Viet Nam, European Investment Bank sign MoU to support implementation of JETP

2023-10-26 07:39:28
Viet Nam and the European Investment Bank signed a memorandum of understanding to support the implementation of the Just Energy Transition Partnership (JETP) in Viet Nam, signifying a mutual commitment to put in place a multi-projects credit facility worth €500 million.

Once this credit facility is finalised and inked in the near term, it will establish a framework loan that will finance projects supporting decarbonisation and energy transition.

In addition, the EU will make available €16.6 million in technical assistance for Agence Française de Développement (AFD) to support Electricity Viet Nam (EVN) in the preparation and implementation of projects linked to JETP.

The technical assistance facility will accompany a total of €1 billion sovereign and non-sovereign loans provided by Team Europe (AFD, KfW and EIB).

On the policy side, the EU is supporting the reforms in the energy sector, including to establish the legislative and technical conditions - on renewable energy, energy efficiency, transmission lines/grid - for the JETP to deliver sustainably, through the Sustainable Energy Transition budget support Programme (SETP), to the tune of €142 million.

Addressing the signing ceremony in Brussels, President of the European Commission Ursula von der Leyen said: "Today, we are taking an important step to support Viet Nam's ambitious Net Zero goal for 2050. The European Commission, the EIB and Viet Nam are partnering to support the renewable energy transition and energy security. With this €500 million funding, Global Gateway is making a difference for the people of Viet Nam."

Through Global Gateway, the EU is committed to supporting Viet Nam in achieving a just energy transition and fulfilling its national and international climate ambitions through a meaningful implementation of the Just Energy Transition Partnership (JETP).

The implementation of Global Gateway in Viet Nam will also focus in the areas of green, circular economy and sustainability, as well as education and skills. Projects will include support to forest value chains, TVET, and skills development, amongst others. 

The Global Gateway Forum brings together for the first time an assembly of government representatives from the European Union and across the globe, alongside key stakeholders from the private sector, civil society, thought leaders, financial institutions, and international organisations to promote global investment in transformative infrastructure – hard and soft- to deliver on SDGs and sustainable growth and resilience worldwide.

Global Gateway is the EU's positive offer to reduce the worldwide investment gap and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.

The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, it aims to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.

A 30-day guide to exploring Phu Quoc Island

Phu Quoc Island, the only place in Vietnam offering visa-free visits of up to 30 days for tourists from all around the world, is Southeast Asia's “rising star” and offers a variety of experiences that will make your long vacation vibrant.
13:16:07 | 26/11/2024

Resuming direct flights from Da Nang to Phu Quoc

The direct flight route from Da Nang to Phu Quoc, with a frequency of four round trips per week, will be relaunched on November 7, 2024. This will make it easier for international travelers to explore Vietnam’s stunning coastal destinations.
10:24:16 | 05/11/2024

International experts offer advice to help Cat Ba solve the problem of sustainable ecological development

According to Mr. Michael van de Watering - Leading expert of the international consulting engineering company specialized on Climate resilience, Land Reclamation, Maritime and Water Technology Royal HaskoningDHV, to promote potential and sustainable development, Cat Ba Island needs the cooperation of the Government, businesses and the community with 8 important points to consider.
10:40:19 | 23/10/2024

Top 3 must-try experiences in Danang during the year-end

One-of-a-kind beer festival in the world, Michelin-recognized cuisine and many other new experiences in Da Nang are the reasons why many people choose Da Nang for a memorable year-end holiday.
10:29:37 | 15/10/2024

Eschuri Vung Bau Golf is offering up to 40% discount for guests staying at Sun Group's resorts in Phu Quoc

From now until December, Sun Group is launching the "Stay and Play" promotion applying for Sun Group’s resort system in Phu Quoc, with a discount of 40% off on the Eschuri Vung Bau Golf experience fee and free tickets to the world-class “Kiss of the Sea" show.
16:49:13 | 04/10/2024

Visa-free for all tourists, Phu Quoc is becoming a new MICE paradise in the world

Offering a superior visa policy for all tourists, world-class infrastructure, diverse entertainment experiences... are the reasons why Phu Quoc is emerging as a new hot spot for MICE tourism.
19:43:29 | 01/10/2024