Leaders of many international organisations and financial institutions such as the United Nations, the World Bank, and the International Monetary Fund, as well as business executives and leaders of socio-political organisations also attended the event.

Delegates examined ways to build a new vision for the global financial system, assist developing countries with high debt levels, and mobilise private finance for the implementation of global goals. They also discussed measures to encourage investment to infrastructure for energy transition, and to achieve climate, biodiversity and sustainable development goals.

Leaders emphasised the role of solidarity and cooperation in building an inclusive, transparent, and people-targeted global financial system, and listening to the voices of developing and underdeveloped countries, as well as making commitments with concrete actions.

On this occasion, Deputy PM Ha had meetings with World Bank President Ajay Banga, Canadian Minister of International Development Harjit Singh Sajjan, and Danish Minister for Development Cooperation and Global Climate Policy Dan Jorgensen.

Meeting with the WB leader, Ha congratulated him on assuming his post and expressed his hope that the two sides will continue to strengthen ODA cooperation and effectively implement projects in Vietnam, especially in urban infrastructure development, climate change adaptation, energy transition, and capacity building.

At Ha’s meeting with the Canadian minister, the two sides expressed their delight at the development of the bilateral relationship over the past five decades, and affirmed close coordination in the implementation of development cooperation projects. Minister Sajjan proposed the two countries strengthen cooperation in the fields of green development and energy transition.

At the meeting with the Danish minister, the two sides discussed measures to effectively implement the Just Energy Transition Partnership (JETP), and to soon establish a Green Strategic Partnership to elevate bilateral relations and support Vietnam's green transition.

On the same day, Deputy PM Ha met staff of the Vietnamese Embassy and representative offices in France.

Deputy PM speaks about private finance mobilisation at Paris Summit on global finance

Deputy Prime Minister Tran Hong Ha raised some important messages regarding the mobilisation of private finance at a debate in the framework of the Summit for a New Global Financing Pact in Paris on June 22.

Firstly, Ha affirmed the profit potential and interest of the private sector in the renewable energy sector. Therefore, governments need to further facilitate the participation of this sector by ensuring consistency, and synchronisation in strategies and plans to mobilise investments.

Secondly, it is necessary to build standards, complete a stable and transparent legal corridor, and renew the financial cooperation model between the government and the private sector, Ha stated. 

Thirdly, he stressed the importance of innovating the method of raising capital from the private sector, developing green financial markets, exchanging carbon credits, supporting technology development and transfer, implementing strategic projects such as renewable energy and hydrogen production and smart power transmission.

Fourthly, public investment capital from the government should play the leading role in promoting private investment, and support costs during the investment, product consumption, loan guarantee, and risk reduction for the private sector in green growth and renewable energy projects.

Fifthly, it is necessary to strengthen the capacity of the private sector and stakeholders, especially developing countries, to build and implement a green transition roadmap that is equitable, diverse, highly practical and conforming to market rules, said Ha.

The Deputy PM told participants that Vietnam is accelerating green transformation and digital transformation, developing the knowledge-based economy and circular economy, and striving for the goal of "zero" emissions by 2050.

He thanked partners for their help and expressed his hope to continue receiving effective cooperation in infrastructure projects, green projects, climate change adaptation, and sustainable use of water resources. 
 
He said he believes that the world will overcome the climate and environmental crisis if countries unite and mobilise the participation of all parties, especially the private sector, thereby helping build a sustainable and prosperous future for all people.

The Vietnamese representative’s opinions and suggestions were appreciated by participating delegates, who noted that Vietnam's participation in the Fair Energy Transition Partnership (JETP) and its efforts in mobilising financial resources from both the public and private sectors to achieve energy transition are of great significance, creating new impetus for economic growth. US Secretary of the Treasury Janet Yellen highlighted the potential in implementing cooperation projects with Vietnam and Indonesia in the field of energy transition.

 Deputy Prime Minister Tran Hong Ha meets with French Minister for Energy Transition Agnes Pannier Runacher. (Photo: VNA)
Within the framework of the summit, Deputy PM Ha had a meeting with French Minister for Energy Transition Agnes Pannier Runacher, who affirmed that France wishes to strengthen cooperation with Vietnam, especially in renewable energy and nuclear energy development.

Ha proposed France continue supporting Vietnam in the process of implementing the political declaration establishing the JETP as well as in the transfer of green technology, and connect businesses in renewable energy and green energy. The two sides agreed to continue working together to contribute to the common success of the upcoming 28th UN Climate Change Conference (COP28) to be held in November in Dubai.

Source: VNA