Vietnam has unveiled a new electricity decree as an extension of the 2024 'New Electricity Law' to further accelerate the development of renewable energy projects in the country. The decree places a strong emphasis on boosting large-scale offshore wind and solar projects, along with energy storage systems. Notably, it provides incentives for projects that utilize 100% green hydrogen and green ammonia for power generation. Maritime projects are set to benefit from a three-year exemption from maritime area use fees, followed by a 50% reduction for the subsequent nine years. Similarly, land-based projects will enjoy a three-year exemption from land use and lease fees, with fees post-exemption determined by investment and land use regulations. The decree also highlights that projects transmitting renewable energy to the national grid will be given priority, especially during peak electricity demand periods. Additionally, the government plans to fast-track approvals for research and development initiatives related to solar panels, wind turbines, and power conversion equipment. This move not only signifies a commitment to renewable energy but also sets the stage for significant growth in the sector, positioning Vietnam as a key player in the green energy transition.