Minister of International Development of Norway Åsmund Aukrust. — VNS Photo Nguyễn Hằng

Minister of International Development of Norway Åsmund Aukrust talks to Việt Nam News reporter Nguyễn Hằng about plans to further strengthen relations between the two countries, as well as Norway’s support for Việt Nam during his two-day visit.

Việt Nam has consistently attached great importance to fostering its traditional friendship and comprehensive cooperation with Norway. Over the past half-century since the establishment of diplomatic relations (1971-2026), bilateral cooperation has recorded remarkable progress across multiple fields. What is your assessment of the key achievements in diplomatic relations over the past 55 years?

Norway-Việt Nam cooperation is now in a very solid position. Over the past 55 years, we have built a trusted, diverse and forward-looking relationship. We started out in 1971 with a quite broad development partnership, working together in areas such as fisheries, education, health and culture. Today, we have become equal partners with common interest in strengthening international law, international cooperation and rules-based international trade.

As coastal nations, over the years, we have realised mutual interest in oceans including commitments to climate action and ensuring the sustainable use of ocean resources. As open economies, we both strongly depend on international trade and highly support international cooperation. It is very encouraging to know that our cooperation now focuses more on private sector cooperation as Việt Nam is home to more than 40 Norwegian businesses.

In short, the past 55 years reflect a successful transformation from traditional aid cooperation to a comprehensive, future-oriented partnership focused on sustainability, innovation and shared prosperity.

As the two countries commemorate 55 years of diplomatic relations this year, could you outline any initiatives or activities that Norway plans to undertake in 2026 to further strengthen friendship, mutual understanding and effective cooperation?

The year of 2026 is a big year for us as we celebrate 55 years of our diplomatic relations. This gives us a great opportunity not only to reflect on what we have achieved together but also look beyond. Internationally, we will continue working with Việt Nam on numerous multilateral arenas such as UN (including the UNHR Commission), ASEAN and many other platforms. Bilaterally, we will continue to build on the existing cooperation in green and sustainable industries, seafood and aquaculture, oceans protection and circular economy.

On this occasion, I would like to announce that Việt Nam's Deputy Minister of Agriculture and Environment Hoàng Trung and I have agreed on the text of a Green Strategic Partnership between the Ministry of Agriculture and Environment and Norwegian Ministry of Foreign Affairs. The two ministries will have it signed very shortly.

The document builds on our cooperation over many years, and when signed during this anniversary year, it will ensure continued well-functioning cooperation in the fields of climate change, nature conservation and biodiversity, circular economy and sustainable ocean economy. This will also facilitate trade and investments, expand business cooperation and contribute to creating jobs. Furthermore, the agreement will strengthen our cooperation on addressing global challenges, particularly with focus on an ambitious implementation of the Paris Agreement of climate change.

With rapid economic growth and potentially increasing emissions, Việt Nam is a key country for global solutions to climate and plastic challenges. I believe that shifting to more sustainable production and consumption patterns is crucial for Việt Nam's further development and for achieving global goals. Norway stands ready to assist Việt Nam in this journey.

Deputy Minister of Industry and Trade Nguyễn Hoàng Long (centre, left) and Norwegian Ambassador to Việt Nam Hilde Solbakken (centre, right) at an event to release the report "Offshore wind supply chain for fast-track scenario in Việt Nam" in 2024. — VNS Photo Nguyễn Hằng

Việt Nam regards Norway as an important partner, particularly as Việt Nam moves forward with the implementation of the Just Energy Transition Partnership (JETP). It is understood that Norway’s financial commitments through JETP amount to approximately US$250 million, channelled via Norfund. Could you elaborate on how Norfund has supported Việt Nam’s JETP implementation to date?

Norway is strongly committed to a high level of international climate financing. At COP26 in 2021, Norway committed to doubling its annual climate financing to developing countries, increasing it from NOK 7 billion in 2020 to NOK 14 billion (approximately $1.6 billion) by 2026. In fact, we have surpassed this goal and reached over NOK 18 billion in climate financing. This plan also included at least tripling funding for climate change adaptation.

Norfund has been an active investor in Việt Nam’s renewable energy sector, with around $47 million committed to renewables and $178 million invested overall by September 2025. I understand that Norfund has been actively looking for investment opportunities in Việt Nam under the Just Energy Transition Partnership (JETP).

Could you share Norway’s and Norfund’s support plans in Việt Nam in 2026 and beyond?

The Green Strategic Partnership that we have agreed, will give us a very good foundation for further cooperation between Norway and Việt Nam related to climate and environment, circular economy and sustainable ocean economy.

Norfund remains committed to investment in the Vietnamese renewable energy space, primarily through the Norwegian Government’s Climate Investment Fund. The Climate Investment Fund was established in 2022 and aims to deploy $1.2 billion over five years to accelerate the renewable energy transition within its core markets, including Việt Nam. The Climate Investment Fund was allocated an additional $200 million by the Norwegian Government in December 2025, bringing the budget to $1.2 billion from its initial budget of $1 billion.

Throughout 2025, Norfund has been actively searching for suitable investments that meet both the Vietnamese Government’s targets and our mandate, which is to invest equity capital on commercial terms in the private sector. In this regard, 2025 has been challenging as the regulatory framework has been largely under development. Nevertheless, with more clarity on regulations in place, Norfund hopes to identify projects and execute up to $100m in Việt Nam in 2026. This is contingent upon Power Purchase Agreement (PPAs) being signed, end-user tariffs being transparent and regulations for wheeling power agreements being fully in place.

The JETP Việt Nam programme largely aligns with Norfund’s renewable energy goals in Southeast Asia, as it aims to mobilise both large-scale public and private financing to accelerate power-sector decarbonisation and create economic/investment opportunities that will support the shift to net-zero. Norfund is mandated to invest in the private sector on commercial terms. Norfund does not have access to concessional capital or can subsidise projects. We aim to be additional and help pave the way for more international private capital to invest alongside or after us. — VNS

*Minister of International Development of Norway Åsmund Aukrust visited Việt Nam on Monday and Tuesday to mark the 55th anniversary of diplomatic relations between Norway and Việt Nam.