Chairman of the National Assembly Vuong Dinh Hue meets the visiting Governor of Japan Bank for International Cooperation (JBIC), Maeda Tadashi, in Hanoi on July 22. (Photo: VNA)

Welcoming the JBIC leader, Hue said the NA supports the Vietnam-Japan strategic partnership to grow strongly in a comprehensive and substantive manner. Vietnam and Japan have a lot to supplement each other, given that both countries are signatories to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Cooperation (RCEP).

Maeda said his bank plays a key role in providing credit and funding for Japan’s international cooperation projects. JBIC has been pushing for Japan’s initiative on developing an “Asian zero-emissions community” and Japan Energy Transition Initiative, he noted.

He then put forward several recommendations to help Vietnam realise its commitment of achieving net-zero emissions by 2050 at the 26th UN Climate Change Conference (COP26) last year.

Expressing his thanks for Maeda’s recommendations, Hue said the world is facing many uncertainties and suffering heavy toll caused by COVID-19, which not only challenge the recovery process but also affect the realisation of Vietnam’s COP26 commitment.

According to Hue, achieving net zero emissions by 2050 is a challenge for Vietnam. He held that however, with its self-reliance and cooperation from foreign partners, including Japan, Vietnam will accomplish the goal.

He hoped that JBIC and other development partners will support Vietnam in improving its regulatory framework and institutions for sustainable development, particularly with regard to climate change adaption and energy transition.

The Vietnamese NA is revising the Law on Oil and Gas and the Law on Electricity as well as various master plans and key policies of the nation, he noted.

Vietnam looks forward to receiving JBIC’s technical consultation in developing the most feasible strategy and roadmap for the energy transition, he said, adding that Vietnam wants JBIC to help access funding for its green energy and energy transition projects that come with affordable interest rates.

He is confident that Japan will continue to be Vietnam’s important and trustworthy partner in fulfilling goals in climate change adaption and energy transition, and COP26 commitments.