Vietnam mobilises over US$7 billion for just energy transition
Vietnam has so far mobilised more than US$7 billion for its just energy transition agenda under the Political Declaration on the Just Energy Transition Partnership (JETP).
The information was unveiled at a coordination meeting in Hanoi on July 8 between Vietnam’s JETP Secretariat, International Partners Group (IPG), the Glasgow Financial Alliance for Net Zero (GFANZ), and other stakeholders. The event was co-chaired by Deputy Minister of Industry and Trade Nguyen Hoang Long and representatives from the European Union and the UK.
Delegates reviewed progress made since the JETP Secretariat's standing agency moved under the Ministry of Industry and Trade. Efforts were noted in institutional reforms, policy support, and project pipeline development to align with JETP’s guiding principles.
Three energy infrastructure projects have already secured funding from the IPG, including a EUR67 million credit deal to build a 500kV power transmission line through Ho Chi Minh City and Dong Nai province; a EUR480 million credit package for Bac Ai Pumped Storage Hydropower Project in Khanh Hoa province; and a EUR65 million loan for upgrades to Tri An Hydropower Plant.
An additional 21 projects are under review, bringing the total to 24 projects identified as JETP-eligible, requiring estimated funding of US$7.04 billion.
Partners reiterated their commitments to support Vietnam in achieving a fair, inclusive transition toward net-zero emissions by 2050. They also welcomed reforms to streamline project selection and pledged to work closely with the government to match projects with suitable funding sources.
Norway vows to support Vietnam's energy transition
Norway is committed to supporting Vietnam’s energy transition, Norwegian Ambassador to Vietnam Hilde Solbakken said at a technical seminar held in Hanoi on May 28.
