In December 2024, the European Union (EU) released an additional 15 million EUR of budget support to the Government of Vietnam in the framework of the EU - Vietnam Sustainable Energy Transition Programme (SETP). This brings the total disbursement by the EU under this programme to 63 million EUR in grant support to the national budget under agreed performance conditions. 

This amount will support Vietnam to progress on its clean energy transition process and achievement of its Net Zero emissions target. The EU supports the creation of an enabling environment for public and private sector investments in renewable energy and energy efficiency, aiming towards implementation of the Just Energy Transition Partnership (JETP), as part of the offer to the world under the EU’s Global Gateway strategy.

The EU-funded SETP budget support programme of a total of EUR 142 million in grants contributes to the JETP, aiming to accelerate Vietnam’s sustainable energy transition process. It affirms the EU's close cooperation and long-term commitment to contributing to Vietnam's clean energy transition, as well as the country’s  overall objective to achieve net zero emissions by  2050.