Vietnam’s Ministry of Industry and Trade (MOIT) and the EU delegation to Vietnam held a policy dialogue on the Sustainable Energy Transition Program (SETP) in Hanoi on June 30. The EU will provide 142 million euros through Official Development Assistance (ODA) under the program.
SETP is part of the Multiannual Indicative Program (MIP). The ODA funds of the program will help support Vietnam in implementing the tasks in the National Energy Efficiency Program (VNEEP3) for the period of 2019-2030, the Renewable Energy Development Strategy (REDS), Vietnam Energy Information System (VEIS).
The SETP continues to support the Vietnam Energy Partnership Group (VEPG) to effectively utilize foreign aids to promote sustainable energy development in Vietnam, in line with national laws and international conventions in which Vietnam is a member.
The two parties participating in the dialogue have exchanged information on Vietnam's renewable and sustainable energy plans, including the implementation progress of Power Development Plan 8 (PDP8), The process of the MOIT to realize the "Just Energy Transition Partnership (JETP)", etc. In addition, the two sides also discussed the financial mechanism for using the budget of SETP.
Giorgio Aliberti, EU ambassador to Vietnam, said that according to the documents requested by the MOIT and the results of the dialogue on the day, the delegation will recommend that the European Commission allocate 22 million euros to Vietnam this year and implement the commitments in the financial agreement signed by the two parties.
Established in 2019, VNEEP3 is divided into two phases, 2019-2025 and 2026-2030, aims to mobilize domestic and foreign resources, promote energy utilization, and promote energy conservation and efficiency.
On the other hand, REDS promotes the development of renewable energy by mobilizing all resources of society to ensure affordable access to modern, sustainable and reliable energy, increase domestic energy supply and reduce dependence on fossil fuels.
