Minister of Industry and Trade Nguyen Hong Dien (R) and World Bank (WB) Regional Vice President for East Asia and Pacific Manuela V. Ferro at their meeting in Hanoi on November 14. (Photo: moit.gov.vn)

Appreciating the WB's support for the development of Vietnam's electricity and energy sector, Dien said the Vietnamese Government encourages all economic sectors to invest in the electricity sector based on the principles of healthy competition and of ensuring the investors’ interests.

To successfully implement a just energy transition, Vietnam needs maximum support from international partners in technology transfer, management, workforce training, and financial provision, the minister noted.

He proposed that the WB continue to coordinate with the Ministry of Industry and Trade, Vietnam Electricity, and provinces and cities to implement a rural, mountainous, and island electrification project, which aims to achieve a goal of providing stable, high-quality electricity at affordable prices for all households.

Ferro said the WB wants to accompany Vietnam in implementing its 8th National Power Development Plan, adding that the bank will continue to provide financial support for Vietnam's energy transition projects, especially regarding renewable energy.

The two sides agreed to continue their coordination and review of regulations and procedures to ensure the effectiveness of the sides’ joint projects.