Latest news with #Petrovietnam
Time of India
a day ago
- Business
- Time of India
South Korea, Vietnam to join hands for energy, nuclear power cooperation
Seoul: South Korea and Vietnam will work to expand bilateral cooperation in the energy industry, including renewable energy and nuclear power, as the two countries aim to bolster ties in trade, security and other sectors, Seoul officials said Monday. The countries' industry ministries signed a memorandum of understanding (MOU) to develop joint projects in the renewable energy sector, such as solar power, wind power and energy storage systems, according to Seoul's Ministry of Trade, Industry and Energy. Seoul's state-run Korea Electric Power Corp . and Vietnam's state-owned energy firm Petrovietnam (PVN) also signed an MOU to foster a workforce for the nuclear power industry in the Southeast Asian nation, which plans to build four nuclear reactors by 2035. The MOUs were signed following a summit between South Korean President Lee Jae Myung and Vietnam's top leader To Lam in Seoul. At the summit, the two leaders agreed to deepen their countries' Comprehensive Strategic Partnership established three years ago, covering areas such as trade, security, science and technology, and people-to-people exchanges, while vowing to step up efforts to boost their bilateral trade volume to $150 billion by 2030. Ahead of the summit, Korean Industry Minister Kim Jung-kwan also held a bilateral meeting with his Vietnamese counterpart, Nguyen Hong Dien, and agreed to expand supply chain cooperation, according to Kim's office. Under the agreement, Seoul will launch a five-year official development assistance (ODA) programme to establish a critical mineral supply chain technology cooperation center in Vietnam, Yonhap news agency reported. The Korean government will invest a combined 16.6 billion won ($12 million) to procure equipment for smelting critical minerals in Vietnam, provide technical guidance and support human resource development. Vietnam currently holds the world's sixth-largest rare earth reserve, the third-largest reserve of bauxite, the fourth-largest tungsten reserve and the seventh-largest graphite reserve. --IANS int/jk
The Star
03-08-2025
- Business
- The Star
Vietnamese PM Chinh urges Petrovietnam to strive for regional top five ranking
HANOI: Prime Minister Pham Minh Chinh has called on the Vietnam National Industry-Energy Group (Petrovietnam) to aim for a place among the top seven, or even top five, leading enterprises in the region in the near future. The Prime Minister made the request on Sunday at the 4th Congress of the Party Committee of Petrovietnam for the 2025–30 term. He acknowledged the ambitious nature of the target but stressed that it must be pursued with determination. 'It's a difficult goal, but no matter how difficult, we must strive to achieve it,' he said. The congress gathered 238 official delegates representing nearly 14,000 Party members of the group. Participants reviewed the outcomes of the 2020–25 term, set new strategic directions, and contributed feedback to key draft documents for the upcoming 14th National Party Congress. According to the congress's report, the 2020–25 term was an exceptionally successful period for Petrovietnam's Party Committee. Total revenue grew by an average of 14.5 per cent annually, 383 per cent higher than the initial target. Pre-tax profit rose by 32.7 per cent per year, exceeding the plan by over 1,500 per cent, while State budget contributions surpassed expectations by 64 per cent. In 2024, Petrovietnam surpassed the VNĐ1 quadrillion (US$40 billion) revenue mark for the first time, affirming its strength, resilience and pivotal role as a financial pillar of the national economy. The group currently supplies over 75 per cent of the country's gasoline demand, more than 73 per cent of domestic fertiliser needs, over 75 per cent of the Liquefied Petroleum Gas market share, and 10 per cent of total national electricity output, underscoring its central role in Vietnam's essential energy supply chain. Social responsibility remains a key focus, with Petrovietnam contributing over VNĐ3.5 trillion to social welfare programmes, building 10,262 houses, planting 1.2 million trees, and donating 25,700 units of blood, demonstrating its commitment as a national enterprise to the community and the country. Looking ahead to the 2025–30 term, the Party Committee has set out a vision to develop a robust group with modern governance, strong competitiveness and leadership in energy transition and sustainable green growth. The congress adopted 13 key tasks and solutions, including 11 specific performance targets. Among them, modern corporate governance is identified as a core solution; science, technology, innovation, and digital transformation as breakthrough drivers; and the integrated development of three strategic pillars of energy, industry and high-quality technical services as the overarching objective. Petrovietnam is expected to build a comprehensive industrial–energy ecosystem that leads the market and plays a central role in Việt Nam's energy transition. PM Chinh praised Petrovietnam's contributions to energy security, food security, economic security, social welfare and the protection of national sovereignty over maritime territories. He commended the group's proactive efforts in reforming