EU Allocates $23 Million Fund to Boost Clean Energy Initiatives in Vietnam

The EU has disbursed a total of $51.5 million under its program. With its Global Gateway Strategy and European Green Deal agenda, the EU is taking a leading role in the global fight against climate change and achieving net-zero emissions. The EU is dedicated to assisting Vietnam in achieving a ‘just energy transition’ and fulfilling its climate goals, through the implementation of the Just Energy Transition Partnership (JETP).

The EU’s Global Gateway initiative will also prioritize the green, circular economy, sustainability, and education and skills development. The EU-funded SETP budget support initiative provides $142.5 million in grants, aiming to expedite Vietnam’s sustainable energy transition. This initiative demonstrates the EU’s commitment to collaborating with Vietnam and contributing to its clean energy transition, as well as Vietnam’s objective of achieving net-zero emissions by 2050.

In October, the European Investment Bank and Vietnam signed an MoU to work together towards Vietnam’s energy transition. This agreement establishes a €500 million multi-project credit facility, which will support decarbonization and energy transition projects under a framework loan once finalized.