Petrovietnam and AFD advance cooperation on energy transition projects

On August 13, Petrovietnam and the French Development Agency (AFD) formalized their cooperation to advance energy transition projects. This partnership is supported by the French government and the European Union, aiming to integrate Petrovietnam's industry and energy expertise with international assistance. The collaboration seeks to bolster project preparation and implementation, align environmental and social standards with global norms, and expand access to green financing for strategic energy investments.

Petrovietnam's transformation into Vietnam's national industry-energy group aligns with this initiative, as it increasingly contributes to the nation's energy transition and net-zero target by 2050. The cooperation will grant Petrovietnam access to European expertise in offshore wind, power systems, digital solutions, energy efficiency, and advanced engineering. This move also aims to mobilize international resources for Vietnam's forthcoming energy projects.

Julien Seillan, AFD's country director in Vietnam, emphasized the importance of meticulous project preparation, stating that well-prepared projects are more sustainable and likely to secure financial resources. AFD's support will include technical assistance and facilitating Petrovietnam's access to global best practices and long-term financing for strategic projects.

Meanwhile, Vietnam is also eyeing a partnership with South Korea for the Ninh Thuan 2 nuclear power plant, with the official partner to be selected in the third quarter of 2026 to ensure the plant's commissioning by 2035. BIDV and VietinBank have already signed a $281-million credit deal for the O Mon IV Thermal Power Plant, further demonstrating Vietnam's commitment to expanding its energy infrastructure.