Vietnam’s renewable energy sector is set to receive a major financial boost as the European Investment Bank (EIB) and HSBC have pledged significant funding to support the country’s energy transition.
During a recent meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long, representatives from HSBC and EIB reaffirmed their long-term commitment to financing Vietnam’s clean energy projects, including wind power, hydrogen, and smart grid infrastructure.
HSBC Pledges $12 Billion for Energy Transition
HSBC has committed up to $12 billion in financial support for Vietnam’s renewable energy initiatives. According to the bank’s representative, HSBC has already executed 22% of the committed funds through ongoing transactions, demonstrating strong financial backing for Vietnam’s green energy transition.
EIB Expands Investment in Key Renewable Projects
Nicola Beer, Vice President of the European Investment Bank (EIB), confirmed that EIB is actively funding key energy projects in Vietnam, including the Bac Ai pumped-storage hydropower project, which is being developed by Vietnam Electricity Group (EVN).
The EIB has also committed to continued support for Vietnam’s Just Energy Transition Partnership (JETP) as well as non-JETP energy projects. These investments will cover onshore and offshore wind power, hydrogen production, and smart grid development to enhance Vietnam’s renewable energy infrastructure.
As the world’s largest multilateral financial institution and a major climate finance provider, EIB plays a critical role in funding clean energy and sustainable development projects. With its expertise in lending, guarantees, equity investments, and advisory services, the bank has invested billions of euros into global climate adaptation initiatives.
The solar power farm in Ninh Thuan province.Vietnam’s Renewable Energy Ambitions
During the meeting, Deputy Minister Nguyen Hoang Long assured investors that Vietnam’s revised Power Plan VIII is in its final stages and will soon be submitted to the Prime Minister for approval. Under this plan, Vietnam’s onshore and nearshore wind power capacity is expected to reach 26,066 – 38,029 MW by 2030.
The Deputy Minister also highlighted Vietnam’s vast potential for offshore wind power, positioning the country as a regional leader in renewable energy. He emphasized that foreign direct investment (FDI) in clean energy is rapidly increasing, as international investors prioritize low-carbon production and emissions reduction commitments.
A Strategic Investment Opportunity for Global Investors
With strong government backing, increasing FDI inflows, and major financial commitments from leading institutions, Vietnam’s renewable energy sector presents significant opportunities for global investors. The country’s commitment to clean energy expansion aligns with global sustainability goals, making it a prime destination for green investment and energy infrastructure development.
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Source: Vietnam Insider