Hoa Phat and Petrovietnam sign comprehensive cooperation agreement

Hoa Phat and Petrovietnam signed a comprehensive cooperation agreement - Photo 1.

Hoa Phat Group and Vietnam National Industry and Energy Group ( Petrovietnam ) signed a comprehensive cooperation agreement.

In the spirit of Resolution 68 of the Politburo on private economic development, Petrovietnam and Hoa Phat Group have agreed to cooperate comprehensively to create linkage chains between leading state-owned enterprises and private enterprises in Vietnam, expand scale, increase production and business capacity, and optimize enterprise competitiveness.

Comprehensive cooperation, expanding scale

Speaking at the signing ceremony, Chairman of the Board of Directors of Petrovietnam Le Manh Hung affirmed that the comprehensive cooperation between Petrovietnam - a state-owned economic group playing a key role in the energy industry and Hoa Phat Group - a dynamic private group with leading competitiveness in the metallurgical industry will create a strategic step forward for the two groups, affirming their pioneering and leading roles in the fields of basic industries.

Hoa Phat Chairman Tran Dinh Long emphasized that in the context of the country entering a new era, Hoa Phat believes that the cooperation between the two sides will be implemented substantially, effectively and sustainably, creating a foundation for the two Groups to seize new opportunities to accelerate development better.

The agreement is built on the basis of promoting the potential and strengths of each party, aiming at the goal of mutual development and contributing to national economic growth. According to the content of the agreement, the two groups agreed to become strategic partners, coordinating comprehensively in investment, production, business, sharing resources and using each other's products and services.

The agreement also opens up opportunities for long-term cooperation in developing alloy steel for the energy sector, solutions to reduce emissions in steel production, and joint research on infrastructure, energy and supporting industry projects.

Petrovietnam has the strength to supply natural gas products, compressed natural gas (CNG), liquefied natural gas (LNG), liquefied petroleum gas (LPG) for steel production. Meanwhile, Hoa Phat is ready to provide specialized steel products, containers, electrical equipment and logistics services for the oil and gas industry, prioritizing the use of gas products, energy, chemicals and technical services in the Petrovietnam ecosystem.

In addition to trade cooperation, the two sides will study joint investments in infrastructure, energy, port projects, etc. In the long term, the two groups will cooperate to develop high-quality alloy steel lines to serve the energy - oil and gas industry, while promoting carbon emission reduction solutions such as CO₂ recovery and reuse, and green hydrogen application in the metallurgical industry.

The two sides also focus on investment opportunities in integrated industrial-energy centers, renewable energy development, specialized logistics, and research, training, and technology transfer programs.

Hoa Phat Group is the largest steel producer in Vietnam and Southeast Asia. The Group operates two modern steel complexes in Hai Duong and Quang Ngai. By the end of 2025, Hoa Phat's steel design capacity is expected to reach 15 million tons/year, focusing on hot-rolled coil steel and high-quality steel for the mechanical engineering, oil and gas, energy industries, etc. Hoa Phat holds the leading position in the domestic market and exports products to more than 40 countries and territories.

Vietnam National Energy and Industry Group (Petrovietnam) is a 100% state-owned enterprise, playing a pivotal role in the national energy sector. Petrovietnam operates in five main areas: oil and gas exploration and exploitation; gas industry; processing, storage, and distribution of petroleum products; electricity and new energy industry; and high-quality oil and gas technical services. Petrovietnam owns the largest energy industry ecosystem in the country.

Phan Trang

Source: https://baochinhphu.vn/hoa-phat-va-petrovietnam-ky-thoa-thuan-hop-tac-toan-dien-102250528115246388.htm