UK supports Vietnam in wind power and green finance development

The United Kingdom officially announced two new climate cooperation initiatives to support Vietnam in its energy transition and green growth journey. These programs focus on offshore wind power development and the creation of a sustainable green financial ecosystem.

At the GWEC APAC Wind Energy Summit held in Hanoi, the Ministry of Industry and Trade of Vietnam and the British Embassy launched the UK–Viet Nam Offshore Wind Accelerator Partnership. This initiative marks a significant step in bilateral cooperation, helping Vietnam overcome early-stage barriers in policy, technology, and planning.

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Vietnam - UK has just launched a partnership to promote offshore wind power development UK - Vietnam (Accelerator)

With its extensive coastline and abundant wind resources, Vietnam has set an ambitious target of reaching 17,032 MW of offshore wind capacity by 2035 under the revised Power Development Plan VIII. The Accelerator program will focus on three priority areas: Capacity building for government institutions and the industry; sharing international experience by leveraging UK expertise; targeted technical assistance in priority policy and technical sectors.

British Deputy Ambassador Alex Strugnell stated, "The UK is proud to stand alongside Viet Nam on its green growth journey... we are turning shared ambition into practical action – laying the foundations for a thriving offshore wind sector".

Alongside clean energy, the UK launched the UK PACT Green Finance Facility (delivered in partnership with KPMG). This initiative aims to strengthen Vietnam's green financial ecosystem, enabling better access to international finance and promoting market-based solutions aligned with net-zero goals.

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The UK has also just announced a green financial mechanism for Vietnam.

Notably, the facility will support the establishment of the Vietnam International Financial Centre (VIFC) by: developing internationally aligned regulatory frameworks; integrating green and sustainable finance from the outset to attract high-quality investment.

UK Minister for the Indo-Pacific Seema Malhotra emphasized that this partnership will help unlock sustainable economic growth for both nations in the long term.

These new initiatives are part of a broader UK effort to support Vietnam through the Just Energy Transition Partnership (JETP), which aims to mobilize $15.5 billion for the energy transition.

Vice Minister of Industry and Trade Nguyen Hoang Long highly valued the UK's support and expressed confidence that this partnership will realize Vietnam's renewable energy potential, bringing practical benefits to the region's sustainable development.

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