Geneva (VNA) – Deputy Prime Minister Le Minh Khai on May 22 held several bilateral meetings with leaders ofinternational organisations and businesses during his trip to Geneva to attendthe 52nd World Economic Forum (WEF) annual meeting.

At his meeting with British Cabinet Ministerand President for the 26th United Nations Climate Change Conference(COP26) Alok Sharma, Khai said that Vietnam has been implementing manyoverall and comprehensive measures in the field of energy transitionand growth model transformation towards a green and circular direction torealise commitments made at COP26.

The official underlined that ensuring energy security forgrowth and reducing emissions at the same time is a very complicated problemthat requires the support of the international community in terms of resources,technology, and governance capacity. Therefore, he said that Vietnam hopes thatthe UK, the European Union (EU) and other member states of the Group of Seven(G7) will soon make specific commitments to supporting Vietnam in this area.

For his part, Sharma held that Vietnam has made a proper decisionto announce the net-zero emission commitment at the COP26, lauding Vietnam’sefforts to realise the commitments, especially the formation of a nationalsteering committee for implementing COP26 commitments  to be led by the PrimeMinister.

He held that Vietnam boasts high potential in renewableenergy, noting that at the meeting in March 2022, at the proposal of the UK, G7members agreed to include Vietnam in the list of the countries prioritised by G7for energy cooperation. He said he hopes that G7 countries and Vietnam willsoon reach a cooperation agreement on a fair and sustainable energy transition.

At a meeting with WEF President Borge Brende, Khai conveyed PM Pham Minh Chinh’s best regardsto WEF Founder and Executive Chairman Professor Klaus Schwab. The VietnameseDeputy PM suggested that the WEF continue to promote its role as a bridgebetween the Government and businesses in the process of shaping developmenttrends and promoting new growth engines.

The two sides shared pleasure at the practically andsustainably growing partnership between Vietnam and the WEF. Deputy PrimeMinister Khai stressed that Vietnam is focusing on building an independent andself-reliant economy, while continuing to promote extensive, comprehensive andeffective international integration and improving the country’s position inglobal supply chains.

The WEF President showed support to development orientationsand view perspectives of Vietnam, expressing his wish to continue promoting theVietnam - WEF partnership, especially in speeding up digital transformation, optimisingachievements of the Fourth Industrial Revolution, developing sustainableagriculture, and promoting energy transformation and personnel training. The WEFwill continue to coordinate with Vietnam to organise the second NationalStrategic Dialogue in the future.

During a meeting with Henrik Anderson President/CEO atVestas Wind Systems, Deputy PM Khai highly valued the firm’s capacity,experience and efforts in developing wind power projects in Vietnam.

He said that Vietnam is completing Power DevelopmentPlan VIII (PDP VIII) and heading to the national energy transition process. Henoted that Vietnam will need 100.000 MW of power in 2025 and 150.000 MW in 2030,with the demand for renewable energy of more than 36,000MW in 2025 and nearly50,000MW in 2030. Total demand for renewable power accounts for about 30percent of the country’s total electricity need, he added.

He underlined that the Vietnamese Government encouragesforeign investors, especially those with competent capacity, experience andfinancial capacity to engage in developing renewable energy, contributing tothe country’s sustainable development process.

Anderson said that Vietnam will continue to be one of thekey markets of his firm in the coming time. The firm is ready to discuss andcoordinate with the Vietnamese Government to improve the efficiency andcompetitiveness of Vietnam's energy industry, he said, expressing his hope thatVietnam will soon finalise PDP VIII and design a stable mechanism forrenewable energy development.

The same day, Deputy PM Khai also met President of theNew Development Bank (NDB) Marcos Troyjo who spoke highly of the outstandingeconomic development of Vietnam over the past decades, holding that Vietnamwill be a future star in the field.

He said that the NDB hopes to cooperate with Vietnam and providefinancial support packages to the country's economic recovery and development, adding that NDB's activities are designed to suit the conditions andneeds of each country, focusing on providing loans in the areas of clean energy,transport infrastructure, irrigation, water resource management and sanitation,sustainable urban development and economic cooperation and integration.

Deputy PM Khai said that the areas areof Vietnam’s great demand for investment. Vietnam has much experience inparticipating in multilateral financial institutions, he said, adding that it has shared, long-standing and close bilateral relations with the current membercountries of the NDB. He held that this is a foundation for Vietnam tofurther expand cooperation with the international community, including the NDB,in the future when favourable and appropriate conditions come./.