Vietnam Energy Transition

The country has significant and economically viable potential for ventures in the renewable energy sector as well as for initiatives that focus on energy efficiency.

UK backing to Vietnam includes expertise, technical and financial assistance through the Just Energy Transition Partnership (JETP), which is expected to mobilize at least US$15.5 billion over the next three to five years.

Representatives from Dutch corporations, including Van Oord, Royal Vopak, Pondera, Royal Boskalis, and De Heus, have expressed strong interest in investing in Vietnam.

Vietnam is recognized as a shining example of economic recovery in the region, with its successful disease prevention strategies, transformative growth models, and a solid commitment to energy transition.

The World Bank would share experience and enhance capacity building to help Vietnam establish the necessary regulatory framework and implement projects that promote sustainable development.

The Vietnamese Prime Minister expected the JBIC to provide Vietnam with policy consultation, capital, technologies, human resource, and corporate governance experience so that the country could develop the energy transition sector.

Germany helped Vietnam initiate its Smart Grid roadmap in 2017 when the Southeast Asian country did not yet have a complete energy transition concept and had not yet committed to net zero.

Vietnam continues to be a key partner of the UK in the region, especially as the UK prioritizes greater cooperation with the India-Pacific region.

A phase of rapid wind power growth is expected to meet the country’s increasing electricity demand, ensure energy security, and deliver socio-economic benefits in pursuit of a renewables-led pathway.