and improving policies for the oil and gas sector, modernising its governance model, and advancing science, technology, and innovation. He also noted Petrovietnam's successful transformation from a national oil and gas company to a comprehensive national industrial–energy group. The Prime Minister instructed the group to lead by example in innovation, scientific application, and digital transformation across all three of its pillars, including energy, industry and services. He called for proactive global integration, in line with Politburo Resolution No 59, and contributions to private sector development under Resolution No 68. Petrovietnam must deploy smart, modern, and synchronised governance solutions, optimise production efficiency, adapt flexibly to market fluctuations and seize opportunities from the restructuring of global supply chains to sustain double-digit growth in the years to come, he stressed. - Vietnam News/ANN
Fibre2Fashion
22-07-2025
- Business
- Fibre2Fashion
Vietnamese companies ink PSF supply pact to boost local value chain
Vietnam National Textile and Garment Group (Vinatex) and Vietnam National Industry - Energy Group (Petrovietnam) have formalised a Principal Agreement on polyester staple fibre (PSF) between their subsidiaries—Vietnam Chemical and Fibre Joint Stock Company (VNPOLY) and several Vinatex member units. The agreement was signed in Hanoi on July 18. Under the agreement, VNPOLY will initially supply PSF to 1–2 selected downstream units of Vinatex for spinning, weaving and dyeing trials. Upon confirmation of consistent quality, supply will be extended to leading spinning firms such as Phú Bài, Hòa Tho, and Phú Hung, targeting premium export markets like the EU and South Korea, domestic media outlets reported. VNPOLY general director Tran Huy Thu noted that 95 per cent of Vietnam's annual PSF demand—around 492,000 tonnes—is currently imported. With the country's annual PSF demand expected to reach 550,000 tonnes by 2025, the VNPOLY–Vinatex partnership aims to shift the balance toward domestic sourcing. Vinatex chairman Lê Tien Truong emphasised that PSF is now critical for spinning mills due to a structural shift away from 100 per cent cotton towards synthetic blends like CVC and PE yarns. He also stressed the need for close coordination with VNPOLY to ensure PSF dye quality meets export market standards. Petrovietnam chairman Lê Manh Hùng highlighted the agreement as a key step in reactivating the Ðình Vu PSF plant and building a self-reliant supply chain for the Vietnamese textile industry. He underlined the strategic alignment of the two state-owned giants, Petrovietnam and Vinatex, in navigating a more protectionist global trade landscape. In a parallel development, VNPOLY and PVChem signed a long-term cooperation agreement to jointly develop and exchange products and services in recycled plastics, fibre, and petrochemical sectors. Both parties will collaborate across the entire production value chain—leveraging strengths in chemicals, PET chips, and fibre production—to boost Vietnam's localisation and sustainability goals. The dual agreements underscore a renewed push by Vietnam to reinforce domestic resilience in its textile, fibre and petrochemical value chains, while aligning with global trends in traceability, recycling, and supply chain security. Fibre2Fashion News Desk (HU)
Al Arabiya
24-06-2025
- Business
- Al Arabiya
Vietnam aims to sign nuclear power plant deal with Russia in August
Vietnam's government said on Tuesday it aims to sign an agreement with its Russian counterpart in August to build the Southeast Asian country's first nuclear power plant. Site clearance for development of the plant in Ninh Thuan province is to be completed by the end of this year, the government said in a statement. The move follows Vietnam's restart of plans to develop nuclear power plants that were suspended nearly a decade ago, as part of its efforts to ramp up its power generation capacity to support its fast-growing economy. The government has previously said it expected the first nuclear power plants with a combined capacity of up to 6.4 gigawatts to be online between 2030 and 2035. The government said on Tuesday it has told the finance ministry, central bank, state energy firm Petrovietnam and utility firm EVN to work with related parties on loans for the project.
Arab News
24-06-2025
- Business
- Arab News
Vietnam aims to sign nuclear power plant deal with Russia in August
HANOI: Vietnam's government said on Tuesday it aims to sign an agreement with its Russian counterpart in August to build the Southeast Asian country's first nuclear power plant. Site clearance for development of the plant in Ninh Thuan province is to be completed by the end of this year, the government said in a statement. The move follows Vietnam's restart of plans to develop nuclear power plants that were suspended nearly a decade ago, as part of its efforts to ramp up its power generation capacity to support its fast-growing economy. The government has previously said it expected the first nuclear power plants with a combined capacity of up to 6.4 gigawatts to be online between 2030 and 2035. The government said on Tuesday it has told the finance ministry, central bank, state energy firm Petrovietnam and utility firm EVN to work with related parties on loans for the project.
