US State Department signs MoU with PTIT and VMO Holdings

The US Department of State and Vietnam’s Posts and Telecommunications Institute of Technology (PTIT) and the VMO Holdings Technology Joint Stock Company (VMO) signed an MoU and launched the Coalition for Climate Entrepreneurship (CCE Hub) on September 27.

With the signing and launch ceremony for CCE Hub, the three parties agreed to work together to promote startup activities in the field of climate change through the use of startup resources and exploiting technology to minimize climate change and increase economic growth with clean energy sources.

Along with representatives of the signees, the ceremony was also attended and witnessed by representatives of leaders from the Ministry of Information and Communications, the Ministry of Education and Training, the Ministry of Science and Technology, the Ministry of Natural Resources and Environment, and the National Innovation Center, together with businesses in the field of information and communications (IC) design.

Ms. Dorothy McAuliffe, Special Representative for Global Partnerships at the Department of State, said the Department, along with its hosting and implementing partners, will use the hub to identify sustainability-focused entrepreneurs, convene them in the space, and equip them with the tools and resources they need to scale climate solutions to market. “We are confident that this hub will build upon the momentum of the Comprehensive Strategic Partnership signed between Vietnam and the US during President Joe Biden’s recent visit to Vietnam as we work together to address the climate crisis,” she added.

The CCE Hub, located at PTIT, is a dedicated innovation space designed to provide community space for founders and startups. Its goal is to facilitate the creation of market-viable businesses that pioneer emerging sustainable solutions or innovate existing solutions, focusing on sustainability, which include clean energy, sustainable agriculture, climate finance, climate resilience and adaptation, and recovery projects.

Associate Professor Tran Quang Anh, Deputy Director of PTIT, said he hopes that the CCE Hub will create a dedicated creative space designed for creators and startups, focusing on sustainable research areas such as clean energy, sustainable agriculture, climate finance, climate resilience, and other resilience projects. “As the CEE Hub management unit in Vietnam, PTIT and VMO will strive to be a bridge between the business community and make practical contributions to the sustainable development of the environment and climate change and community benefits,” he added.

In recognition of the important role entrepreneurship plays in addressing climate change, the Department of State launched the Coalition for Climate Entrepreneurship (CCE) at COP26 in Glasgow as a public-private partnership between the Department and private sector partners.

The CCE aims to address the climate crisis and contribute to economic empowerment in developing countries by nurturing entrepreneurship focused on climate solutions.

By offering support through capital, capacity building, technical assistance, access to mentorship, and network building in the early and growth stages, the Department of State and its partners can help climate change entrepreneurs engage relevant stakeholders, refine their designs, demonstrate success in the market, and then deploy effective technologies and solutions for greater global impact.

The US and Vietnam announced the US - Vietnam Comprehensive Strategic Partnership on September 10.

President Biden applauded Vietnam’s climate commitments under its Just Energy Transition Partnership (JETP) as well as its 2050 net-zero emissions target.

Party General Secretary Nguyen Phu Trong welcomed the US’s contribution to mobilizing public and private financing for Vietnam’s JETP and cooperation with the international community to ensure its successful implementation while ensuring national energy sovereignty, security, and affordability.

The US committed to assisting Vietnam with both finance and advanced climate technology to fulfill its international climate commitments.

Vietnam welcomes projects funded by international financial institutions, including the World Bank, in the areas of climate change response, energy transition, green growth, and renewable energy infrastructure.