Informing his guest on Vietnam’s significant demand for preferential credit, Tran Hong Ha hoped that the WB will support the country in projects on carbon neutralization and sequestration via afforestation, emission reduction in agricultural production, carbon capture, and green transport development, among others, thereby speeding up the energy transition in Vietnam.

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Deputy Prime Minister Tran Hong Ha (right) and WB Country Director for Vietnam Carolyn Turk 

Emphasizing the great potential for cooperation in the fields of energy transition and climate change response, the Deputy PM suggested that the bank support and arrange loan sources for and share experience with Vietnam, help the country improve its capacity and complete related necessary legal framework, and offer it projects of economic and environmental significance for sustainable development.

Turk told her host about the progress of preparation and development of the WB Group's Country Partnership Framework (CPF) with Vietnam for 2023-2027, which includes a pillar on improving resilience to climate change, especially in the Mekong Delta and other vulnerable geographical areas; green investments; and the transition to a low carbon economy.

She said in the past 25 years, the WB has provided significant financial assistance to the Government of Vietnam, about 25 billion USD.

Appreciating Vietnam’s solutions and orientations in renewable energy development serving the meeting of the net-zero emission goal, the WB official affirmed that her bank will support the Southeast Asian nation to soon form a voluntary carbon credit market.

The WB will also continue to accompany the Vietnamese government in the upcoming development journey with active support for the building of the Vietnam 2045 Report, helping the country achieve its targeted development goals, she stated.

Source: VNA