|Vietnamese President Truong Tan Sang (L, front) and visiting President of European Council (EC) Herman Van Rompuy (R, front) review an honor guard during a welcoming ceremony at the presidential place in Hanoi, Vietnam, Oct. 31, 2012. Van Rompuy started his three-day visit to Vietnam on Wednesday to boost EU-Vietnam cooperation. (Xinhua/Ho Nhu Y)
HANOI, Oct. 31 (Xinhua) -- The European Union (EU) and Vietnam signed agreements on financial support for the mitigation of climate change, and sustainable international trade and investment in Vietnam here on Wednesday.
The signing was witnessed by Vietnamese President Truong Tan Sang and Herman Van Rompuy, president of the European Council during his official visit to Vietnam.
The Vietnam Climate Change Global Loan, worth 150 million euros (195 million U.S. dollars), signed between the European Investment Bank and Vietnam's Ministry of Finance, will contribute to environmental sustainability and will make long-term financing available for investments that contribute to climate change mitigation through the avoidance or reduction of emissions of green house gases by the use of renewable energy sources and energy efficiency enhancements, said Van Rompuy at a press briefing after the signing.
Another agreement -- the financing agreement of the "European Trade Policy and Investment Support Project (EU-MUTRAP)" -- will provide 15 million euros (19.5 million U.S. dollars) to help Vietnam's Ministry of Industry and Trade in facilitating sustainable international trade and investment through improved capacity for policy making, policy consultation, and negotiation and implementation of related commitments, he said.
The EU-MUTRAP project has a total budget of 16.5 million euros, with the EU contributing 15 million euros and Vietnam providing 1. 5 million euros. The project will be implemented from 2012 to 2017.