HCMC – Vietnam has mobilized more than US$7 billion for clean energy projects under the Just Energy Transition Partnership (JETP) as it moves toward its 2050 net-zero target.
The update came during a meeting in Hanoi with representatives from the International Partners Group (IPG), the Glasgow Financial Alliance for Net Zero (GFANZ), and other stakeholders. Deputy Minister of Industry and Trade Nguyen Hoang Long chaired the meeting as head of the JETP Standing Secretariat, according to the Vietnam News Agency.
Three projects have secured financing under the JETP framework. The National Power Transmission Corporation (EVNNPT) signed a 67-million-euro loan agreement with the French Development Agency for a 500-kilovolt transmission line through HCMC and Dong Nai Province.
Vietnam Electricity Group (EVN) reached a 480-million-euro deal with six IPG financial institutions for the 1,200-megawatt Bac Ai pumped-storage hydropower project in Khanh Hoa Province. The European Union committed an additional 10 million euros in grant support.
EVN also signed a 65 million euros loan with Germany’s KfW Development Bank to expand the Tri An hydropower plant, adding 200 megawatts of capacity.
Negotiations are ongoing for four other projects identified in the initial JETP package. Twenty-five new project proposals have been submitted. Seventeen of them, with an estimated total investment of US$5.52 billion, meet JETP’s eligibility principles.
In total, 24 projects are now considered aligned with JETP goals, requiring about US$7.04 billion in funding.
International partners said they would continue working with project developers and government agencies to review, finalize, and implement the projects.
