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High-level JETP meeting takes place after the announcement of a EUR 430 million EU-backed JETP Implementation package at the Global Gateway Forum

16.10.2025
Hanoi, Vietnam
Press and information team of the Delegation to VIETNAM

On 14 October 2025, the Secretariat of the Just Energy Transition Partnership (JETP) with Vietnam convened the International Partners Group (IPG) as well as representatives of the Glasgow Financial Alliance for Net Zero (GFANZ) and other related partners. The objective of the meeting, chaired by Deputy Minister Nguyễn Hoàng Long, was to assess progress and strengthen cooperation in implementing this initiative. The IPG co-chairs were represented by Mr. Rafael de Bustamante, Acting Ambassador of the EU, and Mr. Iain Frew, UK Ambassador to Vietnam, as IPG co-chairs

This meeting closely follows the announcement of a EUR 430 million EU-funded JETP implementation package by Commissioner Jozef Síkela and Deputy Prime Minister Bùi Thanh Sơn, accompanied by Deputy Minister Long at the Global Gateway Forum held in Brussels on 8-9 October. This package incorporates concessional loans and technical assistance to advance the Bac Ai Pumped Hydro Storage Project, a flagship investment for JETP and a milestone in the implementation of the EU Global Gateway Strategy in South-East Asia.   

On 14 October 2025, the Secretariat for the Implementation of the Political Declaration Establishing a Just Energy Transition Partnership (JETP) held a meeting with the International Partners Group (IPG), the Glasgow Financial Alliance for Net Zero (GFANZ), and UNDP as the JETP Secretariat Support Agency to update on recent cooperation and the future plan of activities under the JETP framework in order to effectively contribute to national energy security, reducing greenhouse gas emissions and promoting support from IPG, GFANZ and international partners. 

Vice Minister of Ministry of Industry and Trade Nguyen Hoang Long, as representative of the Standing Agency of the JETP Secretariat, chaired the meeting with the participation of members of the Secretariat, representatives from relevant ministries, sectors and domestic agencies: the Government Office, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture and Environment, the Ministry of Public Security, the Ministry of Science and Technology, the Ministry of Construction, the Ministry of Justice, and the State Bank of Vietnam. Corporations attending included Electricity, Coal and Minerals, Industry-Energy, Petroleum and relevant units of the Ministry of Industry and Trade. 

On the side of the international partners, the meeting was attended by representatives of the IPG, including Mr. Iain Frew, UK Ambassador to Vietnam, and Mr. Rafael de Bustamante, Acting Ambassador of the EU , as IPG co-chairs, and representatives of GFANZ and representatives of UNDP Vietnam. 

At the meeting, the parties shared updates on the implementation of the JETP since July 2025. The JETP Secretariat has received and assessed a total of 45 project proposals submitted by ministries, sectors and localities. IPG, GFANZ, and the Ministry of Industry and Trade have agreed on 37 projects that are JETP aligned after a thorugh screening, bringing the total number of JETP-aligned projects until now to 44 proposed projects with a total capital need of over USD 10 billion.

Among 8 IPG projects identified in the JETP Resources Mobilization Plan (RMP), 3 projects have progressed through partnerships with IPG development finance institutions. This includes a USD 78 million loan to strengthen the power transmission grid along the former Binh Duong province, a loan of USD 93 million for the Tri An Hydropower Plant Expansion project; and a loan of USD 557 million in final negotiations for the Bac Ai Storage Hydropower Plant Pump project. 

In August 2025, the IPG sent 23 project proposals for consideration and inclusion in the JETP project list totalling over USD 420 million of additional commitments. 

The parties continue to facilitate technical discussions and information exchanges between investors and project owners to mobilising financing for bankable projects.

At the meeting, the delegates also discussed the Resolution no. 70 dated 20 August 2025 on national energy security and evoked articulation of cooperation activities within the framework of JETP.  The Ministry of Finance presented the Official Development Assistance (ODA) framework updated through the adoption of Decree 242 in September, which envisages removing difficulties and obstacles in accessing ODA and concessional loans for JETP projects. 

International partners and the Vietnamese side agreed on the necessity to accelerate the process of mobilizing resources for JETP-aligned projects to contribute to the just energy transition in Vietnam.

In order to improve the effectiveness of the implementation of the JETP, all parties agreed that JETP focuses its resources to the prioritized areas identified in RMP, such as new renewable energy development, power generation and grid upgrading, energy storage projects as well as energy efficiency.