Azerbaijan, Vietnam deepen economic ties with clean energy pact

Azerbaijan's state body for renewable energy has signed an agreement to work with one of Vietnam’s leading private conglomerates.

A memorandum of understanding with Vietnam's ROX Group JSC was signed within the framework of the 3rd Intergovernmental Commission that was hosted in the country's capital on July 16, Caliber.Az reports, citing Azerbaijan's Minister of Energy.

According to Minister Parviz Shahbazov's statement released via his official X account, five cooperation documents were signed during the first Azerbaijan–Vietnam Business Council and Business Forum that was organized as part of the commission's meeting, which was attended by Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long.

"Entrepreneurs were invited to engage in information exchange on the investment climate in Azerbaijan and Vietnam, economic zones, industrial parks, high technologies, agriculture, hydrocarbons, and renewable energy; to organize mutual business missions; to take advantage of existing opportunities; to establish joint ventures; and to invest in specific projects. Five cooperation documents were signed, including a Memorandum of Understanding on renewable energy cooperation between the State Agency on Renewable Energy Sources of Azerbaijan and Vietnam’s ROX Group JSC," Shahbazov informed.

Azerbaijan's Export and Investment Promotion Agency (AZPROMO), the Small and Medium Business Development Agency (KOBIA), the Vietnam National Entrepreneurship Association (VINEN) and business circles from both countries were among the participants of the bilateral summit in Hanoi.

By Nazrin Sadigova