Media: Saudi Aramco expressed interest in investment in Vietnam's oil sector

On October 29, 2024, the Vietnamese government announced that Saudi Aramco, the world’s largest oil and gas company, is actively exploring investment opportunities in Vietnam’s oil refinery and petroleum distribution sectors. This announcement follows a recent meeting between Vietnam’s Prime Minister and Aramco’s CEO, Amin Al-Nasser, in Riyadh, signaling a potential strengthening of bilateral ties in energy.

In a statement, the Vietnamese government emphasized the region’s promising prospects, stating, "Vietnam has significant potential for growth in the oil sector, making it an attractive destination for investment." Aramco has expressed a desire for Vietnamese authorities to create favorable conditions that would facilitate collaboration with local partners.

While specific details regarding the investment's timeline and scale remain under wraps, the announcement has generated considerable interest in the potential impact on Vietnam’s energy landscape.

In addition to the investment discussions, Aramco and the Vietnam Oil and Gas Group (PVN) have signed a memorandum of understanding to enhance cooperation in oil and gas trade. This agreement lays the groundwork for future collaboration in the storage, supply, and trading of energy and petrochemical products, further indicating Aramco’s commitment to expanding its footprint in Vietnam.