In December 2022, Vietnam 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 15.5 bn from public and private finance over the next three to five years, to support Vietnam in achieving its net zero 2050 target, as set out in its National Strategy on Climate Change to 2050. Of the total investment, half 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).

With a combined power generation of almost 12%, Vietnam has the largest share of wind and solar power in the region and hydro power accounts for another 30%. Nevertheless, coal still generated almost half of the country’s electricity in 2021.

Vietnam has a large industry sector, which consumes more than half of its electricity. This is followed by households (31%) and services (12%).