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Viet Nam begins initial implementation of JETP

14:08 24/10/2024

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The Ministry of Natural Resources and Environment (MONRE) announced that the initial stages of implementing the Political Declaration establishing a Just Energy Transition Partnership (JETP) in Viet Nam have yielded early results.

In terms of organization, the Prime Minister has established a JETP Secretariat. Within the Secretariat, there are four working groups supporting the JETP’s implementation: General Coordination Group: Established by the Minister of Natural Resources and Environment, with a Vice Minister of Natural Resources and Environment serving as the head; Institutional, Policy, and Investment Group: Created by the Minister of Planning and Investment, headed by a Vice Minister of Planning and Investment; Technology and Energy Group: Formed by the Minister of Industry and Trade, led by a Vice Minister of Industry and Trade; Finance Group: Established by the Minister of Finance, with a Vice Minister of Finance serving as the head.

The Prime Minister has approved the JETP implementation plan and a resource mobilization plan for JETP. The JETP Secretariat is developing a monitoring and evaluation framework for implementing JETP, assigning specific policy actions, and proposing priority projects for JETP execution starting in 2024. These proposals are expected to be submitted to the Prime Minister by November 2024. Notably, the Ministry of Industry and Trade will lead the monitoring and summary reporting on JETP’s progress.

Regarding priority project proposals for JETP from 2024, the resource mobilization plan outlines 37 existing investment projects, 181 newly proposed projects from domestic and international partners not yet in any program or planning, 61 technical support projects for JETP, and ten conceptual proposals by international partners for the 2024–2028 period. To immediately utilize JETP funding commitments from the International Partners Group (IPG) and GFANZ, MONRE has requested relevant ministries, agencies, and IPG and GFANZ to submit priority projects for implementation starting in 2024.

Ministries, international partners, and businesses have proposed 81 investment projects and 58 technical support projects requiring resource mobilization starting in 2024. MONRE has held several consultation meetings with IPG, GFANZ, ministries, and businesses to clarify project details and alignment with just energy transition requirements and has initially identified 18 project proposals with preliminary information available. Of these, international partners have shown interest in funding eight projects and will continue to review the remaining proposals. In line with the Steering Committee’s conclusions, MONRE is forwarding information and documents on the JETP project proposal to the Ministry of Industry and Trade to continue discussions with international partners and other stakeholders.

Hai Dang

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