Việt Nam mobilises over $7 billion for just energy transition

Việt Nam mobilises over $7 billion for just energy transition

Việt Nam has so far mobilised more than $7 billion for its just energy transition agenda under the Political Declaration on the Just Energy Transition Partnership (JETP).

A wind farm in Khánh Hoà Province. Việt Nam has so far mobilised more than $7 billion for its just energy transition agenda under the Political Declaration on the Just Energy Transition Partnership (JETP). — VNA/VNS Photo Nguyễn Thành

Việt Nam 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 Hà Nội on Wednesday between Việt Nam’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 Nguyễn Hoàng Long and representatives from the European Union and the UK. 

Delegates reviewed the 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 67 million EUR credit deal to build a 500kV power transmission line through HCM City and Đồng Nai Province; a 480 million EUR credit package for Bắc Ái Pumped Storage Hydropower Project in Khánh Hoà province; and a 65 million EUR loan for upgrades to Trị An Hydropower Plant.

An additional 21 projects are under review, bringing the total to 24 projects identified as JETP-eligible, requiring estimated funding of $7.04 billion.

Partners reiterated their commitment to support Việt Nam in achieving a fair and 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. 

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