Petrolimex (PLX) Partners with Xuan Cau Holdings, Selex Motors to Launch Green Energy Infrastructure JSC

Overview

Petrolimex (PLX) has announced the establishment of Green Energy Infrastructure Vietnam JSC in partnership with Xuan Cau Holdings and Selex Motors. The joint venture aims to develop a green energy ecosystem and expand into electric transport infrastructure in Vietnam, marking a strategic shift for the state-owned petroleum giant.

Key Facts

• Petrolimex, Xuan Cau Holdings, and Selex Motors established Green Energy Infrastructure Vietnam JSC on May 6, 2026.
• The announcement was made at Petrolimex headquarters in Hanoi.
• Petrolimex Chairman Pham Van Thanh highlighted the JV as a concrete step in the company’s “Three Transformations” strategy: digital, cultural, and green.
• The JV will focus on developing green energy infrastructure and electric transport energy solutions.
• The partnership combines state-owned (Petrolimex) and private (Xuan Cau Holdings, Selex Motors) sectors.
• Selex Motors CEO Nguyen Huu Phuoc Nguyen will lead the new company.
• The initiative aligns with Vietnam’s national green growth and energy transition policies.

What Happened

On May 6, 2026, Petrolimex, Xuan Cau Holdings, and Selex Motors held a ceremony to announce the formation of Green Energy Infrastructure Vietnam JSC. The event took place at Petrolimex headquarters, with Chairman Pham Van Thanh and Xuan Cau Holdings Chairman To Dung in attendance.

Chairman Pham Van Thanh stated that the JV represents Petrolimex’s move out of its “comfort zone” of traditional petroleum trading into the electric transport energy market. He emphasized that the partnership opens a new energy ecosystem and lays the foundation for Vietnam’s green energy transition over the next decade. The establishment was previously mentioned at Petrolimex’s 2026 Annual General Meeting.

Market Context

PLX shares closed at VND 40,000 on April 15, 2026, down 0.50% with volume of 2.68 million shares. The stock trades on HOSE. The JV announcement comes as Vietnam accelerates its energy transition, with the government promoting electric vehicles and green infrastructure. Petrolimex, traditionally a petroleum distributor, is diversifying into renewable energy and EV charging, a sector attracting significant interest from both domestic and foreign investors.

Strategic Significance

The JV allows Petrolimex to leverage its extensive network of gas stations to build EV charging infrastructure, potentially capturing a leading position in Vietnam’s emerging electric mobility market. By partnering with Xuan Cau Holdings (a private infrastructure developer) and Selex Motors (an EV manufacturer), Petrolimex gains technical and operational expertise. This aligns with the company’s “Three Transformations” strategy and positions it for long-term growth beyond fossil fuels. The collaboration between state-owned and private entities also reflects Vietnam’s policy of mobilizing all economic sectors for green growth.

What to Watch

• Timeline for deployment of first EV charging stations under the JV.
• Capital contribution details and ownership structure of the new company.
• Any additional partnerships or acquisitions by Petrolimex in the green energy space.
• Regulatory developments regarding EV infrastructure standards and incentives in Vietnam.
• PLX’s Q2 2026 earnings and any guidance on green energy investments.