EVN Chairman Duong Quang Thanh (L) and EIB Vice President Kris Peeters (R) at the signing of the MoU in the presence of PM Pham Minh Chinh on December 10. (Photo: VNA)
Luxembourg (VNA) – Vietnam Electricity (EVN) and the European Investment Bank (EIB) have signed a memorandum of understanding to create a prerequisite for the EIB to help with the Vietnamese group’s sustainable development and energy transition.
EVN Chairman Duong Quang Thanh and EIB Vice President Kris Peeters signed the MoU at the bank’s headquarters in Luxembourg on December 10 in the presence of Vietnamese Prime Minister Pham Minh Chinh.
The MoU is expected to open up an opportunity for the EIB to directly fund power projects in Vietnam and enhance partnerships in electricity production, transmission, distribution and retail, as well as in energy transition.
Peeters described the MoU signing with the EVN as necessary for accelerating discussion and information exchange to pave the way for the bank’s participation in major energy projects in Vietnam.
The EIB will assist with the country’s low-carbon transition to modern energy systems in tandem with ensuring economic growth, energy security, and environmental sustainability, he said.
For his part, Thanh noted the State-owned group has many potential projects on offshore wind power, hydropower, and electricity transmission eligible for the EIB’s sponsorship.
He expressed his hope that the cooperation will help Vietnam boost low-carbon development, adapt to climate change, speed up just transition and carbon reduction in the power system, and generate new economic chances to support the country’s efforts towards net zero emissions.
Prime Minister Pham Minh Chinh at the signing ceremony (Photo: VNA)
The EIB is the world’s biggest multilateral financial institution and one of the largest providers of climate finance.
The EIB has worked closely with Vietnam since 1996, supporting the development of metropolitan commercial areas as well as smaller hydroelectricity projects and urban mobility. In 2022, EIB Global opened its office in Jakarta to reinforce and prioritise the Bank’s financing for climate action, urban transport, healthcare, energy security and sustainable infrastructure projects in Southeast Asia, including Vietnam. As part of Team Europe, EIB Global will continue to work closely with the European Commission, the European External Action Service and EU Member States to support EU external priorities in Vietnam, especially in helping the country to achieve the goal of net zero emissions and climate-resilient development./.
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EVN Chairman Duong Quang Thanh (L) and EIB Vice President Kris Peeters (R) at the signing of the MoU in the presence of PM Pham Minh Chinh on December 10. (Photo: VNA) 
Prime Minister Pham Minh Chinh at the signing ceremony (Photo: VNA) 
