odo set namespace
odo set namespace lets you set a namespace/project as the current active one in your local kubeconfig configuration.
Executing this command inside a component directory will not update the namespace or project of the existing component.
To set the current active namespace you can run odo set namespace <name>:
odo set namespace mynamespace
Example:
odo set namespace mynamespace
 ✓  Current active namespace set to "mynamespace"
Optionally, you can also use project as an alias to namespace.
To set the current active project you can run odo set project <name>:
odo set project myproject
Example:
odo set project myproject    
  ✓  Current active project set to "myproject"
note
This command updates your current kubeconfig configuration, using either of the aliases.
So running either odo set project or odo set namespace performs the exact same operation in your configuration.