Vietnam nears US$11bil-plus deal to shift economy from coal

Solar power has boomed in Vietnam as the economy struggles to wean off its dependency on coal power. - AFP

HANOI (Bloomberg): Vietnam is set to follow Indonesia and South Africa with a climate financing package of at least US$11 billion to shift its economy away from coal and boost the rollout of renewable energy sources.

Vietnam and its donor countries, led by the European Union and the UK, are aiming to announce the Just Energy Transition Partnership funding deal -- which could total as much as $14 billion -- at the EU-Asean summit on Dec. 14, according to people familiar to the matter. Between $5 billion and $7 billion will come from public loans and grants, with the rest from private sources.