Petrovietnam and SOVICO sign comprehensive cooperation agreement to promote energy and economic development

(Chinhphu.vn) - On August 7 in Hanoi, the Vietnam National Energy and Industry Group (Petrovietnam) and Sovico Group Joint Stock Company (SOVICO) held a signing ceremony of a Comprehensive Cooperation Agreement, marking a new step of development, opening up opportunities to effectively exploit bilateral potential, increase value and competitiveness, and contribute to the sustainable development of the country.

Overview of the cooperation signing ceremony between Petrovietnam and SOVICO

According to Petrovietnam, the Group is currently actively implementing tasks in the spirit of Conclusion No. 76-KL/TW dated April 24, 2024 of the Politburo . In particular, Petrovietnam continues to affirm its pioneering role in ensuring national energy security, adapting to the trend of energy transition and deep international integration. At the same time, it establishes new strategic partners, expands the value chain, connects cross-border investments, as well as implements the direction of Prime Minister Pham Minh Chinh at the 4th Petrovietnam Party Congress, term 2025-2030 with the goal of bringing Petrovietnam into the TOP 5 largest corporations in Southeast Asia in the next 5 years, continuing to grow, contributing to promoting macroeconomic growth.

To carry out the above tasks, in the new development phase, Petrovietnam focuses on restructuring its operating model, establishing three strategic production and business pillars including: Energy; Industry and High-tech Services.

Petrovietnam General Director Le Ngoc Son and SOVICO Board Chairwoman Nguyen Thi Phuong Thao signed a comprehensive cooperation agreement.

The Energy Pillar plays a key role in ensuring national energy security, developing synchronously from traditional oil and gas to renewable energy, offshore wind power, hydrogen, LNG, and green ammonia.

The Industrial Pillar will promote the development of refining - petrochemical, chemical, new materials, mechanical engineering industries, and participate deeply in the global energy supply chain.

For the High-Tech Services pillar, the Group will focus on developing an ecosystem of high-quality technical services, logistics, consulting - design - construction - operation, digital transformation and science and technology according to international standards.

Clearly defining the three strategic pillars is the basis for Petrovietnam to implement substantive and effective cooperation agreements with partners, especially the private sector with capacity and long-term development vision.

Continuing the 50-year tradition of previous generations to build and develop a strong Petrovietnam, continuing to maintain its leading position in the country, having a position in the region and the world, in recent times, Petrovietnam has demonstrated its leading role, promoting the development of other sectors and fields of the economy through the creation of linkage chains, cooperation not only with the country's leading corporations and companies in the state-owned enterprise sector such as Viettel, ACV, TKV, Vinachem, VRG, VIMC... but also expanding cooperation with leading large private enterprises such as Hoa Phat, SOVICO...

Cooperation with leading Vietnamese enterprises not only helps Petrovietnam and its partners strengthen connections, expand scale, increase production and business capacity, optimize competitiveness, but also promote economic development.

On behalf of Petrovietnam, Chairman of the Board of Directors Le Manh Hung appreciates and highly appreciates the strong development of SOVICO and its contributions to the country through activities in the ecosystem such as finance, banking, aviation, real estate, resort tourism and energy.

Petrovietnam Chairman of the Board of Directors Le Manh Hung shared that according to the Resolution of the 4th Party Congress of the Group, the Group aims to be in the top 500 largest enterprises in the world - Fortune 500 by 2030. To achieve that goal, Petrovietnam leaders affirmed that expanding cooperation with private partners with capacity, experience and financial potential such as SOVICO is a strategic step to mobilize social resources, promote innovation and increase investment efficiency throughout the value chain.

On behalf of SOVICO, Chairwoman of the Board of Directors Nguyen Thi Phuong Thao said that through the cooperation agreement, SOVICO leaders hope that the two Groups will cooperate closely and effectively, build and promote the Vietnamese national corporate culture, create a combined strength, conquer economic goals and create sustainable values for the country, becoming a model of cooperation between state-owned enterprises and private enterprises in the role of economic development.

The comprehensive cooperation agreement with SOVICO is a clear demonstration of Petrovietnam's commitment to promoting the public-private partnership model, maximizing resources for the cause of clean energy development, green development, digital transformation and innovation.

This will be an important premise for the two sides to realize strategic projects, contributing to Vietnam's energy transition, economic development and international integration in the coming period.

Source: https://baochinhphu.vn/petrovietnam-va-sovico-ky-ket-hop-tac-toan-dien-thuc-day-phat-trien-nang-luong-va-kinh-te-102250808193243789.htm