(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong on July 31 hold a meeting with a number of foreign partners, including Canadian Ambassador to Vietnam Shawn Steil, Country Director of World Bank (WB) in Vietnam Mariam Sherman and representative of the US Embassy in Vietnam, to exchange issues related to the Renewable Energy Accelerating Change (REACH) project.

Deputy Minister of Planning and Investment Tran Quoc Phuong and foreign partners. Photo: MPI

The Canadian ambassador praised the MPI’s efforts in enhancing cooperation with partners to implement the REACH project, adding that he will continue to work with the ministry and relevant agencies to accelerate the project preparation and implementation. 

Regarding the REACH project, Shawn said that it promotes sustainable development of renewable energy in Vietnam, contributing to ensuring a sustainable and long-term energy source. The success of the project will become an outstanding example of Vietnam in realising its goals of clean and renewable energy.

Representatives of the WB and the US embassy also shared that the project will help Vietnam improve the operational and transmission capacity, and sustainably integrate electricity sources from renewable energy while fulfilling the country’s commitment of net-zero emissions. They pledged their continued assistance to carry out the project as set forth directions.

For his part, Deputy Minister Phuong stated that the government always pay attention to the REACH project, viewing it an important milestone in implementing the country’s commitment to achieve net-zero emissions by 2050 and transforming to renewable energy. He said the project will create opportunities for Vietnam in mobilising resources for infrastructure projects, energy transition, emission reduction and renewable energy development.

The deputy minister stressed the importance of the effective implementation of projects in general, and the REACH project in particular. The government had established the National Steering Committee for Official Development Assistance (ODA) and concessional loans to address difficulties related to policies and procedures in the mobilisation, management and use of the capital, and a working group to resolve problems during the implementation of WB’s projects in Vietnam; while adjusting polices to facilitate more efficient use of ODA and concessional loans.

At the meeting, both sides agreed to closely coordinate to soon remove facing difficulties and shorten the time needed for project preparation and implementation./.

Bao Linh

Ministry of Planning and Investment