Hanoi (VNA)ℱ – The Vietnamese Government will continue fine-tuningthe legal framework on investment, finance and technology, and ensure resources forrenewable energy projects, and build mechanisms for direct electricity trading,said Deputy Prime Minister Tran Hong Ha.

At a reception in Hanoi on October 6 for Principal Adviser on Energy Diplomacy of theEuropean Union Tibor Stelbaczky and the UK's Envoy on the Just Energy TransitionPartnership (JETP) Chris Taylor,Ha said the JETP needs to be promptly carried out with specificactions and a cooperation mechanism between the Government and the privatesector. However, he admitted that they are facing challenges when it comes topractical implementation. So far, Vietnam has taken several steps infulfilling its commitments under the JETP, such as establishing a steering committee, approving an action plan, forming a secretariat with specialisedworking groups, he said. Ha also added that it is time to devise specific plans forthe joint tasks in which the Government will lead the private sector in theenergy transition process to develop renewable energy centres or convert coal-firedpower plants into those that use cleaner fuel. He said the Vietnamese Governmenthas approved the National Power Development Plan for the 2021-2030 period, witha vision to 2050, which allocates a significant space for renewable energy. Recently,Vietnam has selected leading enterprises to conduct surveys and prepare for thepilot implementation of an offshore wind power project. In his suggestion, leading firms of theUK and EU should cooperate with Vietnam to embark on specific projects, during which theGovernments work together to address obstacles as they arise. He also hinted at the possibility ofestablishing a research centre focused on mechanisms, policies, and technicalscience for energy transition in Vietnam. This centre would involve the participationof government officials, scientists, businesses, financial institutions,and more in order to propose new cooperation mechanisms between developing anddeveloped countries. Stelbaczky and Taylor shared their plans to pool collective resourcesfor the JETP implementation through specific projects with practical approachesand actions. The officials said they want to join regular exchange mechanisms to proposeconcrete and effective solutions during the implementation process in Vietnam. Taylor believed that both bilateral and multilateralcoordination mechanisms within the JETP play a crucial role in the successful implementation of renewable energy projects./.