International collaboration on the energy transition in Vietnam

Many developing countries, including Vietnam, are striving to transform their energy systems into more sustainable ones. They are leveraging initiatives like the Just Energy Transition Partnership (JETP) with the G7. Although Vietnam's participation in the JETP is a vital step in its journey towards clean energy, it also faces certain implementation challenges. This address will delve into Vietnam's energy transition journey, considering five key perspectives: international cooperation, governance structures, considerations of justice and equity, technology solutions, and innovative financing methods. International partnerships are crucial to share knowledge, bear costs, and reap benefits. However, larger agreements sometimes face limitations, and more focused coalitions can assist in overcoming these. Vietnam's Power Development Plan 8 (PDP8) provides a roadmap for the future but will require adjustments and input from different stakeholders to ensure its effectiveness. A just transition demands consideration of several facets of justice, including solutions that are specific to Vietnam and take into account vulnerable communities and workers affected by the transition. Adopting a comprehensive approach that combines foundational research, new technologies, and deployable solutions can spur innovation. Likewise, legal frameworks encouraging private investment can accelerate the transition. In conclusion, while Vietnam's energy transition is progressing, there is still a long way to go. Recommendations include boosting stakeholder engagement, refining the mix of planning and market mechanisms, conducting assessments to ensure equity, investing in applicable technologies, and creating supportive legal and financial structures. Strengthened collaborations, both at multilateral and bilateral levels, can aid Vietnam in its journey towards a sustainable and prosperous energy future.