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, local time, at the capital city of Riyadh, Prime Minister Pham Minh Chinh met with Mr. Amin Al-Nasser, President and CEO of Saudi Aramco.
Saudi Aramco is one of the largest companies in the world in terms of scale and revenue, with a revenue of nearly USD 500 billion in 2023 and total assets of over USD 660 billion.
As the largest economy in the Gulf region, Saudi Arabia’s GDP in 2023 reached approximately USD 1,747 trillion. With oil as its main resource, Saudi Arabia is the world’s leading exporter of crude oil (with reserves of about 264.4 billion barrels, accounting for 20% of the world’s reserves, and a production capacity of 10-13 million barrels per day).
At the meeting with the Prime Minister, Mr. Amin Al-Nasser, President and CEO of Saudi Aramco, congratulated Vietnam on its great achievements in socio-economic development over the past time and informed 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 Vietnam. The President of Aramco requested the Prime Minister and ministries, sectors, and localities of Vietnam to facilitate Saudi Aramco’s successful cooperation with Vietnamese partners.
Highly appreciating Saudi Aramco’s interest and plan to invest in Vietnam, specifically cooperating with the Vietnam National Oil and Gas Group (PVN), initially in the field of oil and gas trading, Prime Minister Pham Minh Chinh stated that Vietnam has a long coastline of over 3,000 km, which is advantageous for accessing the vast market in Asia.
Along with that, Vietnam has potential and is developing its oil and gas industry in exploration, oil refining, and oil and gas trading. PVN has a lot of experience and an abundant, high-quality labor force; it is a potential partner with many oil and gas projects in downstream, midstream, and upstream that can be cooperated on.
Therefore, the Prime Minister suggested that Saudi Aramco and PVN continue their discussions to reach a high consensus and have specific cooperation projects. The Prime Minister 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 in the field of oil and gas, especially in Vietnam’s large oil refining projects, and promote trade cooperation in the field of oil, gas, and petrochemical products such as crude oil, liquefied petroleum gas, resin, and fertilizers…
Prime Minister Pham Minh Chinh stated that Vietnam is promoting the improvement of the investment environment and reforming administrative procedures towards transparency, reducing compliance costs, decentralization, and empowerment. Vietnam is also promoting investment in strategic infrastructure with the orientation of an open mechanism, smooth infrastructure, and smart governance to reduce costs and increase competitiveness for goods, products, and enterprises. He committed to accompanying and creating favorable conditions for foreign investors, including Saudi Aramco and Saudi Arabian enterprises, to operate effectively and sustainably.
Thanking the Prime Minister for his orientation and affirmation of support for Saudi Aramco’s investment in Vietnam, President Amin Al-Nasser of Saudi Aramco said that he would continue to actively negotiate with PVN and soon send a full delegation of fields to Vietnam to explore cooperation and investment opportunities with 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 trading.
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