On July 8, 2025, in Hanoi, the Secretariat for the implementation of the Political Declaration establishing the Just Energy Transition Partnership (JETP) held a meeting with the International Partners Group (IPG), the Glasgow Financial Alliance for Net Zero (GFANZ), and other stakeholders to provide updates and enhance coordination among parties in implementing the JETP.
Deputy Minister of Industry and Trade, Mr. Nguyen Hoang Long, representing the Standing Agency of the JETP Secretariat, chaired the meeting. Participants included members of the Secretariat, representatives from relevant Vietnamese ministries and agencies such as the Ministry of Finance, Ministry of Foreign Affairs, Ministry of Agriculture and Rural Development, Ministry of Public Security, Ministry of Science and Technology, Ministry of Construction, the State Bank of Vietnam; and representatives from major state-owned enterprises including Vietnam Electricity (EVN), Vietnam National Coal and Mineral Industries Group (TKV), and the Vietnam National Oil and Gas Group (PetroVietnam), along with relevant departments and agencies under the Ministry of Industry and Trade.
On the international side, the meeting was co-chaired by Mr. Thomas Wiersing, Chargé d’Affaires a.i. of the Delegation of the European Union to Vietnam, and Mr. Marcus Winsley, Deputy Ambassador of the United Kingdom to Vietnam. Representatives from IPG members – including Japan, Germany, France, Italy, Canada, Denmark, and Norway – participated, along with representatives from GFANZ, multilateral development banks, and the UNDP as the Secretariat Support Agency (SSA). The Embassy of Ireland also joined the session.
At the meeting, participants heard reports on JETP implementation activities since the Secretariat’s Standing Agency was transferred to the Ministry of Industry and Trade; efforts to develop and improve the institutional and policy framework facilitating a just energy transition in Vietnam; efforts to resolve difficulties in JETP project implementation; and to promote project proposals and selection aligned with JETP criteria to mobilize implementation resources.
The meeting also discussed adjustments to the project screening and selection process to ensure transparency, openness, and accessibility, including the use of a digital platform embedded in the JETP website for project proposal submissions.
On behalf of IPG, the Deputy Heads of Mission of the EU Delegation and the British Embassy announced that, thanks to the collective efforts of all parties, three projects have successfully reached financing agreements supported by IPG and will contribute to the implementation of JETP:
• A €67 million credit agreement between the National Power Transmission Corporation (EVN NPT) and the French Development Agency (AFD) for the 500kV transmission line project passing through Ho Chi Minh City (formerly Binh Duong province) and Dong Nai province.
• A €480 million credit agreement between Vietnam Electricity (EVN) and six IPG financial institutions – AFD, the European Investment Bank (EIB), the Japan International Cooperation Agency (JICA), the German Development Bank (KfW), Cassa Depositi e Prestiti (Italy), and Proparco – to build the 1,200MW Bac Ai pumped-storage hydropower project in Khanh Hoa province (formerly Ninh Thuan). The project also receives €10 million in technical assistance from the EU.
• A €65 million loan agreement between EVN and KfW for the 200MW expansion of the Tri An Hydropower Plant.
These initial achievements mark significant progress in mobilizing both domestic and international private financing to support large-scale, long-term just energy transition projects in Vietnam.
Among the initial list of seven projects deemed eligible for IPG support under JETP, the remaining four are advancing towards financial closure. For 25 newly submitted project proposals, 17 have been preliminarily assessed as aligning with the four core JETP principles, with an estimated funding requirement of approximately USD 5.52 billion. The total number of projects identified as JETP-aligned has now reached 24, with a combined capital mobilization need of USD 7.04 billion. Partners will continue to collaborate with project developers and stakeholders to review and provide financing support on a case-by-case basis.
IPG members, GFANZ, and multilateral development banks reaffirmed their commitment to supporting Vietnam in achieving a just energy transition, sustainable growth, and greenhouse gas emissions reduction, aiming for net-zero emissions by 2050, ensuring inclusivity with no one left behind. Moving forward, IPG will coordinate with the JETP Secretariat’s Standing Agency and SSA to continue developing and screening project pipelines under the JETP framework, with particular focus on projects aligned with the Implementation Plan for the revised National Power Development Plan for 2021–2030, with a vision to 2050, issued by the Ministry of Industry and Trade on May 30, 2025.
Participants agreed that the introduction of the project proposal feature via the JETP website represents a step forward in administrative reform, enhancing accessibility and fostering stronger connections between international partners, financial institutions, and local investors and project developers.
Deputy Minister Nguyen Hoang Long acknowledged and appreciated the collaboration and support of all parties in overcoming obstacles and accelerating the JETP implementation process, which has already yielded some encouraging initial outcomes. Going forward, the Ministry of Industry and Trade and other relevant agencies will continue to promote the development and finalization of domestic legal frameworks, including ODA regulations, to facilitate investment and business participation in Vietnam’s just energy transition.
The IPG representatives reiterated their continued support, alongside GFANZ and other international partners, for the long-term partnership with Vietnam to advance the just energy transition and help the country meet its net-zero target by 2050.