European investment bank (eib) ready to invest in VietNam environment and climate

01/10/2023

TN&MTIn the upcoming period, the European Investment Bank (EIB) stands ready to provide Vietnam with resources, technology, and policy experts to facilitate an equitable energy transition. This commitment was solidified during a meeting held on September 8th between Vietnam's Minister of Natural Resources and Environment, Mr. Dang Quoc Khanh, and Mr. Kris Peeters, Vice President of the European Investment Bank (EIB).

"Vietnam's Minister of Natural Resources and Environment, Mr. Dang Quoc Khanh, received and held discussions with Mr. Kris Peeters, Vice President of the European Investment Bank (EIB)."

EIB, one of the world's largest multilateral banks, has been collaborating with Vietnam for over two decades. Over this time, Vietnam and EIB have reached a financial cooperation framework agreement and subsequently signed five sponsorship agreements totaling a committed amount of 571 million EUR.

"Minister Dang Quoc Khanh hopes that EIB will accompany Vietnam in general and the Ministry of Natural Resources and Environment in implementing the JETP."

Expressing gratitude for EIB's support, Minister Dang Quoc Khanh emphasized that to address climate change, achieve carbon neutrality by 2050, and realize a fair energy transition, Vietnam requires substantial financial resources. The Ministry of Natural Resources and Environment is in the process of devising a resource mobilization plan to implement the Just Energy Transition Partnership (JETP) political declaration. The Minister hopes that EIB will be a companion in Vietnam's endeavor and work closely with the Ministry in executing the JETP.

"Mr. Kris Peeters, Vice President of the European Investment Bank (EIB), expresses his desire to collaborate with the Ministry of Natural Resources and Environment to identify priority projects for resource support, ensuring long-term effectiveness."

Mr. Kris Peeters, Vice President of the European Investment Bank, shared that EIB is a non-profit financial institution with experience in investments both within and outside the EU. For Vietnam, EIB is always prepared to assist with financial resources, technology, and experts to ensure a successful energy transition. EIB looks forward to coordinating with the Ministry of Natural Resources and Environment to identify priority projects for long-term effectiveness.

"Overview of the meeting and working session"

Acknowledging this proposal, Minister Dang Quoc Khanh hopes that EIB will soon join Vietnam in promoting investment in environmental and climate initiatives. Both parties are set to appoint focal points to materialize the agreed-upon principles through specific collaborative activities shortly.