondly, the paper critically analyses the recent legal reforms and corporate governance practices and by doing so it assesses whether these would lead to a more competitive, efficient and profitable energy sector in Vietnam.