Memorandum of Understanding signing ceremony between Petrovietnam and CIP. Photo: Duc Dung/BNEWS/VNA

The MoU marks the cooperative relationship between Vietnam’s leading state-owned economic group in energy and the world's leading renewable energy investment and development group. Each side's strengths will be maximized to contribute to the net emission reduction target Vietnam has set, through the development of renewable energy projects with a focus on offshore wind power.

According to the MoU, the two companies will exchange knowledge and best practices on energy transition issues, including technology, supply chain, logistics, infrastructure, and skills development. This will include support for training programs in new renewable energy technologies such as Power-to-X (green hydrogen, green ammonia), battery storage, and energy islands. They will also seek opportunities for collaboration in developing offshore wind power projects in Vietnam.