The development of renewable energy (RE) is a pillar in Vietnam's energy security strategy and sustainable development. However, mobilising private capital, particularly green credit (or green finance), for RE projects currently faces numerous challenges, notably policy barriers and legal gaps in project finance – the decisive factors for the bankability of the projects. This paper employs the method of doctrinal legal research combined with comparative analysis to profoundly analyse the key inadequacies and legal risks stemming from electricity pricing policy, power purchase agreements, power master planning, and the absence of a guarantee mechanism. Consequently, it proposes systemic solutions aimed at improving the legal framework for green credit and establishing risk-sharing mechanisms, thereby contributing to unlocking capital flows for the energy transition process in Vietnam.
