The Prime Minister encouraged Saudi Aramco to cooperate and invest in Vietnam in oil refining, warehousing and distribution, not only for Vietnam but also for the region and the world.
According to the special correspondent of the Vietnam News Agency, on the occasion of attending the 8th Future Investment Initiative Conference and visiting and working in the Kingdom of Saudi Arabia, on the afternoon of October 29 (local time), in the capital Riyadh, Prime Minister Pham Minh Chinh received Mr. Amin Al-Nasser, Chairman and General Director of Saudi Arabian Oil and Gas Group (Saudi Aramco) - one of the largest enterprises in terms of scale and revenue in the world, with revenue in 2023 reaching nearly 500 billion USD and total assets reaching over 660 billion USD.
Saudi Aramco Chairman and CEO Amin Al-Nasser congratulated Vietnam on its great achievements in socio-economic development in recent times; said that Aramco is very interested in the Asian market, including Vietnam.
He said that Vietnam is a potential and important market in the region, so Aramco wishes to invest in petrochemical refining and petroleum distribution in Vietnam; he proposed that the Prime Minister and Vietnamese ministries, branches and localities create favorable conditions for Saudi Aramco to promote successful cooperation with Vietnamese partners.
Appreciating Saudi Aramco Group's interest and plans to cooperate and invest in Vietnam, specifically with the Vietnam National Oil and Gas Group (PVN), first in the field of oil and gas trade, Prime Minister Pham Minh Chinh said that Vietnam is a country with a long coastline of more than 3,000 km, a favorable location to access the large market in Asia.
Besides, Vietnam is a country with potential and is developing the oil and gas industry in both exploitation, refining and trading of oil and gas. In particular, PVN is an oil and gas group with a lot of experience, abundant and high-quality labor resources; is a potential partner, with many oil and gas projects in the downstream, midstream and upstream that can be cooperated.
The Prime Minister suggested that Saudi Aramco and PVN continue to discuss to reach a high consensus and have specific cooperation projects. In particular, the Prime Minister encouraged Saudi Aramco to cooperate in investing in Vietnam in oil refining, warehousing and distribution for not only Vietnam but also the region and the world.
Prime Minister Pham Minh Chinh suggested that Aramco invest in Vietnam in the oil and gas sector, especially Vietnam's large petrochemical refinery projects, and develop trade cooperation in the fields of oil, gas, and petrochemical products such as crude oil, liquefied gas, plastic pellets, and fertilizers.
Prime Minister Pham Minh Chinh said that Vietnam is stepping up efforts to improve the investment environment, reform administrative procedures towards transparency, reduce compliance costs, decentralize and delegate power, and promote investment in developing strategic infrastructure towards open institutions, smooth infrastructure, and smart governance to reduce costs and increase competitiveness for products and businesses; and pledged to accompany and create favorable conditions for foreign investors, including Saudi Aramco Group and Saudi Arabian enterprises, to invest and do business effectively and sustainably.
Thanking the Prime Minister for his guidance and affirming his support for Saudi Aramco's investment in Vietnam, Saudi Aramco Chairman Amin Al-Nasser said he will continue to actively negotiate with PVN and soon send a working delegation in various fields to Vietnam to explore cooperation and investment opportunities, through specific projects as suggested by the Prime Minister.
Immediately after the meeting, under the witness of Prime Minister Pham Minh Chinh, PVN and Saudi Aramco signed a memorandum of understanding on cooperation in the field of oil and gas trade./.
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