The Vietnam National Petroleum Group (Petrolimex) and the Asian Development Bank (ADB) have signed a memorandum of understanding (MoU) to advance energy transition efforts. Under the agreement, ADB will support Petrolimex in assessing its investment portfolio and developing a strategy for cleaner energy solutions. The collaboration aligns with Việt Nam’s low-carbon goals and ADB’s 2023-26 strategy focused on governance, green economy transition, and private sector growth.
Petrolimex, which controls 50 per cent of Việt Nam’s fuel market and operates over 5,000 fuel stations, aims to become a leader in green energy by 2025. The company is exploring green hydrogen production and sustainable aviation fuel, supporting Việt Nam’s net-zero commitment by 2050. ADB continues to assist Việt Nam with sustainable urban development, climate resilience, and governance reforms.