The EU will support Vietnam in its efforts to secure high-income status by 2045 and post net-zero emissions by 2050, according to new Ambassador and Head of the EU Delegation to Vietnam, H.E. Julien Guerrier.

During his first meeting with the media since taking office, in Hanoi on September 27, Ambassador Guerrier said the EU has five tools to help Vietnam realize its goals, including the EU-Vietnam Free Trade Agreement (EUVFTA). In implementing the agreement, trade exchange between the two sides has increased 32 per cent in recent years, he said. In particular, Vietnam’s exports to the EU are four-fold higher than the EU’s exports to Vietnam.

The second tool is the global gateway funding mechanism, which allocates over €300 billion ($315 billion) to various countries globally, including Vietnam.

Another tool is the Just Energy Transition Partnership (JETP), which helps Vietnam via the G7 Group and other international donors to shift from coal to green energy, with total capital of $15.5 billion from public budget and private investment.

Other tools include the Horizon Europe funding program, with over $100 billion for research and innovation, and the Enhancing Security Cooperation In and With Asia (ESIWA) project.