South Korea's state overseas aid agency said Thursday that it plans to inject US$6.4 million into Vietnam's efforts to enhance industrial energy efficiency and promote environmentally friendly growth until 2025.
The funds will be used to examine about 20 energy-intensive businesses in Vietnam to check their energy efficiency and improve their operations, and help 10 Vietnamese provinces map out their plans for green growth, the Korea International Cooperation Agency (KOICA) said.
Earlier this month, the KOICA and the Vietnamese government signed an arrangement on their cooperation in promoting energy efficiency in Vietnam's industrial sector and supporting its national green growth action plan.
"Green growth is necessary for the sustainable development of Vietnam, whose economy has been growing at a fast pace," Cho Han-Deog, KOICA country director in Vietnam, said. "We will actively participate in efforts by Vietnam to respond to climate change."
The aid agency said its support program for Vietnam will help contribute to achieving Sustainable Development Goal (SDG) 7, which is to ensure access to affordable, reliable, sustainable and modern energy for all.
The United Nations' SDGs are aimed at ending poverty, fighting inequality and injustice, and tackling climate change.
Originally published on Yonhap News