HCMC – The United Arab Emirates (UAE) is exploring the potential to establish a regional oil transit and storage center in Vietnam as the two countries are strengthening ties under a new Comprehensive Economic Partnership Agreement (CEPA).
UAE Minister of Industry and Advanced Technology, Sultan Bin Ahmed Al Jaber, expressed interest in expanding energy cooperation with Vietnam across various sectors, including oil refining, liquefied natural gas (LNG), and renewable energy.
During an official visit to the UAE on October 29, Vietnamese Prime Minister Pham Minh Chinh met with Minister Al Jaber, who also serves as the general director of the Abu Dhabi National Oil Company (ADNOC). Al Jaber highlighted the UAE’s capabilities in advanced technology and artificial intelligence, proposing collaboration with Vietnam to boost productivity and technological exchange.
Prime Minister Chinh welcomed the UAE’s interest in Vietnam, noting the increased engagement from UAE ministries and businesses in the Vietnamese market. He emphasized Vietnam’s potential in the oil and gas sector, with three existing refineries and plans to expand capacity to meet both domestic and international demand. Chinh invited UAE companies to participate in energy projects, including the proposed oil transit and storage hub.
Vietnam’s renewable energy sector was also a focal point, with Chinh outlining plans to expand wind and solar energy to supply domestic needs and export to neighboring countries. He encouraged UAE firms to invest in these areas, referencing Vietnam’s broader push toward a high-tech, innovation-driven economy with a growing digital and AI sector.
Vietnam recently launched a National Innovation Center and is actively developing its semiconductor industry, aiming to train 50,000 engineers in the field.
To facilitate foreign investment, particularly in the power sector, Vietnam is updating its legal frameworks. Chinh invited UAE companies to collaborate on these initiatives and explore specific projects under the CEPA framework.
