On 24/3, at the Business and Investment Forum, Jozef Sikela, European Commissioner for International Partnerships, announced that this European Union (EU) fund aims to provide expertise and technology to promote the development of at least four large-scale infrastructure projects. Infrastructure is a sector requiring significant capital, and these projects include the Hanoi - TP HCM high-speed rail, inland waterways, and urban transport. Sikela stated that in addition to the 40 million euro from the fund, they plan to mobilize an additional 1 billion euro in preferential loans from banks, with the participation of European private enterprises.

Jozef Sikela, EU Commissioner for International Partnerships, speaks at the event on 24/3. *Photo: EU*

Beyond this fund, the EU is committed to investing over 500 million euro in sustainable transport and clean energy. This includes the European Investment Bank (EIB) providing 200 million euro in credit to Techcombank to support small and medium-sized enterprises, investing in renewable energy, energy saving, and electric vehicles. Other allocations include an additional 230 million euro for the Bac Ai pumped-storage hydropower plant project, as well as funding in education, health, and green ports.

The Bac Ai pumped-storage hydropower project in Ninh Thuan is Vietnam's first pumped-storage hydropower plant, with EVN as the investor. The total capital injected into this project is over 21,000 billion dong, including a loan from the French Development Agency (AFD) late last year of approximately 76 million euro (equivalent to 2,000 billion dong).

The project has a capacity of 1,200 MW with four turbine, pump-generator, and motor units. Upon completion by the end of 2030, this plant will serve as a "giant water battery," receiving surplus electricity from renewable energy and nuclear power projects in the region to pump water from a lower reservoir to a large upper reservoir, storing energy during off-peak hours. During peak hours, the plant can provide peak power with a maximum capacity of 1,200 MW, contributing to frequency regulation and power compensation for the system. After one year of construction, the project has completed the excavation and reinforcement of the power cable and ventilation tunnels, and built the foundation for the 500kV power distribution station. Currently, the mountain tunnel construction has reached almost 25% of its volume, while the access road construction (excavation and embankment) has reached 98% of its design volume.

Previously, the EU collaborated with Vietnam in the transport sector on the construction of Hanoi's metro line 3 extension. Additionally, European businesses will support the development of the Lien Chieu container port in Da Nang in the coming period.

Deputy Prime Minister Ho Duc Phuoc stated that Vietnam appreciates the EU's support and partnership in sustainable development, especially in renewable energy and energy transition. He requested the EU to continue supporting Vietnam in accessing sustainable green finance sources, science and technology resources, and innovation to build highly connected infrastructure. Vietnam aims for net-zero emissions by 2050. Government leaders requested the EU to transfer technology and provide preferential capital to Vietnam to realize its energy transition process, ensure energy security, and protect the environment.

Thuy Truong