Vietnam Seeks Up to US$92 Billion for Critical Climate Adaptation by 2030

Vietnam's Ambitious Climate Adaptation Goals

Hanoi, Vietnam – Vietnam is facing a substantial financial challenge in its efforts to combat the escalating impacts of climate change, with government reports indicating a need for an estimated US$55-92 billion during the period of 2021–2030 to fully implement its climate adaptation commitments. This significant sum is equivalent to approximately 3-5 percent of the country's 2020 GDP.

The figures are detailed in Vietnam's updated National Adaptation Plan (NAP) for 2021-2030, which also includes a vision to 2050. The NAP was officially approved by the Prime Minister in November 2024 under Decision No 1422/QĐ-TTg and subsequently submitted to the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat. Vietnam is among 65 countries globally that have submitted their updated NAP reports, underscoring its commitment to international climate action.

The Financial Gap and Call for International Support

Given that the national budget can only cover a fraction of the required investment, Vietnam anticipates needing to mobilize an additional US$2.7-6 billion annually from extra-budgetary sources. This substantial financing gap highlights the critical importance of strengthened international cooperation in areas such as finance, technology transfer, and capacity building.

According to the World Bank's 2022 Country Climate and Development Report, the economic toll of climate change on Vietnam could be severe, potentially costing the nation 12–14.5 percent of its GDP by 2050, translating to total losses ranging from $400–523 billion. Such projections underscore the urgency of securing the necessary funding to mitigate future damages and build resilience across the country.

Vulnerability to Climate Change

Vietnam is recognized as one of the nations most vulnerable to climate change, largely due to its unique geography. The country features a long coastline, thousands of offshore islands, and two densely populated deltas, most notably the Mekong Delta. These regions are highly exposed to the severe impacts of sea-level rise and increasingly frequent extreme weather events.

The Mekong Delta, a critical agricultural and aquaculture hub, is particularly at risk. It is currently sinking by an average of 1.1 centimeters per year due to factors like excessive groundwater extraction, sand mining, and reduced sediment deposition. Experts warn that almost half of the delta could be submerged if sea levels rise by 75–100 centimeters. The region also faces intensified saline intrusion, prolonged droughts, and more severe floods, directly threatening food security and the livelihoods of millions.

National Strategies and Commitments

Beyond the NAP, Vietnam has established several key policy frameworks to address climate change:

• National Climate Change Strategy to 2050 (NCCS): Approved in July 2022, this strategy aims for net-zero emissions by 2050, with emissions projected to peak in 2035.
• Updated Nationally Determined Contribution (NDC 2022): Submitted to the UNFCCC in September 2022, this document increased Vietnam's unconditional greenhouse gas emission reduction target to 15.8 percent and its conditional target to 43.5 percent below business-as-usual levels by 2030.
• Global Methane Pledge: Vietnam has joined this international initiative, committing to reduce methane emissions by 30 percent by 2030 compared to 2020 levels.

These comprehensive strategies underscore Vietnam's proactive stance on climate action, emphasizing both mitigation and adaptation efforts. However, the successful implementation of these ambitious plans remains heavily reliant on securing substantial financial and technical assistance from the international community.