Vietnam mobilises over 7 billion USD for just energy transition
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).
A wind power plant in Duyen Hai township, Vinh Long province (formerly part of Tra Vinh). (Photo: VNA)
Hanoi (VNA) - Vietnam has so far mobilised more than 7 billion USD for its just energy transition agenda under the Political Declaration on the Just Ene♛rgy Transition Partn﷽ership (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./.
Prime Minister Pham Minh Chinh on December 1 announced a Resource Mobilisation Plan to implement the political declaration on establishing a Just Energy Transition Partnership (JETP) between Vietnam and the International Partnership Group (IPG), on the occasion of his attending the COP28 in Dubai, the UAE.
A consultation workshop was held in Hanoi on October 27 to finalise a draft resource mobilisation plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP).
The Just Energy Transition Partnership (JETP) will help Vietnam and many other developing countries realise their net-zero emissions targets by 2050, and shift to the use of clean energy, Deputy Minister of Industry and Trade Nguyen Hoang Long said at a working session with Norwegian Ambassador to Vietnam Hilde Solbakken in Hanoi on September 18.
Tran Luu Quang, Chairman of the Party Central Committee’s Commission for Policies and Strategies, praised AES’s investment performance in Vietnam in recent years and welcomed its long-term commitment, particularly in the field of green and clean energy that supports the country's development and energy transition.
Over the past three decades, Vietnam Airlines has operated 1.2 million round-trip flights, covering 3.04 billion kilometres, and serving 350 million passengers with an average annual growth of 19%.
Attracting major investors will bring in capital, advanced technology, and modern management expertise, helping to develop key industries, generate jobs, and promote local development, said a leader of the Van Phong Economic Zone.
New regulations on taxes and fees for e-commerce platforms have officially taken effect from July, requiring sellers to quickly adapt by implementing three key measures to safeguard profits and maintain competitiveness.
As head of the steering committee, PM Chinh reiterated the strategic direction outlined in the 13th National Party Congress, which emphasises the need to continue three strategic breakthroughs, with priority given to railway development and starting work on several sections of the North–South high-speed railway, improving transport connectivity with economic zones, industrial parks, seaports, and airports, and accelerating the pace of urban railway projects in Hanoi and Ho Chi Minh City.
Vietnam is playing a growing role in the US’s global supply chains while American businesses have contributed significantly to Vietnam’s economic transformation and development, according to Minister of Industry and Trade Nguyen Hong Dien.
Deputy Minister of Finance Nguyen Duc Chi said the upgrade would open doors for global funds eyeing exposure to one of Asia’s fastest-growing economies.
In addition to their own efforts, businesses and industries are calling for stronger policy assistance to accelerate green transition, expand market access, and boost long-term competitiveness.
Coming to the 2025 Korea Import Fair (KIF), Vietnamese firms are not only seeking buyers but also looking to gain deeper insights into consumer preferences and connect with strategic partners.
On a global scale, verification and traceability are among the top criteria that businesses must maintain to ensure credibility, enhance competitiveness and meet stringent international trade standards.
The conflicts have caused serious disruptions to Israel’s external supply chains, leading to greater demand for a wide range of imported goods. As a result, Israeli enterprises are intensifying efforts to diversify sources of supply, including from Vietnam, to meet domestic consumption needs.
Scandals involving counterfeit goods, unsafe food and substandard pharmaceuticals not only cause economic losses but also erode public trust. On a global scale, verification and traceability are among the top criteria that businesses must maintain to ensure credibility, enhance competitiveness and meet stringent international trade standards.
Economists, both domestic and foreign, have noted Vietnam’s ability to maintain strong momentum, with ambitions to hit 8% growth in 2025 and 10% or more annually from 2026 to 2030.
The dialogue offered Japanese businesses an opportunity to gain the most updated insights into Vietnam’s socio-economic landscape as well as its new policies, and to exchange views on potential future collaboration in various sectors.
The SBV has proactively assigned credit growth limits to credit institutions this year, and set an annual credit growth of 16% for 2025, with room for flexible adjustments depending on market conditions.
By June 2025, Vietnam's total credit had reached over 17.2 quadrillion VND (658.43 billion USD), up 9.9% from end-2024 and 19.32% year-on-year—the highest growth rate since 2023—signalling strong recovery in manufacturing, agriculture, and supporting sectors.
