24 energy projects identified eligible for JETP support

Vietnam and the International Partners Group (IPG) have identified 24 energy projects eligible for support under the Political Declaration on the Just Energy Transition Partnership (JETP), with a funding requirement estimated at more than $7 billion.

The update was announced during a recent coordination meeting in Hanoi involving Vietnam’s JETP Secretariat, the IPG, and other stakeholders.

To date, three major energy infrastructure projects in Vietnam have already secured funding through the IPG. These include a €67 million credit package to construct a 500kV power transmission line through Ho Chi Minh City and southern Dong Nai Province; a €480 million credit facility for the Bac Ai Pumped Storage Hydropower Project in southern Khanh Hoa Province; and a €65 million loan for upgrades to the Tri An Hydropower Plant in the southern province of Dong Nai.

Going forward, the IPG will continue working with relevant Vietnamese agencies to review and select additional projects eligible under the JETP framework, with particular attention to those listed in the National Power Development Plan VIII for the 2021–2030 period.

On the sidelines of the 28th United Nations Climate Change Conference (COP28), Vietnam and the IPG formally announced the country’s Resource Mobilization Plan to implement the JETP.

The JETP is a key mechanism to help Vietnam access international resources for a just and effective energy transition toward a low-carbon, climate-resilient development pathway. It also aims to generate new economic opportunities and accelerate the country's progress toward its net-zero emissions target.

The IPG comprises the European Union, the United Kingdom, the United States, Japan, Germany, France, Italy, Canada, Denmark, and Norway.

The JETP Political Declaration was adopted in December 2022 during a summit in Brussels marking the 45th anniversary of ASEAN–EU relations.