Japan wants to execute 15 projects worth over $20 billion in Vietnam's energy transition field, said Prime Minister Ishiba Shigeru who was Vietnam for an official visit from April 27 to 29.

The projects are within the framework of the Asian Energy Transition Initiative (AETI) and the Asian Zero Emission Community (AZEC), Shigeru told Vietnam's Prime Minister Pham Minh Chinh during their talk in Hanoi on April 28. Japan and Vietnam signed a new agreement to boost cooperation in clean energy, marking a major step in their joint efforts toward sustainable development.

The clean energy deal was one of four agreements signed during the visit, alongside cooperation on semiconductor research and economic ties.

Japan is currently Vietnam's largest provider of ODA loans and aid. The country is Vietnam's largest labor cooperation partner, third largest investor, and fourth largest trade-tourism partner.

The Japanese PM said that in the field of carbon reduction and energy cooperation, multiple projects are underway, including offshore wind power development, upgrading electricity transmission networks, and biomass energy initiatives.

This strengthened cooperation between Vietnam and Japan underscores a shared commitment to sustainable development and energy transition. By leveraging financial mechanisms, technological expertise, and collaborative partnerships, both countries aim to accelerate the adoption of clean energy solutions and contribute to regional and global efforts in combating climate change.

Prime Minister Pham Minh Chinh and the Prime Minister of Japan attend the Vietnam–Japan Business Forum

“Vietnam is a key partner in Japan’s clean energy strategy. We are committed to supporting Vietnam’s energy transition and encouraging Japanese businesses to invest in renewable energy projects here,” Prime Minister Ishiba said during a joint press conference.

Below are key developments of Japan–Vietnam Clean Energy Cooperation:

1. $20 Billion Investment in 15 Major Energy Projects

Japan committed to implementing 15 energy transition projects in Vietnam, collectively valued at over $20 billion. These projects encompass renewable energy, energy efficiency, hydrogen, ammonia, and carbon capture, utilization, and storage (CCUS) technologies. The collaboration is part of the AETI and AZEC frameworks, aiming to promote decarbonization and energy transition in Asia .

2. Joint Crediting Mechanism (JCM) Carbon Credit Projects

Vietnam and Japan have approved nine new carbon credit projects under the JCM, which was established in 2013 to facilitate the implementation of emission reduction projects and the generation of carbon credits. These projects include the installation of solar systems in Ho Chi Minh City and the use of high-efficiency transformers in the southern distribution system. Since the inception of the JCM, the two countries have recognized 15 carbon credit methodologies, with 8 out of 14 registered projects officially approved, resulting in a total of 4,115 carbon credits issued .

3. Financial Mechanisms for Green Energy Transition

Vietnam and Japan are promoting financial mechanisms to support green energy transition projects. The Japan Bank for International Cooperation (JBIC) has been actively involved in providing loans and support for renewable energy and power transmission projects in Vietnam. For instance, in October 2024, JBIC signed a credit agreement worth up to $150 million with Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to finance renewable energy and power transmission projects in Vietnam, contributing to the national goal of achieving net-zero emissions by 2050 .

4. Launch of AZEC Green Transformation Promotion Working Group

Vietnam and Japan launched the AZEC Green Transformation Promotion Working Group, aiming to deepen bilateral cooperation in energy transition. The working group includes sub-groups focusing on energy transition and green conversion of power plants, renewable energy, and electricity systems and markets. The Ministry of Industry and Trade of Vietnam, in collaboration with Japanese counterparts, is developing specific plans and implementing activities to ensure efficiency in these sub-groups .

5. Public-Private Partnerships in Clean Energy Projects

Vietnamese and Japanese businesses are actively engaging in joint ventures to develop clean energy projects. For example, T&T Group, a Vietnamese conglomerate, is collaborating with Japan’s Marubeni Corporation to jointly research and develop offshore wind power projects with a total capacity of 3,000–4,000 MW in the Gulf of Tonkin. Additionally, T&T is partnering with Japanese companies like Erex and Sumitomo Forestry to invest in around 10 biomass power plants and convert coal-fired power plants to biomass co-firing .

As the world races to decarbonise, Japan is stepping on the accelerator. The country has made a bold promise to reach net-zero carbon emissions by 2050. So, it is changing how it powers homes, industries, and transportation. Japan used to depend a lot on fossil fuels and nuclear power. It is now excited to use solar panels, wind turbines, biomass, and marine renewables.

