Vietnamese PM announces Resource Mobilisation Plan to implement $15.5 billion energy transition scheme

Vietnamese Prime Minister Pham Minh Chinh (centre) delivers Vietnam's Resource Mobilisation Plan to implement the political declaration on establishing a Just Energy Transition Partnership (JETP) between Vietnam and the International Partnership Group (IPG) to President of the European Commission Ursula von der Leyen (right) and UK's Secretary of State for Energy Security and Net Zero Claire Coutinho

Vietnamese Prime Minister Pham Minh Chinh on Friday announced a Resource Mobilisation Plan to implement the political declaration on establishing a Just Energy Transition Partnership (JETP) between Vietnam and the International Partnership Group (IPG), on the occasion of his attending the COP28 in Dubai, the UAE.

The announcement ceremony took place in the presence of President of the European Commission (EC) Ursula von der Leyen, ministers and high-level representatives of many IPG member states including the UK, Japan, Germany, Italy, Canada, Denmark, the Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), along with leaders of some international organisations, financial institutions and funds.

In his remarks, the Vietnamese PM affirmed that just energy transition is decisive for Vietnam to realise its national energy development strategic orientation, with the goal of achieving net zero emissions by 2050, and people-centred sustainable development goals. He underlined that Vietnam has taken drastic and ambitious steps to accelerate the energy transition process.

He particularly highlighted 12 specific actions of Vietnam, including the building of many strategies, green planning, emission reduction, development of the renewable energy industry, and most recently the implementation of a project to develop 1 million hectares of high-quality rice with low emissions.

The PM asked international partners to prioritise cooperation with Vietnam in five areas of transformation: developing industrial ecosystems and services for renewable energy, energy transmission and storage, economical and efficient use of energy, green energy transition and reduction of greenhouse gas emissions of the transportation sector.

He emphasised the need for a global, people-based approach and international cooperation based on equality and mutual benefit. On that basis, PM Chinh urged relevant parties to quickly reach an agreement to translate the pledged amount of support for Việt Nam worth US$15.5 billion into breakthrough projects, accelerating the just energy transition in Vietnam and contributing to ensuring a prosperous future for all people, economic growth, self-reliance and energy security of Vietnam.

Leaders of IPG member countries appreciated Vietnam's JETP Resource Mobilisation Plan and affirmed their readiness to continue supporting Vietnam in financing, technology and governance capacity building. They noted that the plan is developed by Vietnam and is suitable with Vietnam's needs and situation.

EC President Ursula von der Leyen said that the Resource Mobilization Plan is an important milestone in the implementation of JETP, demonstrating Vietnam's commitment and leadership in the energy transition, and affirmed that the EU is proud to become Vietnam's partner in this process.

The UK's Secretary of State for Energy Security and Net Zero emphasised that the Resource Mobilization Plan will not only help Vietnam achieve its ambitious climate and economic goals, but also provide attractive job opportunities for workers from clean development, leaving no one behind. He affirmed that the UK and partner countries stand behind supporting and supporting Vietnam, according to Vietnam's own needs.

The announcement of the Resource Mobilisation Plan is the first step to implement the JETP, contributing to the implementation of Vietnam's national energy development strategy and the Global Declaration on Coal Power's Transition to Clean Energy.

VNS-THANH BINH