Vietnam mobilizes over $7 bln for Just Energy Transition

Vietnam has so far mobilized more than $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 Tuesday 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 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 EUR 67 million credit deal to build a 500 kV 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 $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.