Vietnam, UK boost energy ties with 6.5 billion USD credit pledge from UKEF
Vietnam and the UK are deepening ties in renewable energy and infrastructure, as UK Export Finance commits 6.5 billion USD in credit for projects in Vietnam.
On September 23, Deputy Minister of Industry and Trade Nguyen Hoang Long met with Tim Reid, Chief Executive of UK Export Finance (UKEF), at the ministry’s headquarters in Hanoi.
The meeting was attended by officials from the Ministry of Industry and Trade’s departments of foreign market development, electricity, and green transition, alongside representatives from UKEF and the British Embassy in Hanoi.
Deputy Minister Nguyen Hoang Long had a meeting and worked with Mr. Tim Reid, Global General Director of the UK Export Finance Fund.
Mr. Tim Reid introduced UKEF as the UK government’s official export credit agency with more than a century of experience in providing credit guarantees, trade insurance and concessional financing. As part of its expansion strategy in Southeast Asia, UKEF has earmarked $6.5 billion in credit for Vietnam, targeting high-demand sectors such as infrastructure, clean energy, advanced manufacturing and services.
He highlighted particular interest in offshore wind, smart grids, carbon-neutral ports and coal-to-clean energy transition projects areas Vietnam is prioritizing under its Just Energy Transition Partnership (JETP).
Mr. Tim Reid thanked Deputy Minister Nguyen Hoang Long for the welcome and open sharing.
Deputy Minister Long welcomed the UK’s engagement in JETP and stressed that the proposed projects align with Vietnam’s renewable energy, emissions reduction and green transition strategies. He noted that the UK and other International Partners Group (IPG) members have identified 11 potential JETP projects in Vietnam, including offshore wind, energy storage, transmission networks and green technologies.
The Deputy Minister praised UKEF’s flexible financing solutions as vital to realizing projects that meet both JETP criteria and broader bilateral cooperation goals on sustainability. He urged UKEF to work closely with the ministry’s departments and JETP energy subgroups to identify priority areas and create favorable financing mechanisms for businesses from both countries.
Deputy Minister Nguyen Hoang Long welcomed the interest of UKEF and the UK within the framework of JETP.
Chief Executive of UK Export Finance Tim Reid expressed appreciation for the open discussions and affirmed UKEF’s readiness to accompany Vietnam in mobilizing international finance to advance JETP and other strategic projects in renewable energy and infrastructure. He said UKEF would continue working with the Ministry of Industry and Trade to turn project proposals into reality, thereby deepening UK-Vietnam cooperation in the green transition.
