The project “Promoting Investment Market for Energy Efficiency in Industrial Sector in Vietnam” was launched by the Ministry of Industry and Trade’s Department of Energy Saving and Sustainable Development and the Korea International Cooperation Agency (KOICA). (Photo: baocongthuong.com.vn)

Hanoi (VNA) – The Republic of Korea’s government will provide 1.9 million USD in financial aid for a project promoting energy saving in Vietnam’s industrial sector.

The project “Promoting Investment Market for Energy Efficiency in Industrial Sector in Vietnam” was launched by the Ministry of Industry and Trade’s Department of Energy Saving and Sustainable Development and the Korea International Cooperation Agency (KOICA) last week.

The project is part of the World Bank-funded “Vietnam Energy Efficiency for Industrial Enterprises (VEEIE)” project that offers 101.7 million USD to give domestic industrial enterprises better access to loans for energy efficiency investment.

The financing provided by the WB includes two components – 100 million USD used on developing energy-saving projects for key industries and 1.7 million USD spent on technical assistance for those projects.

The WB project aims to foster the development of energy service companies and to facilitate the implementation of energy saving and energy efficiency projects. It will aid the country’s efforts to reduce greenhouse gas emissions and protect the environment.-VNA