Saudi Aramco expresses interest in investing in Vietnam's Oil refining

Saudi Aramco, the world’s leading oil company, is looking to invest in Vietnam’s oil refining and petroleum distribution sectors, according to a statement from the Vietnamese government released late Tuesday. This announcement follows a meeting between Vietnam’s Prime Minister Pham Minh Chinh and Aramco's CEO, Amin Al-Nasser, during Chinh's visit to the Middle East.

The Vietnamese government highlighted the country’s significant potential in the region, prompting Aramco’s interest in establishing a foothold in Vietnam’s energy market. The statement emphasised the need for Vietnamese authorities to create favourable conditions to enhance cooperation with local partners.

While details regarding the investment's size and timeline were not disclosed, the potential for collaboration was underscored by a recently signed memorandum of understanding between Aramco and Vietnam Oil and Gas Group (PVN). This agreement focuses on oil and gas trade and lays the groundwork for future cooperation in energy storage, supply, and trading of petrochemical products.

Mohammed Y. Al Qahtani, Aramco’s Downstream President, remarked that the agreement forms a strong foundation for collaboration across the hydrocarbon value chain. Although Aramco has been supplying crude oil to Vietnam, this marks a significant step toward the company's first investment in the country.

The potential investment from Saudi Aramco signals growing interest in Vietnam’s energy sector, which is increasingly seen as a strategic market in Southeast Asia.