The European Union has announced the allocation of over $1 billion to support major infrastructure projects in Vietnam. The initiative aims to develop the country's transportation, energy, and "green" infrastructure.
As part of the program, a Sustainable Transport Development Fund has been established with a budget of $46.4 million. It will help finance large-scale projects such as the North-South high-speed railway, urban transport networks, and inland waterways. The EU plans to attract additional investment from banks and private companies to ensure the implementation of these initiatives.
In addition, the EU is allocating over $580 million for environmentally friendly and energy-saving initiatives. These include:
- A $232 million loan from the European Investment Bank for Techcombank to support small and medium-sized enterprises working in the field of renewable energy and electric transport;
- $267 million for the construction of the Bac Ai pumped storage power plant in Ninh Thuan – the first of its kind in the country. The total project budget is $797 million, including a loan from the French Development Agency for $88.2 million.
Deputy Prime Minister Ho Duc Phoc emphasized that Vietnam aims to achieve net-zero emissions by 2050 and highly values the EU's support in developing sustainable infrastructure and technologies.