In December 2022, Viet Nam and the International Partners Group (IPG) - led by the European Union and the United Kingdom and including the United States, Japan, Canada, Denmark, France, Germany, Italy and Norway - announced the third ever JETP. The JETP is a commitment from the IPG to mobilise an initial USD 15.8 bn from public and private finance over the next three to five years, to support Viet Nam in achieving its net zero 2050 target, as set out in its National Strategy on Climate Change to 2050. Of the total investment, USD 8.08 bn will be contributed by the IPG countries. The remaining USD 7.75 bn will consist of private finance, contingent on the mobilisation of the public sector finance, and will be facilitated by the Glasgow Financial Alliance for Net Zero (GFANZ).

The Vietnamese JETP aims to accelerate the planned decarbonisation of Viet Nam’s power sector, bringing forward its target of peaking emissions from electricity generation to 2030, capped at 170MtCO2. To achieve this, Viet Nam will reduce its pipeline for coal-fired power plants, limiting coal-fired generation capacity to a maximum of 30.2 GW by 2030 and setting out a pathway to phase-out unabated coal generation thereafter, through halting investment in coal-fired power plants and negotiating the closure of old, inefficient plants. The JETP also sets out to accelerate the adoption of renewables, reaching a minimum share of 47% renewable electricity generation by 2030. Moreover, the Political Declaration emphasises a just transition in line with the ILO’s Declaration on Fundamental Principles and Rights at Work to increase access to affordable energy, address the needs of affected workers and communities and engage with all relevant stakeholders. This includes, in particular, the development of educational, vocational training and re-skilling programmes for those affected by the transition.

The JETP Resource Mobilisation Plan (RMP) was launched by Prime Minister Ph?m Minh Chính during the World Leaders Summit at the 28th Conference of Parties (COP28) in December 2023. The plan identifies relevant new investment requirements and opportunities as well as measures to facilitate the deployment of support and overcome barriers to delivering Viet Nam’s just energy transition. The launch of the RMP represents the first step in implementing the JETP between the IPG and Viet Nam, the plan is intended to be a living document that will be updated regularly.

The Further Resources portal includes key resources and events related to Vietnam's JETP, including analysis, commentary and official documents to enable readers access to a broad range of relevant materials to inform and shape the direction of Vietnam's energy transition.