Overview of working session. Photo: Ministry of Industry and Trade

This information was provided by the Department of Foreign Market Development (Ministry of Industry and Trade) during a working session between Deputy Minister of Industry and Trade Nguyễn Hoàng Long and senior leaders of the Cassa Depositi e Prestiti (CDP) - a development finance institution under the Italian Government - along with representatives of leading Italian renewable energy companies. The meeting took place as part of the official visit accompanying Vice President Nguyễn Thị Ánh Xuân in Rome, Italy.

CDP is Italy’s leading development finance institution, with a mission to promote sustainable development, support enterprises, and invest in strategic infrastructure. The institution mobilizes capital from national savings to finance projects with significant economic and social impact, particularly in the fields of energy, urban development, and innovation.

Recognized by the European Union and the Green Climate Fund as a development finance institution, CDP plays an active role in international cooperation, including initiatives in Vietnam aimed at supporting small and medium-sized enterprises, green investment, and energy transition.

During the session, Deputy Minister Nguyễn Hoàng Long highly appreciated CDP’s role in sustainable finance initiatives and its concrete contributions to JETP in Vietnam. A notable highlight was the memorandum of understanding between EVN and AFD (representing CDP), along with five other partners from the International Partners Group (IPG), regarding a credit facility of up to €480 million for the construction of the 1,200 MW Bac Ai pumped storage hydropower plant.

The Deputy Minister called on CDP to continue close coordination with the Vietnamese side in mobilizing financial resources, conducting field surveys, and advancing the remaining JETP projects. He also suggested exploring new initiatives that contribute to emission reduction commitments and sustainable development goals.

Affirming the Vietnamese Government’s prioritization of renewable energy development, the Deputy Minister noted that the adjusted Power Development Plan VIII sets targets of reaching 6,000 MW of offshore wind power by 2030 and 17,500 MW by 2035. This is a sector that requires substantial investment capital, estimated at around USD 60-70 billion.

The Deputy Minister emphasized that Vietnam seeks to enhance cooperation with Italian enterprises—a country with strong capabilities in technology, finance, and large-scale energy project implementation—in order to develop a domestic supply chain, improve workforce quality, and advance the offshore wind power industry.

Translator: Vân Ly