The UK has stepped up its support for Viet Nam's green transition with the launch of an enhanced Green Investment Partnership.

On March 26, the British Embassy in Hanoi, the British Consulate General in Ho Chi Minh City, and the UK Foreign, Commonwealth & Development Office jointly hosted the 2026 UK-Viet Nam Green Investment Forum, reflecting high-level commitment from both sides to accelerate green investment flows. The next phase of cooperation will focus on execution, capital mobilisation, and regulatory clarity.

At the centre of the forum was the unveiling of the UK’s upgraded Green Investment Partnership Toolkit, accompanied by a new Green Capabilities Guide. These initiatives outline a comprehensive package of UK support spanning technical assistance, policy advisory, and financing instruments designed to help Viet Nam achieve its dual objectives of high-income growth and net-zero emissions.

The toolkit operationalises commitments under the upgraded UK-Viet Nam Comprehensive Strategic Partnership, including the Clean Energy Partnership with the Ministry of Industry and Trade and the Green Finance Partnership with the Ministry of Finance.

It aims to streamline collaboration across the investment lifecycle by integrating policy support, financial structuring, and project development, thereby providing a clearer pathway for policymakers, development finance institutions, investors, and businesses to engage in Viet Nam’s green economy.

British Ambassador to Viet Nam Iain Frew said the UK was proud to introduce its Green Investment Partnership Toolkit and Green Capabilities Guide at the forum, bringing together technical, financial, and commercial instruments to support Viet Nam's development ambitions.

"Viet Nam is pursuing one of the most ambitious green growth pathways in the region, aiming for high-income status by 2045, net-zero by 2050, and ambitious Just Energy Transition Partnership (JETP) targets, all while facing increasing climate shocks and rising demands for energy security," he added.

As co-chair of the International Partners Group under the JETP, UK representatives noted that the enhanced toolkit will play a pivotal role in supporting Viet Nam's long-term energy transition goals, particularly in mobilising capital and de-risking early-stage projects.

Demonstrating the toolkit in action, Frew announced a series of new partnerships aimed at accelerating development and strengthening institutional capacity.

These include technical assistance under the UK Partnering for Accelerated Climate Transitions scheme to support the implementation of a renewable energy expansion roadmap through the Global Renewable Energy Expansion and Network Laboratory for the National Power System and Market Operator Company.

"The strong participation from government, development partners, and the private sector today shows we're all committed to action," Frew said.

"We're mobilising new partnerships, backed by a strong enabling environment, to scale bankable projects and drive Viet Nam's inclusive, resilient green transition."

Another key initiative is the Offshore Wind (OSW) Accelerator Partnership agreed with the Ministry of Industry and Trade, which is designed to fast-track preparation, enhance supply chain readiness, and reduce early-stage risks in OSW development. The initiative is expected to contribute directly to Viet Nam’s targets under both the JETP and the national Power Development Plan VIII.

Truong Thanh Hoai, Deputy Minister of Industry and Trade, said green, low-emission energy transition is the inevitable pathway for Viet Nam to achieve sustainable development.

"In this process, we are pleased to receive support from the International Partners Group, co-chaired by the UK and the EU, the Glasgow Financial Alliance for Net Zero, and domestic and international businesses under the JETP Declaration. This represents a mechanism for financial and technological cooperation, and a testament to Viet Nam's strong determination to pursue a green and sustainable development pathway," Hoai said.

In parallel, the UK is providing green finance technical assistance to support the development of a Sustainable Finance Framework for Viet Nam’s planned International Financial Centre, building on earlier regulatory advisory work led by TheCityUK. This reflects a broader effort to align financial system reforms with the country’s green growth ambitions.

Urban sustainability also featured prominently, with the launch of new support under the UK Green Cities, Energy and Infrastructure Programme to upgrade the Tender Information Platform for Hanoi’s Metropolitan Rail Management Board.

The initiative is expected to improve transparency and access to project information, thereby facilitating greater participation from both domestic and international investors in sustainable urban transport projects.

“The government, the Prime Minister, the Ministry of Industry and Trade, together with other ministries, sectors and localities, are actively reviewing and improving policies to accompany businesses, with the aim of removing impediments and creating new advantages to entice investment, particularly in the OSW sector,” said Hoai. “All issues can be shared and overcome if we have trust, cooperation, and determination. Today’s forum is a clear reflection of that spirit.”

Discussions at the forum converged on a shared assessment that while capital, technology, and international expertise are increasingly available, Viet Nam’s green transition remains constrained by the final steps needed to convert near-ready projects into fully bankable investments.
Participants highlighted the critical importance of clear and consistent policy frameworks, particularly in areas such as OSW, battery energy storage systems, and integrated grid infrastructure.

There was also strong consensus that blended finance mechanisms will be essential to mobilise private capital at scale, especially in bridging the gap between early-stage innovation and commercial deployment. At the same time, the need to strengthen project preparation pipelines, particularly for large-scale renewable energy and climate-resilient infrastructure, was identified as a pressing priority.

Beyond mitigation, the forum also addressed the growing importance of resilience and adaptation, noting that while Viet Nam has made progress in advancing nature-based solutions and climate risk management, a significant financing gap remains. Innovation was highlighted as a key enabler, with programmes such as the UK’s Climate Finance Accelerator supporting the development of new business models in areas including rooftop solar and energy storage.

Looking ahead, participants agreed that accelerating Viet Nam’s green growth trajectory will require a coordinated effort across government agencies, financial institutions, and private sector actors. This includes advancing regulatory reforms, expanding blended finance tools, and strengthening collaboration to ensure that commitments translate into tangible outcomes.

Source: VIR

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