Vietnam promotes international cooperation in energy transition
The partners committed to working closely with the Vietnamese government to ensure that projects are matched with suitable funding sources.
THE HANOI TIMES — Vietnam has so far mobilized more than US$7 billion for its energy transition agenda under the Political Declaration on the Just Energy Transition Partnership (JETP).
A wind power plant in Vietnam's southern province of Vinh Long. Photo: VNA
This information was revealed during a meeting in Hanoi on July 8, attended by the JETP Secretariat, the International Partners Group (IPG), and the Glasgow Financial Alliance for Net Zero (GFANZ).
The IPG has already secured funding for three energy infrastructure projects, including a $78.4-million loan to build a 500 kV power transmission line through Ho Chi Minh City and Dong Nai Province, a $562 million loan for the Bac Ai Pumped Storage Hydropower Project in the central province of Khanh Hoa, and a $76 million loan for upgrades to the Tri An Hydropower Plant.
Twenty-one other projects are under review, bringing the total number of JETP-eligible projects identified to 24, which require an estimated $7.04 billion in funding.
Partners pledged to support Vietnam in achieving a fair transition toward net-zero emissions by 2050. They also committed to working closely with the government to match projects with suitable funding sources.
