Belém, 11 November 2025 

As highlighted by the results of the Global Stocktake, current global efforts remain insufficient to keep the 1.5°C goal within reach, and countries must urgently accelerate the implementation of their climate commitments. This conclusion underscores the need for deep engagement and mobilization of the private sector, which holds critical levers in technology, investment, innovation and supply chain transformation. Recognizing the great potential of partnership in realizing Viet Nam’s commitments, on 11 November 2025, WWF-Viet Nam jointly with the Ministry of Agriculture and Environment of Viet Nam (MAE), IKEA and H&M Group co-organized a side event titled “Public and Private sector collaboration to implement climate targets in Viet Nam”.  

The event highlighted the importance of public-private partnership in advancing climate action in Viet Nam as well as delivering on business science-based targets with practical examples of Inter IKEA Group, H&M Group, HSBC and the Vietnam Chamber of Commerce and Industry (VCCI)’s efforts in green transition. Through insightful sharing of their achievements, key lessons learned and future orientations from MAE and private conglomerates, more collaboration opportunities were expected to emerge in reducing greenhouse gas emissions (GHG) and enhancing climate change adaptation. The event also discussed the way forward for electrification in Viet Nam and to share some of the exciting experience companies have had globally in piloting electrification technologies. This would further contribute to the country’s green, inclusive and climate-smart development. 

Since the revision of its Nationally Determined Contribution (NDC) in 2022, Viet Nam has made significant progress in aligning domestic regulations and implementation efforts with its international commitments. These efforts have translated into tangible emission reduction results, with the total estimated GHG reduction during the 2021-2025 period reaching 351.20 million tonnes of CO₂ equivalent (tCO₂e), based on the evaluation of 34 out of 82 mitigation measures mentioned in the 2022 NDC. Within this total, the mitigation measures in the energy sector emerged as the primary driver of Viet Nam’s reduction efforts as an approximate 233.48 million tCO₂e of reductions was achieved from implementing 17 measures. These achievements reflect not only the Government’s strong push for energy sector transformation over the past years, but also the increasing awareness, companionship and contributions of the private sector. To meet its international climate goals, a strong public-private partnership is particularly necessary to mobilize external resources and scale innovative solutions. 

“On the journey toward a low-carbon and climate-resilient future, the Government cannot act alone. The engagement of the private sector is essential, especially to accelerate energy transition and climate responses in our key sectors” said Mr. Le Ngoc Tuan, Deputy Director General, Department of Climate Change, Ministry of Agriculture and Environment of Viet Nam.  

He also noted that, “in recent years, we have witnessed the active role of many major Vietnamese and international corporations in aligning their sustainability strategies with national green and carbon neutral targets. Many of them have been taking lead in many investment initiatives on innovative technologies, resource efficiency, and green and circular transformation of their value chains.”  

In Viet Nam, together with WWF-Viet Nam, HSBC is applying its global expertise in green finance to unlock private investment for renewable energy and nature-based solutions. Through the Climate Solutions Partnership, the collaboration has piloted innovative financial tools that helps local industries transition towards low-carbon production while protecting critical ecosystems. This approach not only strengthens Viet Nam's climate resilience but also demonstrates the role of the financial sector in accelerating the country’s green transformation. 

On the other hand, multinational corporates like IKEA and H&M Group are collaborating with WWF to help the Government of Viet Nam identify opportunities to accelerate the shift to renewable electrification in the textile and wood manufacturing sectors.  

 “At IKEA, we are scaling up electrification, renewable energy, and energy efficiency across our value chain, from production and manufacturing to transportation and retail. Achieving climate impact requires collaboration between governments and the private sector with harmonized and forward-looking policies as well as access to the right technologies and infrastructure. At COP30, we’re committed to sharing our progress and learning from others to accelerate the transition.” - said Sriram Rajagopal, Head of Climate and Air Quality, Inter IKEA Group. 

“We know that full electrification is the only way to reach our long-term climate targets. In combination with sourcing of renewable electricity we want to be a part of the solution both for us and the wider industry” - shared by David Dahl, Head of Climate & Nature, H&M Group. 

Strong public-private partnership is essential to mobilize resources and innovation needed to meet the climate change challenge. In this close collaboration, WWF-Viet Nam plays the role of an enabler that connects the country’s climate targets to businesses’ science-based targets and designs collaboration opportunities to satisfy both side’s priorities. From 2026 to 2030, WWF-Viet Nam’s vision is to strengthen collaboration with the Government and private sector to accelerate energy transition, restore freshwater ecosystems, protect forest carbon stocks and scale nature-based solutions. 

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The event was held during the 30th Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). The Conference is an annual event where Parties and non-Party stakeholders to the UNFCCC gather to review and advance global climate action. This year, COP30 is hosted in Belém (Brazil) under the slogan: “Global Mutirão against climate change” (meaning Global collective efforts against climate change).