JETP Vietnam

The Just Energy Transition Partnership (JETP) with Vietnam is a country-specific climate finance arrangement announced on 14 December 2022 at an EU–ASEAN summit in Brussels. It is the third JETP, following South Africa (2021) and Indonesia (announced November 2022), and was followed by Senegal in 2023.

Under the political declaration, Vietnam committed to:

• Peaking power-sector greenhouse-gas emissions by 2030, brought forward from a later baseline.
• Capping peak power-sector emissions at roughly 170 megatonnes of CO₂ equivalent by 2030.
• Limiting peak coal capacity to about 30.2 GW.
• Raising the share of renewables in electricity generation to at least 47% by 2030.

In return, the International Partners Group (IPG) — co-led by the European Union and the United Kingdom and including the United States, Japan, Germany, France, Italy, Canada, Denmark and Norway — pledged to mobilise an initial USD 15.5 billion over three to five years. Roughly half is public finance from IPG members, with the remainder expected from private financial institutions coordinated through the Glasgow Financial Alliance for Net Zero (GFANZ).

Vietnam published its Resource Mobilisation Plan (RMP) in December 2023 at COP28 in Dubai, identifying priority investment areas including grid modernisation, offshore wind, energy efficiency, and a just transition for workers in coal regions. Implementation is coordinated by Vietnam's Ministry of Natural Resources and Environment alongside the Ministry of Industry and Trade.

The partnership is closely tied to Vietnam's Power Development Plan VIII (PDP8), approved in May 2023, which sets the legal framework for renewable expansion. Critics note the financing is weighted toward loans rather than grants, that disbursement has been slow, and that domestic regulatory bottlenecks — particularly around power purchase agreements and direct PPAs — have delayed offshore wind and solar projects central to meeting JETP targets.