Petrolimex, ADB collaborate in energy transition

Petrolimex, ADB collaborate in energy transition

The Asian Development Bank (ADB) will help the Vietnam National Petroleum Group (Petrolimex) to assess its investment and business portfolio for an energy transition.

Petrolimex Chairman Phạm Văn Thanh and ADB Country Director for Việt Nam Shantanu Chakraborty sign the memorandum of understanding in Hà Nội on Wednesday. — Photo petrolimex.com.vn

The Vietnam National Petroleum Group (Petrolimex) and the Asian Development Bank (ADB) signed a memorandum of understanding (MoU) on energy transition cooperation in Hà Nội on Wednesday.

Under the agreement, ADB will provide technical support for Petrolimex to carry out its work, including a preliminary assessment of the group's investment and business portfolio and potential energy transition roadmaps.

The collaboration also targets the development of a detailed energy transition strategy by exploring and assessing the diversification of Petrolimex's product portfolio towards cleaner and greener solutions.

This partnership underscores Petrolimex’s role in Việt Nam's shift towards a low-carbon economy and aligns with ADB’s 2023-26 strategy in Việt Nam, which focuses on governance, green economy transition, private sector development, and social equity.

Petrolimex Chairman Phạm Văn Thanh highlighted that the collaboration would optimise the group’s energy strategies and support its carbon neutrality goals.

ADB Country Director for Việt Nam Shantanu Chakraborty acknowledged Petrolimex’s expertise in green hydrogen production and the promotion of sustainable aviation fuel, highlighting the partnership's crucial role in supporting Việt Nam’s net-zero commitment by 2050.

The MoU represents the initial step in a strategic research project to establish Petrolimex as Việt Nam's leading provider of green and environmentally friendly energy products by 2025, with a vision toward 2035.

Petrolimex, holding a dominant 50 per cent of the market share in Việt Nam's fuel sector, operates over 5,000 fuel stations and maintains the country’s largest fuel storage and distribution network.

In addition to its core fuel business, the company is active in insurance, petrochemicals, gas, aviation fuel, and logistics.

ADB continues to support Việt Nam through initiatives promoting sustainable urban development, climate resilience, rural connectivity, and governance reforms. 

Bizhub