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HSBC and the European Investment Bank (EIB) have reiterated their long-term commitment to supporting Vietnam’s clean energy transition, including investments in wind power, hydrogen production, and smart grid infrastructure. The announcement came during a recent meeting between Deputy Minister of Industry and Trade Nguyen Hoang Long and representatives from both financial institutions. HSBC Allocates $12 Billion for Vietnam’s Energy Transition HSBC has pledged up to $12 billion in financial support for Vietnam’s renewable energy initiatives. According to a bank representative, 22% of the committed funds have already been allocated to ongoing transactions, underscoring HSBC’s active role in Vietnam’s green energy shift. EIB Expands Investments in Renewable Projects Nicola Beer, Vice President of the European Investment Bank, confirmed that EIB is actively financing key energy projects in Vietnam, including the Bac Ai pumped-storage hydropower project developed by Vietnam Electricity Group (EVN). The EIB is also extending its support to the Just Energy Transition Partnership (JETP) as well as non-JETP projects, focusing on onshore and offshore wind power, hydrogen production, and smart grid development. As the world’s largest multilateral financial institution specializing in climate finance, the EIB plays a critical role in funding clean energy initiatives. The bank provides lending, guarantees, equity investments, and advisory services, contributing billions of euros to global climate adaptation efforts. Vietnam’s Renewable Energy Outlook Deputy Minister Nguyen Hoang Long confirmed that Vietnam’s revised Power Plan VIII is nearing completion and will soon be submitted to the Prime Minister for approval. Under the plan, the country’s onshore and nearshore wind power capacity is projected to reach between 26,066 MW and 38,029 MW by 2030. Highlighting Vietnam’s potential for offshore wind energy, Long emphasized the nation’s ambition to become a regional leader in renewable energy. He also noted a significant rise in foreign direct investment (FDI) in clean energy, as global investors increasingly prioritize low-carbon production and emissions reduction initiatives. A Prime Destination for Green Investment With strong government backing, increasing FDI inflows, and major financial commitments from institutions like HSBC and EIB, Vietnam’s renewable energy sector presents significant opportunities for global investors. The country’s clean energy expansion aligns with international sustainability goals, positioning Vietnam as a key player in the global transition towards renewable energy. |
