Prime Minister Meets Japanese Conglomerate Leaders for $12 Billion Gas-to-Power Project

Established in 1947, Mitsui is one of Japan’s leading conglomerates with a global presence in sectors such as mineral resources, energy, machinery, chemicals, food, textiles, and finance.

Mitsui has been investing in Vietnam since 1991, expanding its operations across multiple sectors including energy, infrastructure, chemicals, mineral resources, metals, steel, ICT, food and retail, textiles, and transportation. Notable projects include the $12 billion Lot B – O Mon gas-to-power project (via MOECO, a Mitsui subsidiary), investments in Minh Phu Seafood Corporation, and Vina Koei Steel Company.

During the meeting, Mr. Hori Kenichi extended his deep condolences to the Vietnamese government and people for the severe losses caused by natural disasters. He praised the government’s leadership, particularly in improving the business investment environment.

The Chairman and CEO of Mitsui Group highlighted Vietnam’s rapid and robust development with a long-term vision. He reaffirmed Mitsui’s commitment to long-term cooperation and investment, aiming to contribute to Vietnam’s national development, especially in the energy sector.

Mr. Hori Kenichi updated on the progress of the Lot B gas project, commending the capabilities of Vietnam’s Petroleum Technical Services Corporation (PTSC). He pledged to accelerate the project alongside Vietnamese partners.

He also outlined Mitsui’s plans to expand investments in energy, carbon emission reduction projects, and high-value exports from Vietnam, particularly in agriculture, seafood, wood pellets, and food. Additionally, Mitsui aims to enhance technology transfer, training, and human resource development in science and technology.

Prime Minister Pham Minh Chinh emphasized the robust and comprehensive development of the Vietnam-Japan Comprehensive Strategic Partnership, marked by high political trust. Japan is Vietnam’s top economic partner, leading in ODA, trade, investment, labor, and tourism. The recent Vietnam-Japan Local Cooperation Forum was a resounding success.

The Vietnamese government highly appreciates the role of Japanese businesses, including Mitsui, in fostering investment and business cooperation with Vietnamese companies. Mitsui’s effective operations have significantly contributed to Vietnam’s economic growth through technology transfer, export revenue, job creation, and tax contributions.

Highlighting the vast potential for Vietnam-Japan economic cooperation, the Prime Minister thanked Mitsui for its long-term strategic investments, particularly in the Lot B gas-to-power project, which has progressed rapidly. He welcomed Mitsui’s plans to expand its investments in Vietnam.

Looking ahead, Vietnam aims for double-digit annual growth, driving significant energy demand. The Prime Minister urged Mitsui to accelerate the Lot B gas project and expand its energy operations, including wind, solar, oil, gas, and methane hydrate exploration.

He also called for strengthened cooperation in seafood, trade, and the establishment of R&D centers for seafood and energy. Enhanced technology transfer, workforce training, and partnerships with institutions like Ha Long University were emphasized to achieve mutually beneficial progress.

The Prime Minister welcomed Mitsui’s plans to promote high-value exports from Vietnam, aligning with Vietnam’s goal to enhance growth quality and increase the technological content in its exports.

He assured that the Vietnamese government is committed to protecting investors’ legitimate rights and interests, improving the business environment, streamlining administrative procedures, and developing strategic infrastructure. These efforts aim to create favorable conditions for foreign businesses, including Japanese companies, to thrive in Vietnam with a spirit of shared benefits and risks.

Relevant ministries and agencies will continue to support Mitsui in resolving challenges, ensuring the successful implementation of projects, expanding supply chains, and boosting trade.