On the occasion of attending the 8th Future Investment Initiative Conference and working visit to the Kingdom of Saudi Arabia, in the afternoon of October 29, in Riyadh, Prime Minister Pham Minh Chinh met with Mr. Amin Al-Nasser, President and CEO of Saudi Aramco.
Prime Minister Pham Minh Chinh and Mr. Amin Al-Nasser, President and CEO of Saudi Aramco – Photo: VGP/Nhat Bac
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Saudi Aramco is one of the largest companies in the world in terms of scale and revenue, with 2023 revenue reaching nearly $500 billion and total assets exceeding $660 billion.
As the largest economy in the Gulf region, Saudi Arabia’s GDP in 2023 is estimated at approximately $1,747 trillion. With oil as its main resource, the country leads the world in oil exports (with reserves of about 264.4 billion barrels, accounting for 20% of global reserves, and a production capacity of 10-13 million barrels per day).
At the meeting with the Prime Minister, Saudi Aramco’s President and CEO, Amin Al-Nasser, congratulated Vietnam on its significant achievements in economic and social development over the past years. He stated that Aramco is very interested in the Asian market, including Vietnam.
Considering Vietnam as a potential and important market in the region, Aramco wishes to invest in oil refining and distribution in the country. The Aramco Chairman requested the Prime Minister, ministries, sectors, and localities of Vietnam to facilitate Saudi Aramco’s collaboration with Vietnamese partners.
Highly appreciating Saudi Aramco’s interest and planned investment in Vietnam, specifically its cooperation with the Vietnam National Oil and Gas Group (PVN), initially in the field of oil and gas trading, Prime Minister Pham Minh Chinh emphasized Vietnam’s advantages, including its lengthy coastline of over 3,000 kilometers, which provides convenient access to the vast Asian market.
Additionally, Vietnam has potential and is developing its oil and gas industry in exploration, oil refining, and trading. PVN possesses extensive experience and a plentiful, high-quality workforce, making it an attractive partner with numerous potential projects in upstream, midstream, and downstream oil and gas for collaboration.
Therefore, the Prime Minister suggested that Saudi Aramco and PVN continue their discussions to reach a high level of agreement and develop specific cooperation projects. He encouraged Saudi Aramco to invest in oil refining, storage, and distribution not only in Vietnam but also for the region and the world.
Prime Minister Pham Minh Chinh also proposed that Aramco invest in Vietnam’s oil and gas sector, particularly in large-scale oil refining projects, and expand trade cooperation in oil, gas, and petrochemical products such as crude oil, liquefied petroleum gas, resin, and fertilizers…
The Prime Minister highlighted Vietnam’s ongoing efforts to improve the investment environment and reform administrative procedures towards transparency, reduced compliance costs, decentralization, and empowerment. Vietnam is committed to investing in strategic infrastructure development with a focus on creating a favorable environment, seamless infrastructure, and smart governance to lower costs and enhance the competitiveness of goods, services, and businesses. He assured that Vietnam will accompany and facilitate foreign investors, including Saudi Aramco and other Saudi Arabian enterprises, to operate effectively and sustainably in the country.
Expressing appreciation for the Prime Minister’s guidance and affirmation of support for Saudi Aramco’s investment in Vietnam, President Amin Al-Nasser stated that they would continue active negotiations with PVN and soon dispatch a comprehensive delegation to Vietnam to explore cooperation and investment opportunities through specific projects as suggested by the Prime Minister.
Immediately after the meeting, witnessed by Prime Minister Pham Minh Chinh, PVN and Saudi Aramco signed a Memorandum of Understanding for cooperation in the field of oil and gas trading.
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