“Energy Giant with Half-Trillion Dollar Revenue Discusses Investment in Vietnam, Promptly Signing an MOU with PVN”

On October 29th, in the capital city of Riyadh, Prime Minister Pham Minh Chinh met with Amin Al-Nasser, Chairman and CEO of Saudi Aramco, while attending the 8th Future Investment Initiative conference and on an official visit to the Kingdom of Saudi Arabia.

Saudi Aramco is one of the largest companies in the world in terms of scale and revenue, with 2023 revenues reaching nearly $500 billion and total assets exceeding $660 billion.

At the meeting, Mr. Amin Al-Nasser congratulated Vietnam on its remarkable achievements in economic and social development over the years. He also expressed Aramco’s strong interest 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 Chairman requested the Prime Minister and relevant ministries, sectors, and localities to facilitate Aramco’s collaboration with Vietnamese partners.

Prime Minister Pham Minh Chinh appreciated Saudi Aramco’s interest and plans to invest in Vietnam, particularly its cooperation with the Vietnam National Oil and Gas Group (PVN) in the field of oil and gas trading. He highlighted Vietnam’s advantageous position with a lengthy coastline of over 3,000 kilometers, providing easy access to the vast Asian market.

The Prime Minister also mentioned Vietnam’s potential and growing oil and gas industry, including exploration, refining, and trading. He pointed out that PVN has extensive experience and a large, skilled workforce, making it an attractive partner with numerous potential projects in upstream, midstream, and downstream oil and gas.

Therefore, the Prime Minister suggested that Saudi Aramco and PVN continue their discussions to reach a high level of agreement and identify specific collaboration projects. He encouraged Aramco to invest in oil refining, storage, and distribution not only for the Vietnamese market but also for the region and the world.

Prime Minister Pham Minh Chinh also invited Aramco to invest in Vietnam’s oil and gas sector, especially in large-scale oil refining projects, and to expand trade cooperation in oil, gas, and petrochemical products such as crude oil, liquefied petroleum gas, resins, and fertilizers.

The Prime Minister emphasized Vietnam’s ongoing efforts to improve the investment environment and reform administrative procedures towards transparency, reduced compliance costs, decentralization, and streamlined infrastructure development. These initiatives aim to lower costs and enhance the competitiveness of Vietnamese goods and enterprises.

Vietnam is committed to supporting and facilitating foreign investors, including Saudi Aramco and other Saudi Arabian businesses, to ensure efficient and sustainable investment and business operations in the country.

Expressing his gratitude for the Prime Minister’s guidance and support for Saudi Aramco’s investment in Vietnam, Mr. Amin Al-Nasser affirmed that they would continue active negotiations with PVN. He also stated that they would soon send a comprehensive delegation to Vietnam to explore cooperation and investment opportunities, 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 oil and gas trading sector.