2025 is shaping up to be a landmark year in Japan’s renewable energy journey. With government support and strong innovation, the country is becoming a green tech hub in Asia. Investor trust is rising, too. This article looks at the top renewable energy companies in Japan with which Vietnamese companies may consider for mutual cooperation. 

1. JERA Co., Inc.

JERA, Japan’s top power generation company, is at the forefront of renewables. It excels in offshore wind and advanced solar technology. JERA is a major player in clean energy. It comes from a partnership between TEPCO and Chubu Electric Power. JERA is not only strong in Japan but also has a global impact.

In 2025, all eyes are on JERA’s $5.8 billion partnership with BP. This project, known as JERA Nex BP, is groundbreaking. This initiative aims for an impressive 13 GW of offshore wind capacity. It is one of Asia’s most ambitious wind energy programs.

But JERA’s innovation doesn’t stop at the sea. Collaborating with SEKISUI CHEMICAL, it’s also pioneering ultra-light, flexible perovskite solar cells designed to fit on urban skyscrapers, stadiums, and infrastructure, helping Japan utilize every possible surface for energy generation.

2. Eurus Energy Holdings Corporation

Eurus Energy is Japan’s largest wind energy developer. It’s a joint venture between Toyota Tsusho and TEPCO. Eurus has become well-known in the renewable energy sector. Eurus operates in Japan, Europe, and the U.S. This gives a global view on local solutions.

In Hokkaido, the recently completed Dohoku Wind Power Project stands tall with six wind farms generating a combined 434.5 MW. Not far behind is the Ashikawa Wind Farm, Japan’s largest onshore wind installation, generating 128.8 MW.

Eurus is not just about building wind farms. It’s also about community. The company teams up with local governments. They create jobs, support environmental education, and revitalize rural areas. Their focus is on sustainable development.

Eurus Soya Misaki wind farm in Wakkanai City, Hokkaido, northern Japan

3. RENOVA, Inc.

RENOVA, based in Tokyo, is one of Japan’s fastest-growing independent power producers (IPPs). They focus only on renewable energy. Its diverse portfolio includes solar, biomass, wind, geothermal, and hydroelectric power. This range is rare in an industry that often specializes by segment.

In 2023, Tokyo Gas bought a 13% stake in RENOVA. This move gave them new capital to grow their presence. The company is boosting its solar power and battery storage projects. This move fits well with Japan’s shift to decentralized energy systems.

RENOVA is expanding beyond Japan. They are starting new solar and biomass projects in Vietnam and Indonesia.

4. Mitsubishi Corporation

Mitsubishi Corporation is a corporate juggernaut with a deep commitment to green energy. Mitsubishi won Japan’s first state-run offshore wind auctions in 2021. Now, it faces rising costs for construction and raw materials. It remains committed to its 1.76 GW offshore wind pipeline with strong determination. Beyond wind, Mitsubishi is pouring resources into green hydrogen, ammonia, and carbon-neutral LNG, signaling a transition beyond just power generation to building entire ecosystems for a decarbonized future.

5. Japan Renewable Energy Corporation (JRE)

JRE is all-in on renewables. With a portfolio that spans solar, wind, and biomass, the company operates over 40 power plants across Japan and Southeast Asia. As of 2025, it has a total installed capacity of 1.25 GW and more projects under construction.

JRE’s strength lies in meticulous site planning and environmental stewardship. It’s known for building projects that harmonize with nature and communities. One standout initiative is its environmental education programs tied to its renewable projects.

Vietnamese firms can partner with Japanese companies for technology licensing or local assembly of clean energy components such as: Smart grid systems; Hydrogen fuel cell technology; Ammonia co-firing systems; High-efficiency transformers and inverters.

Under the Joint Crediting Mechanism (JCM), Vietnamese firms can: Work with Japanese partners to develop emission-reduction projects (solar, efficiency upgrades, waste-to-energy); Generate carbon credits for trading, supported by Japanese certification and funding schemes, etc.

Vietnamese banks and developers can tap into Japanese green finance channels, such as: The Japan Bank for International Cooperation (JBIC) green loans; JICA co-financing schemes for sustainable infrastructure; Collaborations with Japanese investment funds focused on ESG and decarbonization.

Vietnamese businesses can position themselves for cooperation by: Participating in AZEC industry dialogues and working groups; Attending Vietnam–Japan business forums focused on energy and technology; Applying for green project grants or technical assistance under JICA and JBIC programs; Establishing MOUs with Japanese partners in advance of project tenders.