From 21 to 25 September, Cassa Depositi e Prestiti (CDP) carried out a mission to Vietnam, providing an important opportunity to strengthen cooperation with the AICS Office in Hanoi and explore ongoing joint initiatives, ranging from the energy transition to support for private sector development, in close coordination with the Embassy of Italy in Hanoi.
Particular attention was devoted to the Just Energy Transition Partnership (JETP) and opportunities for cooperation in the energy sector. AICS Hanoi and CDP participated in the workshop Enhancing the Finance Readiness of JETP Projects: From Planning to Project Preparation, held in Hanoi on 21 September and organized by Vietnam’s Ministry of Industry and Trade (MoIT). The event brought together Vietnamese institutions, development partners and financial stakeholders to discuss solutions aimed at improving project preparation and bankability under the JETP.
In this context, AICS and CDP have jointly launched a technical assistance initiative to support the development of geothermal energy in Vietnam, leveraging Italy’s technical and scientific expertise and laying the groundwork for future investments in the sector.
The mission also enabled further progress in dialogue with PetroVietnam (PVN), Vietnam’s state-owned energy group, identified as the main counterpart for the development of this cooperation. The meetings were attended by a delegation from Italy’s geothermal sector, comprising the President of the Italian Geothermal Union (Unione Geotermica Italiana – UGI) and a researcher from the University of Naples “Parthenope”. UGI and PVN are finalizing a Memorandum of Understanding (MoU) aimed at establishing a framework for scientific and institutional cooperation, with a view to developing technical assistance activities and promoting the exchange of expertise between Italy and Vietnam in the geothermal sector.
The mission also provided an opportunity to engage with the Asian Development Bank (ADB), paving the way for the launch of the budget support initiative entitled “Programme for Accelerating Competitiveness and Trade in Vietnam through Support to the Vietnamese Public Budget”, recently approved by the Italian Joint Committee. The new Italian intervention is structured as a blended finance operation combining resources from the Revolving Fund for Development Cooperation (Fondo Rotativo per la Cooperazione allo Sviluppo – FRCS) with CDP’s own funds, as part of the broader ADB-led programme supporting improvements to Vietnam’s regulatory framework and the development of its private sector.
Finally, the mission provided an opportunity for AICS and CDP to discuss the future prospects of their cooperation, also in view of the 2027 programming cycle, with the aim of identifying new areas in which to combine technical cooperation and financial instruments.