EU supports Vietnam with 430 million euros to promote a just energy transition

According to a TTVVN reporter in Brussels, the European Union (EU) has just announced a support package worth 430 million euros to promote the Bac Ai Pumped Storage Hydropower Project, one of the key projects under the Just Energy Transition Partnership (JETP) of Vietnam.

Deputy Prime Minister Bui Thanh Son signed to announce the EU's JETP support package for Vietnam.

The information was announced on the afternoon of October 9 (local time) within the framework of the second Global Gateway Forum, taking place in Brussels (Belgium) from October 9 to 10. Attending the announcement ceremony were European Commissioner for Energy Jozef Síkela and Vietnamese Deputy Prime Minister Bui Thanh Son, along with representatives of countries attending the Forum.

Speaking at the event, Commissioner Jozef Síkela stressed that the Northern Ai Project is an important foundation in the joint efforts of Vietnam and Europe to build a green, stable and sustainable energy system, while attracting private investment and promoting green growth. Mr. Síkela affirmed that through the Global Gateway initiative, the EU is turning commitments into concrete actions, for people, for the planet and for shared prosperity.

Deputy Prime Minister Bui Thanh Son (4th, right) and representatives of several countries and international organizations at the signing ceremony announcing the EU's JETP support package for Vietnam. Photo: VNA

The Bac Ai Pumped Storage Hydropower Project is expected to increase the stability of the national power system, create conditions for expanding the scale of renewable energy development, and contribute to the goal of reducing carbon emissions and sustainable development in Vietnam.

The €430 million support package is part of the cooperation framework of Team Europe, which includes the EU, its member states and development finance institutions such as the French Development Agency (AFD), the European Investment Bank (EIB), the German Development Bank (KfW), the Italian National Development Promotion Agency (CDP), and the Promotion and Participation Company for Economic Cooperation (PROPARCO), the private sector investment arm of AFD.

During the 2021–2027 period, the EU has committed to support Vietnam with at least €293 million, together with the total contribution of European partners reaching over €2.8 billion to the JETP. This investment will contribute to promoting green infrastructure development, sustainable energy transition, and enhanced electricity connectivity in the ASEAN region.

Source: https://baotintuc.vn/thoi-su/eu-ho-tro-viet-nam-430-trieu-euro-thuc-day-chuyen-doi-nang-luong-cong-bang-20251010095907992.htm