“Energy Sector Titan Backs Neighboring Province of Hanoi, Poising It for Major Transformation”

Hung Yen boasts significant advantages in its geographical location, strategic position, synchronized technical infrastructure, and abundant, high-quality human resources. These conditions position the province as a promising hub for integrated energy development, harmoniously blending traditional energy sources with new, renewable, and green energy solutions in the future.

Meanwhile, the Vietnam Oil and Gas Group (Petrovietnam) stands as the nation’s largest and most influential enterprise in the oil, gas, and energy sector. Grounded in science and technology, Petrovietnam masters and applies cutting-edge global technologies while fostering extensive international partnerships across 34 countries. This strategic advantage empowers Petrovietnam to spearhead large-scale, long-term energy projects of national significance.

Currently, Hung Yen hosts nine active subsidiaries of Petrovietnam. The group and its affiliates directly manage and operate several critical energy facilities, including: two gas fields/blocks; the Thai Binh 2 Thermal Power Plant with a capacity of 1,200 MW; a gas distribution center; a 24km gas pipeline network; a 60,000 DWT cold LPG storage vessel; PVOIL’s fuel storage depots; and a network of 29 retail fuel stations across the province.

These projects not only ensure a stable energy supply for the region but also play a pivotal role in driving industrialization, modernization, economic growth, and industrial infrastructure enhancement in Hung Yen.

During a meeting with Hung Yen’s leadership, Petrovietnam representatives emphasized their commitment to elevating the partnership to a strategic level, aligning it with national interests and concretizing the Party and State’s policies on regional connectivity, green economic development, energy transition, innovation, and international integration.

Leveraging their respective strengths, Hung Yen and Petrovietnam will enhance collaboration on key initiatives alongside existing projects, fostering sustainable value chains to drive local economic growth and improve corporate competitiveness.

Both parties agreed to intensify joint research, surveys, and investment opportunities in energy, oil, gas, and maritime sectors, ensuring alignment with approved master plans. This collaboration aims to accelerate the transition to green energy, promote sustainable development, and establish energy production and supply chains.

Beyond project development, the partnership will expand energy product manufacturing and services while building an innovation ecosystem, including research institutes, laboratories, testing centers, R&D hubs, and high-quality workforce training facilities to support long-term growth.

Notably, both sides agreed to research, plan, and invest in integrated energy infrastructure within the coastal economic zone, develop a marine technical service center, and construct specialized seaports, storage facilities, and logistics networks for the energy and oil sectors. Large-scale energy project surveying, design, manufacturing, and operation will be prioritized to underpin long-term strategic initiatives.

Simultaneously, the partnership will focus on clean and renewable energy projects, including LNG power plants and offshore wind farms, while exploring an LNG transit hub and implementing carbon capture, utilization, and storage (CCS/CCUS) solutions to reduce emissions and enhance energy efficiency. The overarching goal is to position Hung Yen as a leading energy industrial center in Northern Vietnam.

The collaboration between Petrovietnam and Hung Yen is expected to catalyze new investment opportunities, energy infrastructure development, and technical services, fostering industrial growth and economic prosperity.