HCMC – Saudi Aramco, the state-owned oil and gas giant of Saudi Arabia, is setting its sights on investments in Vietnam’s oil and gas industry.
The announcement followed a meeting on October 29 in Riyadh between Vietnam’s Prime Minister Pham Minh Chinh and Amin Al-Nasser, president and CEO of Saudi Aramco, held on the sidelines of the eighth Future Investment Initiative (FII) Summit, reported Vietnam’s Government news site (baochinhphu.vn).
Al-Nasser noted that Saudi Aramco sees Vietnam as a promising market and plans to invest in refining and fuel distribution projects.
Prime Minister Chinh expressed Vietnam’s readiness to support international partnerships, especially in oil and gas, highlighting the country’s 3,000-kilometer coastline, skilled workforce, and established energy industry as key advantages for foreign investors. Chinh invited Saudi Aramco to explore projects involving refining, distribution infrastructure, and high-value petroleum products, including plastics, fertilizers and lubricants.
Following the meeting, Vietnam’s state-owned Oil and Gas Group (PVN) and Saudi Aramco signed an agreement to explore joint initiatives in oil and gas trade.
This meeting marks the first official visit by a Vietnamese prime minister to Saudi Arabia since diplomatic relations were established in 1999.
Saudi Arabia is Vietnam’s third-largest trade partner in the Middle East and North Africa, with bilateral trade reaching US$2.2 billion in the first nine months of this year. The country currently has eight investment projects in Vietnam, with total capital of US$8.57 million.
On the same day, Prime Minister Chinh also held talks with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
In 2023, Saudi Aramco reported nearly US$500 billion in revenue, with total assets exceeding US$660 billion.
