On July 8, in Hanoi, the Secretariat for the Political Declaration establishing the Just Energy Transition Partnership (JETP) held a meeting with the International Partnership Group (IPG), the Glasgow Finance Alliance for Net Zero Emissions (GFANZ) and a number of partners to update progress and promote coordination in the implementation of JETP in the coming time.
Deputy Minister of Industry and Trade Nguyen Hoang Long - representative of the Standing Office of the JETP Secretariat chaired the meeting. The meeting was participated by members of the Secretariat, representatives from relevant ministries, branches and domestic agencies.
On the international side, representatives of the International Partners Group (IPG) - Mr. Thomas Wiersing, Deputy Ambassador of the European Union Delegation to Vietnam and Mr. Marcus Winsley, Deputy Ambassador of the United Kingdom to Vietnam - co-chaired the meeting.
At the meeting, delegates heard a report on the progress of the implementation of the JETP Declaration since the Secretariat's Standing Office was transferred to the Ministry of Industry and Trade. The report acknowledges Vietnam's efforts in building and perfecting institutions and policies to support a fair energy transition; and removing obstacles in the implementation of JETP projects.
At the same time, promote proposals and select projects that meet JETP criteria to mobilize resources for implementation.
A notable content discussed at the meeting was adjusting the process of reviewing and selecting JETP projects towards openness, transparency, and convenience for stakeholders.
The parties agreed to use the integrated tool on the JETP website to receive project proposals, thereby improving management and connection efficiency.
At the meeting, the Deputy Ambassador of the Charge d'Affaires of the European Union Delegation to Vietnam and the Deputy Ambassador of the United Kingdom to Vietnam, on behalf of IPG, announced that, after the efforts of all parties, the first three projects have now completed agreements to mobilize support funds from IPG to contribute to the implementation of JETP.
specifically, the National Power Transmission Corporation (EVNNPT) signed a credit agreement worth 67 million Euros with the French Development Agency for the 500kV transmission line project passing through Ho Chi Minh City and Dong Nai province.
Vietnam Electricity (EVN) has reached a credit agreement worth 480 million Euros with six development financial institutions of the International Partnership Group (IPG), including: Agence Française de Développement, European Investment Bank, Japan International Cooperation Agency, Deutsche Bank for Reconstruction, Development Finance Institution of the Republic of Italy and French Private Sector Development Finance Company to implement the 1,200 MW Bac Ai pumped storage hydropower project in Khanh Hoa province. This project also received 10 million Euros in technical assistance from the European Union.
The third project is a 65 million Euro loan agreement between Vietnam Electricity (EVN) and the German Reconstruction Bank to expand the Tri An hydropower plant with an additional capacity of 200 MW.
The above three projects are initial results of a starting nature, opening up a direction for effective mobilization of international and domestic financial resources to realize the goal of equitable energy transition in Vietnam.
With four of the initial seven projects identified as JETP-eligible, financial negotiations are continuing. In addition, 25 new project proposals have been received; of which 17 projects have been initially assessed as being in line with the four JETP principles, with a total funding requirement of approximately US$5.52 billion.
Thus, up to now, 24 projects have been identified as suitable for JETP, with a total capital mobilization of up to 7.04 billion USD. The partners committed to continue to coordinate with project owners and stakeholders to review each project in detail, move towards financial agreements and implementation.
Representatives of the International Partnership Group (IPG), Glasgow Finance Alliance for Net Zero (GFANZ) and multilateral development banks emphasized their commitment to continue accompanying and supporting Vietnam in achieving its goals of equitable energy transition, sustainable growth and greenhouse gas emission reduction, towards the goal of net zero emissions by 2050.
The parties affirmed that the principle of inclusiveness and leaving no one behind will continue to be the guiding principle in JETP cooperation. In the coming time, the International Partnership Group (IPG) will work with the JETP Secretariat Standing Body and the JETP Secretariat Support Agency (SSA) to develop and screen the project portfolio, especially projects under the Plan for implementing the National Power Development Plan for the 2021-2030 period, with a vision to 2050, revised, issued by the Ministry of Industry and Trade on May 30, 2025.
Delegates agreed that the integration of project proposal features through the JETP electronic portal is a remarkable step forward in administrative procedure reform, enhancing connectivity between financial institutions, investors and project developers.
In his concluding remarks, Deputy Minister of Industry and Trade Nguyen Hoang Long highly appreciated the efforts of all parties in removing difficulties, promoting the JETP process and acknowledged the encouraged results achieved. At the same time, he affirmed that the Ministry of Industry and Trade and other ministries and sectors will continue to promote the completion of the legal system, including regulations on official development assistance (ODA), to create a favorable environment for businesses and investors to implement equitable energy transition projects in Vietnam.
Representatives of the International Partnership Group (IPG) affirmed their long-term commitment to accompany Vietnam in the JETP partnership, contributing to supporting Vietnam to successfully achieve the goal of net zero emissions by 2050./.
Source: https://www.vietnamplus.vn/viet-nam-huy-dong-hon-7-ty-usd-cho-chuyen-doi-nang-luong-post1048565.vnp
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