On May 27th, Hoa Phat Group (HPG) and Vietnam National Oil and Gas Group (Petrovietnam – PVN) signed a comprehensive cooperation agreement.
In the spirit of Resolution 68 of the Politburo on private economic development, Petrovietnam and Hoa Phat Group have agreed to cooperate comprehensively to create linkages between leading state-owned and private enterprises in Vietnam, expand their scale, increase their business production capacity, and optimize their competitiveness.
PVN’s Chairman of the Members’ Council, Le Manh Hung, affirmed that the comprehensive cooperation between Petrovietnam and Hoa Phat Group would mark a strategic step forward for both corporations, solidifying their pioneering and leading roles in fundamental industries.
Emphasizing their agreement with the strategic cooperation objectives, Hoa Phat Group’s Chairman of the Board of Directors, Tran Dinh Long, highlighted their alignment with Petrovietnam’s goals.
The agreement aims to leverage each party’s potential and strengths, fostering mutual development and contributing to the nation’s economic growth. As per the agreement, the two corporations will become strategic partners, coordinating comprehensively in investment, production, and business operations while sharing resources and utilizing each other’s products and services.
The agreement also opens doors for long-term collaboration in developing alloy steel for the energy sector, exploring emissions reduction solutions in steel production, and jointly investigating infrastructure, energy, and supporting industry projects.
Petrovietnam boasts a strong capacity to supply natural gas, compressed natural gas (CNG), liquefied natural gas (LNG), and liquefied petroleum gas (LPG) for steel production. Meanwhile, Hoa Phat is ready to provide specialized steel products, containers, electrical equipment, and logistics services for the oil and gas industry, prioritizing the use of gas, energy, chemicals, and technical services within the Petrovietnam ecosystem.
Beyond commercial cooperation, the two parties will explore joint investments in infrastructure, energy, and port projects. In the long term, the corporations will collaborate on developing high-quality alloy steel for the energy and petroleum sectors while promoting carbon emission reduction solutions, including COâ‚‚ recovery, reuse, and green hydrogen applications in metallurgy.
Both parties also focus on investment opportunities in integrated industrial-energy hubs, renewable energy development, specialized logistics, and research, training, and technology transfer programs.
Prior to this agreement, on April 21st, the leaders of both corporations met to assess potential cooperation opportunities based on mutual benefits, equality, and strategic alignment.
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On the afternoon of May 27th, in Kuala Lumpur, Malaysia, Prime Minister Pham Minh Chinh led a high-level Vietnamese delegation to attend the ASEAN-Gulf Cooperation Council (GCC) Summit with China, themed “Strengthening Economic Connectivity for Shared Prosperity.”
