Petrolimex and ADB partner to support Vietnam’s energy transition
Author: PPD Team Date: March 4, 2025
The Vietnam National Petroleum Group (Petrolimex) has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) to promote energy transition in Vietnam.
Under the agreement, ADB will help Petrolimex assess its investment portfolio and develop cleaner energy strategies. This partnership aligns with Vietnam’s low-carbon goals and ADB’s 2023-26 strategy focused on governance, green economy transition, and private sector growth.
Petrolimex, which controls 50% of Vietnam’s fuel market and operates over 5,000 fuel stations, aims to lead in green energy by 2025. The company is exploring green hydrogen production and sustainable aviation fuel to support Vietnam’s net-zero target by 2050. ADB continues to assist Vietnam in sustainable urban development, climate resilience, and governance reforms.
In December 2024, ADB and Gulf Renewable Energy Company Limited finalized an $820 million loan to finance 12 renewable energy projects in Thailand. The portfolio includes eight solar photovoltaic plants with a contracted capacity of 393 MW and four solar PV plants with battery storage systems, totaling 256 MW of capacity and 396 MWh of energy storage.
