Petrovietnam, AFD cooperate on green energy development

With the support of the French Government and the European Union (EU), this partnership will provide a practical foundation for cooperation, connecting financial resources, technical expertise and international experience with Petrovietnam’s strengths, and gradually turning energy transition goals into concrete projects in Viet Nam.

At the signing ceremony, Marie Keller, Chargée d’Affaires ad interim of the French Embassy in Viet Nam, said the event marked a new milestone in Viet Nam-France cooperation in addressing the challenges of climate change. She also described Viet Nam’s goal of achieving net-zero emissions by 2050 as a major ambition that requires support from international organizations as well as the active participation of domestic businesses.

With its technical expertise, professional capacity and investment potential, Petrovietnam is expected to play an important role in realizing Viet Nam’s energy transition goals. Cooperation between Petrovietnam and its partners is expected to be soon translated into concrete projects.

Kristina Buende, First Counsellor and Head of Cooperation at the Delegation of the European Union to Viet Nam, described the signing of the MoU between Petrovietnam and AFD as an important milestone. She said the agreement not only marked the beginning of formal cooperation between the two organizations but also represented a further step in the broader EU-Viet Nam partnership on energy transition.

“The signing of the MoU between Petrovietnam and AFD marks an important milestone, not only launching formal cooperation between the two organizations but also advancing the broader EU-Viet Nam partnership on energy transition," she spoke.

Energy transition is a strategic area that offers Viet Nam significant opportunities to strengthen energy security, modernize infrastructure, accelerate the deployment of clean energy and promote sustainable economic growth. This is also at the heart of the EU’s “Global Gateway” strategy, which aims to build reliable, sustainable and high-quality partnerships.

European companies have strong capabilities in industry, innovation, technology and operational experience, and can make significant contributions to Viet Nam’s energy transition, from offshore wind power, power grids and system integration to digital solutions, energy efficiency and project engineering.

Julien Seillan, Director of AFD in Viet Nam, emphasized that AFD is France’s bilateral development bank, operating in Viet Nam within the framework of the comprehensive strategic partnership between France and Viet Nam. According to Seillan, the signing ceremony demonstrated how this partnership is being translated into practical cooperation activities.

From AFD’s perspective, the quality of project preparation is crucial to successful implementation and the mobilization of financing. Meeting high environmental, social and governance standards also helps improve access to financial resources. AFD stands ready to support Petrovietnam in the years ahead, not only through technical assistance but also by helping the group access international best practices, expertise and long-term financing for strategic projects.

Speaking at the signing ceremony, Vu Dao Minh, Deputy General Director of Petrovietnam, said the event marked an important milestone in the growing partnership between Petrovietnam and AFD, with support from the French Government, the European Union (EU) and the Team Europe Energy Transition Facility in Viet Nam.

As a national industrial and energy group, Petrovietnam is deeply aware of its responsibility to ensure national energy security while taking a pioneering role in Viet Nam’s energy transition, Minh said. The group is currently implementing an energy transition roadmap with specific targets and actions. Petrovietnam also pushed ahead with its international expansion. 

In this process, cooperation with AFD will help Petrovietnam gain access to international experience, strengthen its capacity to prepare and implement projects, align environmental and social standards with international practices, and expand access to green financing for the development of key projects in the future.