A wind power plant in Duyen Hai township, Vinh Long province (formerly part of Tra Vinh). (Photo: VNA)

Vietnam has so far mobilised more than 7 billion USD 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 67 million EUR credit deal to build a 500kV power transmission line through Ho Chi Minh City and Dong Nai province; a 480 million EUR credit package for Bac Ai Pumped Storage Hydropower Project in Khanh Hoa province; and a 65 million EUR 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 7.04 billion USD.

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./.

VNA