Deputy Minister of Industry and Trade Nguyễn Hoàng Long speaks at the GWEC APAC Wind Energy Summit in Hà Nội. Photo courtesy of the UK Embassy

HÀ NỘI — The United Kingdom on Tuesday unveiled two new climate cooperation initiatives with Việt Nam focusing on offshore wind development and green finance, reaffirming its long-term commitment to supporting the country’s energy transition and green growth agenda.

The initiatives, the UK–Việt Nam Offshore Wind Accelerator Partnership and the UK PACT Green Finance Facility, were announced in Hà Nội as both countries seek to deepen cooperation under their Comprehensive Strategic Partnership and the Just Energy Transition Partnership (JETP).

The launch comes as Việt Nam steps up efforts to achieve net-zero emissions by 2050 and accelerate the transition to a cleaner, more resilient and energy-secure economy.

The Ministry of Industry and Trade and the British Embassy in Hà Nội officially launched the UK–Việt Nam Offshore Wind Accelerator Partnership at the GWEC APAC Wind Energy Summit in Hà Nội, marking a new milestone in bilateral cooperation in renewable energy.

With its long coastline, abundant wind resources and rapidly growing electricity demand, Việt Nam is considered well positioned to become a regional leader in offshore wind power.

The revised National Power Development Plan VIII (PDP8), issued in April 2025, targets up to 17,032MW of offshore wind capacity by 2035, building on the country’s existing wind power capacity of more than 6GW.

However, achieving this target will require overcoming significant challenges, including policy and planning constraints, limited technical capacity and the need to accelerate project development.

Against this backdrop, the UK–Việt Nam Offshore Wind Accelerator Partnership has been established to provide practical support during this critical stage of market development.

Speaking at the launch ceremony, British Deputy Ambassador to Việt Nam Alex Strugnell said the UK was proud to stand alongside Việt Nam on its green growth journey.

“These shared goals form a core pillar under our UK–Việt Nam Comprehensive Strategic Partnership and under the Just Energy Transition Partnership, where the UK works closely with the Government of Việt Nam and international partners to mobilise technical support and finance to accelerate clean energy deployment,” he said.

“Through this Accelerator, the UK and Việt Nam are turning shared ambition into practical action, laying the foundations for a thriving offshore wind sector and a sustainable energy future.”

The Accelerator is designed as a practical, delivery-focused programme combining technical assistance, research and international collaboration.

It will focus on three priority areas: strengthening capacity for government agencies and industry stakeholders, facilitating knowledge sharing based on the UK’s global offshore wind experience, and providing targeted technical support in key policy and technical areas.

The programme aims to support the development of policy frameworks, enhance the bankability of early-stage projects and facilitate the integration of offshore wind into Việt Nam’s power system.

The initiative will operate as a collaborative virtual platform connecting government agencies, industry and technical partners. It is funded by the UK’s Department for Energy Security and Net Zero and Ocean Energy Pathway, with the Carbon Trust serving as the lead technical partner and the British Embassy in Hà Nội acting as the coordinating focal point.

A joint project board will oversee implementation, with Việt Nam’s Electricity Authority guiding priorities and technical inputs.

Deputy Minister of Industry and Trade Nguyễn Hoàng Long welcomed the initiative, saying the ministry highly appreciated the cooperation proposal from the British Embassy and was committed to closely coordinating the implementation of technical assistance and capacity-building activities under the JETP framework.

He expressed confidence that the partnership would make a significant contribution to unlocking Việt Nam’s offshore wind potential while opening up opportunities for deeper cooperation between the two countries in clean energy.

Alongside the offshore wind partnership, the UK also launched the UK PACT Green Finance Facility in cooperation with KPMG, aimed at strengthening Việt Nam’s green finance ecosystem and improving access to international climate finance.

The initiative builds on the UK–Việt Nam Green Investment Partnership, which seeks to mobilise finance through UK development finance institutions and commercial partnerships, strengthen regulatory frameworks through knowledge sharing and accelerate Việt Nam’s transition to a low-carbon economy while enhancing clean energy security.

The Green Finance Facility represents a targeted package of technical assistance to help Việt Nam develop robust, market-based financial solutions aligned with its net-zero ambitions.

The programme will also support Việt Nam’s efforts to establish the Vietnam International Financial Centre (VIFC), including the development of internationally aligned regulatory frameworks that incorporate green and sustainable finance from the outset.

The initiative is expected to position the VIFC as a credible international financial hub capable of attracting high-quality green investment and channelling private capital into priority sectors of the economy.

UK Minister for the Indo-Pacific Seema Malhotra said both countries shared an ambitious vision for sustainable, resilient and future-oriented green growth.

“Through our Green Investment Partnership and the new UK PACT Green Finance Facility, we are working together to mobilise green capital, strengthen markets and support Việt Nam’s transition to a low-carbon, energy-secure economy,” she said.

“Our partnership will help unlock sustainable economic growth for both Việt Nam and the UK long into the future.”

Nguyễn Hữu Huân, Vice Chairman of the Vietnam International Financial Centre, said the UK had become one of Việt Nam’s most important international partners in building the financial centre.

“The UK’s support has gone far beyond words. It has been translated into practical actions and meaningful contributions that are helping us build a world-class financial centre in Việt Nam,” he said. — VNS