The Government of Vietnam and Norway have agreed to deepen cooperation in green investment, renewable energy and carbon markets, following the conclusion of negotiations for the Vietnam–European Free Trade Association (EFTA) Free Trade Agreement, which is expected to boost bilateral trade and investment once signed and ratified.
During a meeting in Hanoi, Vietnam’s Deputy Minister of Finance Tran Quoc Phuong and outgoing Norwegian Ambassador Hilde Solbakken highlighted opportunities to expand collaboration in renewable energy, offshore wind, the circular economy, maritime industries and sustainable finance.
Norway reaffirmed its support for Vietnam’s Just Energy Transition Partnership (JETP). Norfund, the Norwegian Investment Fund for Developing Countries, has established a representative office in Vietnam and plans to announce a new strategic investment later this year focusing on renewable energy, the circular economy and financial services.
Vietnam welcomed the planned investment as it updates its Power Development Plan VIII (PDP8) to significantly expand clean energy capacity, particularly offshore wind, where Norwegian companies possess extensive technical expertise.
Both countries also identified carbon markets as a key area for future cooperation. Norway expressed interest in developing Article 6 carbon credit projects under the Paris Agreement and purchasing carbon credits generated from Vietnam’s forest resources. Multilateral institutions, including the Green Climate Fund (GCF), Asian Development Bank (ADB) and Global Green Growth Institute (GGGI), are expected to support financing for renewable energy and emissions reduction projects.