A series of energy transition projects.

Recently, Petrovietnam officially changed its name to the Vietnam National Industry and Energy Group under Decision No. 733/QD-TTg dated April 9, 2025, by the Prime Minister. The Group’s strategic development is now structured around three key pillars: Energy, Industry, and Services, with Energy as the core sector.

With solid foundations in finance, technology, a diverse ecosystem, and strong capabilities in building value chains, Petrovietnam is not only a key player in ensuring national energy security but is also positioning itself as a pioneering state-owned enterprise in the green energy transition, sustainable development, and the long-term goal of carbon neutrality.

As the backbone of national energy security, Petrovietnam currently supplies up to 70% of domestic gasoline and oil demand and approximately 9% of the country’s total electricity output. However, its emissions also present a significant challenge to the Group’s sustainable development strategy.

To reduce emissions in the short and medium term, Petrovietnam is focusing on optimizing the exploitation and utilization of domestic natural gas—a transitional energy source with relatively low emissions. Key projects include the Block B – O Mon project chain for power and fertilizer production, and LNG-based power and storage complexes such as Thi Vai – Nhon Trach 3 and 4, which enhance control over cleaner fuel supplies.

Petrovietnam is also steadily evolving into a green energy group. A highlight is the 1 GW offshore wind power project in the South Central Coast, in partnership with a Danish company, listed among 17 strategic projects under the JETP framework. Additionally, the 2.3 GW wind power export project to Singapore—leveraging the Malaysian grid—will extend Vietnam’s clean energy footprint regionally.

The Group is also targeting the development of new energy sources, particularly green hydrogen. At the Dinh Co Gas Processing Plant, Petrovietnam—through its subsidiary PV GAS—has piloted a green hydrogen project powered by solar energy, with a capacity of 1 MW and an output of 30–40 tons of hydrogen annually. Furthermore, the Group is pursuing the idea of establishing a Renewable Energy Service Industrial Center in Vung Tau and actively participating in the international offshore wind supply chain by providing critical components such as foundations and substations—steps aimed at becoming a vital link in the global energy network.

Petrovietnam has also been entrusted by the Government with investment in the Ninh Thuan 2 nuclear power project—a long-term strategic initiative.

In energy storage, Petrovietnam has proposed the Lam Son Clean Energy Complex (Khanh Hoa) with an expected output of 5.87 billion kWh/year and a total investment nearing USD 4 billion. In addition, PV Power—a subsidiary of the Group—has successfully sold Renewable Energy Certificates (RECs) from existing hydropower plants, contributing to the development of the carbon credit market.

In the service sector, by 2024, PV Power had installed around 400 electric vehicle (EV) charging stations at gas stations and plans to roll out an additional 1,000 charging stations between 2025 and 2030—supporting green transport infrastructure.

Contribute to CO₂ absorption and test CCS technology.

Since 2022, Petrovietnam has launched a program to plant 3 million trees. By the end of 2024, over 1 million trees had been planted across 23 provinces and cities, covering approximately 130 hectares. The target is to plant an additional 300 hectares by the end of 2025, thereby enhancing the Group’s natural CO₂ absorption capacity.

In parallel, the Group is collaborating with the Japan Oil, Gas and Metals National Corporation (JOGMEC) to research carbon capture and storage (CCS) technologies. Several pilot projects are planned in Central Vietnam and the overlapping maritime area with Malaysia, aiming to introduce high-tech approaches to emissions reduction.

Despite its strong potential in the carbon market, Mr. Nguyen Van Tuan—Deputy Head of the Environmental Safety and Sustainable Development Department of Petrovietnam—noted several ongoing challenges, particularly in legal and technical areas. These include the lack of comprehensive regulations on carbon credit ownership, trading mechanisms, and technical guidelines for calculating CO₂ absorption from forests or emerging technologies. Moreover, the certification process remains complex and time-consuming, posing difficulties for enterprises.

On that basis, Petrovietnam recommends that the Government promptly complete and harmonize the legal framework for Vietnam’s carbon market; simplify international mechanisms such as JCM and VCM to improve accessibility for domestic enterprises; and issue specific regulations on domestic carbon credits tailored to the practical context and operational characteristics of Vietnamese businesses.