According to the statement on August 13, the partnership is supported by the government of France and the EU. The move marks an important step in connecting Petrovietnam’s industrial and energy capabilities with international expertise, technical assistance and long-term financing to turn energy transition ambitions into concrete projects.

The two sides will cooperate to strengthen capacity in project preparation and implementation, align environmental and social standards with international practices, and expand access to green and long-term financing for strategic energy investments.

The partnership comes as Petrovietnam accelerates its transformation into Vietnam’s national industry-energy group. Alongside its core responsibility of safeguarding national energy security, Petrovietnam is taking an increasingly active role in advancing Vietnam’s energy transition and supporting the country’s net-zero target by 2050.

The cooperation is also expected to facilitate Petrovietnam's access to European expertise in areas including offshore wind, power systems and integration, digital solutions, energy efficiency, and advanced engineering. It will also help mobilise international resources for Vietnam's next generation of energy projects.

Julien Seillan, the French Development Agency (AFD) country director in Vietnam, said, "The quality of project preparation is crucial to successful financing. Well-prepared projects are more likely to be sustainable, while compliance with high environmental, social, and governance standards can also improve access to financial resources."

"Through the MoU, AFD is ready to support Petrovietnam in the years ahead. AFD will not only provide technical assistance, but also facilitate Petrovietnam's access to international best practices, expertise, and long-term financing for strategic projects."