Petrolimex, ADB partner in energy transition. Delegates at the event (Source: petrolimex.com.vn)

Vietnam National Petroleum Group (Petrolimex) and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) on energy transition cooperation in Hanoi on February 26.

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 explore and assessing the diversification of Petrolimex's product portfolio towards cleaner and greener solutions.

This partnership underscores Petrolimex’s role in Vietnam’s shift towards a low-carbon economy and aligns with ADB’s 2023–2026 strategy in Vietnam, which focuses on governance, green economy transition, private sector development, and social equity.

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

ADB Country Director for Vietnam 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 Vietnam’s net-zero commitment by 2050.

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

Petrolimex, holding a dominant 50% market share in Vietnam’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 Vietnam through initiatives promoting sustainable urban development, climate resilience, rural connectivity, and governance reforms.