The UK announced two new climate cooperation initiatives with Vietnam, focusing on offshore wind development and green finance.
The UK-Viet Nam Offshore Wind Accelerator Partnership was announced on June 16th in Hanoi by the Ministry of Industry and Trade and the British Embassy.
The program aims to support Vietnam in three priority areas: capacity building for government agencies and industry; sharing international experience and leveraging UK expertise; and technical assistance.
For example, the initiative will help build the necessary frameworks to promote early-stage project development, improve project financing, and develop systems to integrate offshore wind power into Vietnam's electricity grid.
The Bac Lieu Wind Power Plant is located in Hiep Thanh ward, Ca Mau province.
The UK considers Vietnam to be in a particularly favorable position to become a regional leader in offshore wind power. With its long coastline, abundant wind resources, and rapidly increasing electricity demand driven by economic growth, Vietnam has significant potential to expand its clean energy sources and strengthen its long-term energy security.
Building on over 6 GW of installed wind power capacity, the revised Power Development Plan VIII aims to develop 17,032 MW of offshore wind power by 2035.
"The UK and Vietnam are turning shared ambitions into concrete action – laying the foundation for a thriving offshore wind industry and a sustainable energy future," said Alex Strugnell, Deputy Ambassador of the UK to Vietnam.
According to Deputy Minister of Industry and Trade Nguyen Hoang Long, this partnership will significantly contribute to realizing the potential of offshore wind power, opening up opportunities for deeper bilateral cooperation in the clean energy sector.
On the same day, the UK also launched the Green Finance Mechanism under the "UK Climate Transition Partnership Programme" (UK PACT). This is a technical assistance package aimed at strengthening Vietnam's green finance ecosystem, facilitating better access to international capital, and promoting the development of sustainable market solutions aligned with the Net Zero goal.
Accordingly, this Mechanism will support the Vietnam International Finance Centre in developing legal frameworks that meet international standards, integrating green finance and sustainable finance from the outset.
According to VNExpress