Hanoi (VNA) – The European Union (EU) is stepping up efforts to expand sustainable investment and connectivity in Vietnam under its Global Gateway strategy, reaffirming a strong, long-term commitment to supporting the country’s green transition and economic development.
During his visit to Vietnam from March 23–25, EU Commissioner for International Partnerships Jozef Síkela highlighted the bloc’s determination to translate strategic cooperation into concrete projects, marking a significant step forward in the implementation of the EU–Vietnam Comprehensive Strategic Partnership.
Speaking at the EU–Vietnam Global Gateway Business and Investment Forum on March 24, Síkela described Vietnam as a dynamic economy with strong growth, a young population and vast potential.
With the Global Gateway strategy, the EU is bringing European businesses and investors to Vietnam to turn ambition into tangible projects, create jobs and support the country’s green transition, he said.
The Global Gateway is the EU’s flagship initiative to mobilise up to 400 billion EUR (468.71 billion USD) in public and private investments worldwide between 2021 and 2027. In Vietnam, this approach is being realised through “Team Europe” initiatives and major financing packages.
Síkela announced that the EU is rolling out a 560-million-EUR investment package to support Vietnam’s energy transition and economic development. A key project is the Bac Ai pumped-storage hydropower plant, with a capacity of 1,200 MW and an estimated total investment of around 900 million EUR. The project is expected to play a critical role in stabilising the national power system, enhancing energy storage capacity and improving the reliability of renewable energy sources.
In parallel, the EU has launched a 40-million-EUR Sustainable Transport Facility aimed at leveraging over 1 billion EUR in investment for railway and urban transport projects.
Nicola Beer, Vice-President of the European Investment Bank (EIB), affirmed that the bank, as the EU’s financial arm, stands ready to support Vietnam in implementing major infrastructure projects, including the planned North–South high-speed railway. She noted the success of Hanoi’s Metro Line 3 as a clear example of effective EU–Vietnam cooperation.
Expanding access to sustainable finance was another key focus of the visit. A newly announced 200-million-EUR financing agreement between the EIB and Techcombank will help Vietnamese businesses access preferential funding for renewable energy, energy efficiency and clean transport projects. This is expected to foster stronger synergy between public ambitions and private capital flows.
Beer said the EIB has been active in Vietnam since 1997, investing around 800 million EUR in sustainable infrastructure, transport and climate action. She stressed that future cooperation will prioritise energy systems, green finance and sustainable mobility, aiming to deliver high-quality projects with long-term impact.
Representing the Vietnamese Government, Deputy Prime Minister Ho Duc Phoc expressed appreciation for sustained commitment from the EU. He underscored Vietnam’s desire to access green finance and attract high-quality, selective investments in areas such as the digital economy, circular economy, semiconductors and high technology, while advancing a just energy transition.
He reaffirmed that Vietnam considers the EU a leading partner and remains committed to achieving net-zero emissions by 2050. To maximise cooperation effectiveness, he called for enhanced technical support from the EU to help Vietnamese enterprises better integrate environmental, social and governance (ESG) standards into global value chains.
The Deputy PM also urged EU member states to expedite the ratification of the EU–Vietnam Investment Protection Agreement (EVIPA), describing it as a crucial missing piece to establish a stable and secure legal framework for businesses on both sides.
Looking ahead, he proposed closer cooperation in developing new growth models, including free trade zones and international financial centres in Vietnam.
“These will serve as magnets for global capital, generating new added value for both Vietnam and its European partners,” he said./.
