PetroVietnam aims for clean energy cooperation with UK and international partners

(PetroTimes) - From March 27th to April 2nd, 2022, the delegation of Vietnam Oil and Gas Group (Petrovietnam) led by Chairman Hoang Quoc Vuong and leaders of PetroVietnam Exploration and Production Corporation, PetroVietnam Gas Corporation, PetroVietnam Power Corporation, Binh Son Petrochemical Refinery Joint Stock Company attended the Vietnam Investment Forum and activities in the framework suffering "Vietnam Days" in the UK is jointly organized by the Embassy of Vietnam in the United Kingdom, the Ministry of Industry and Trade of Vietnam and the UK Department of International Trade.


The Vietnam Investment Forum was organized to promote foreign investment in general and UK investment in Vietnam in particular, in the context of the country reopening its economy after the COVID-19 pandemic. Attending the event were Uk Investment Minister Lord Gerry Grimstone, Secretary of State for the British Cabinet Office Heather Wheeler, The Prime Minister's Special Envoy for Trade with Vietnam - Graham Stuart; Deputy Minister of Industry and Trade Tran Quoc Khanh and a large number of investors and businesses of the two countries.

With the theme "New Era of Digital Transformation and Green Transition", participants were updated on the economic situation of Vietnam as well as investment and trade opportunities from the implementation of the Free Trade Agreement between Vietnam and the United Kingdom (UKVFTA),  signed in December 2020 and officially entered into force in May 2021, and focused on four sessions on the following topics: Trade and investment opportunities from the UK-Vietnam Free Trade Agreement; Digital and financial technology help economic development; Green energy in Vietnam; Financial incentives for Vietnam's sustainable development projects.

Regarding the potential to develop Vietnam's green and sustainable energy sources – an important topic at the Forum, Deputy Minister Tran Quoc Khanh emphasized that Vietnam's climate and topography make renewable energy, especially wind and solar power, have very attractive investment prospects and affirmed that this is a time that could not be more favorable for businesses. He explores and promotes investment and business activities in Vietnam.

Ben Backwell, managing director of the Global Wind Power Council, said the potential for wind power development cooperation between Vietnam and the UK is still huge, especially as Vietnam has set ambitious targets for emissions neutralisation. While Vietnam has large resources for offshore wind power, the UK is a country with long experience in developing offshore wind power and can transfer technology to Vietnam.

 Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with UK Network

Speaking at the discussion session, Petrovietnam Chairman Hoang Quoc Vuong said that the energy transition is an inevitable trend and that enterprises operating in the energy sector, including Petrovietnam, have the responsibility to implement commitments to contribute to reducing greenhouse gas emissions,  Combating global climate change. Petrovietnam aims to develop into a large domestic and regional energy group with core production and business activities of finding, exploring, exploiting and processing oil and gas resources, while developing green and renewable energy sources associated with environmental protection,  Contribute to ensuring national energy security. The Group wishes to receive valuable experience, the support of energy corporations in the world in general and the UK in particular in developing a development strategy to adapt to the trend of energy shift while promoting and developing clean energy types,  renewable energy.

Chairman Hoang Quoc Vuong and Petrovietnam's delegation at the meeting with Perenco Company

At the meeting with the UK Network organized by the Friendship Association of the two countries, Petrovietnam Chairman Hoang Quoc Vuong exchanged and emphasized the Group's desire to cooperate and share experiences with British companies in the fields of offshore wind power, renewable energy and hydrogen green.

During the program, Petrovietnam's delegation had private working sessions with Partners Perenco, Wood, Enterprize Energy, Schlumberger to promote the implementation of existing projects and exchange new cooperation opportunities, especially in the field of offshore wind power, renewable energy and research to develop green hydrogen projects.

 Chairman Hoang Quoc Vuong and Petrovietnam's delegation at the meeting with Wood Company


 Chairman of Petrovietnam's Board of Directors Hoang Quoc Vuong and Petrovietnam's delegation at the meeting with Schlumberger Company


 Petrovietnam Chairman Hoang Quoc Vuong and Petrovietnam's delegation at the meeting with Enterprize Energy Group and BP

The UK is Vietnam's third largest trading partner in Europe, vietnam's ninth largest export market. Two-way trade turnover between the two countries reached 6.6 billion USD in 2021. By the end of 2021, the UK has a total of 447 FDI projects in Vietnam, accounting for 1.3% of the country's FDI projects, with the total registered investment capital still in force reaching nearly 4 billion USD. Uk direct investment in Vietnam in 2021 also increased by 157% compared to 2020, making the UK one of the 12 countries with the largest direct investment in Vietnam. Vietnam currently has 9 projects with a total registered capital of 11.5 million USD in the UK.

Tran Vo Huong Giang