Petrovietnam signs MoUs on digital transformation with US partners

The signing ceremony was witnessed by General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam. It took place in New York at a business roundtable co-organised by the US-ASEAN Business Council (USABC), the US Chamber of Commerce (USCC), and the Business Council for International Understanding (BCIU), in collaboration with Vietnam’s Ministry of Planning and Investment and the Vietnamese Embassy in the US, coinciding with the Vietnamese leader’s participation in the 79th session of the United Nations General Assembly and official meetings in the US.

Petrovietnam Chairman Le Manh Hung joined the delegation and participated in the roundtable, which focused on strengthening the Vietnam-US cooperation.

Speaking at the event, Lam emphasised the continued development of the US-Vietnam relations, built on trust and mutual interests, contributing to regional and global stability and sustainable development.

In terms of investment, the US has continued to be one of Vietnam's leading partners, while more and more Vietnamese enterprises have invested in the US market, the leader said, noting that two-way trade reached more than US$110 billion in 2023, marking the third consecutive year when the figure has exceeded US$100 billion, thereby consolidating the position of the US as Vietnam's largest export market.

Lam expressed his hope that US businesses will work harder to turn the US into Vietnam's biggest investor, promoting their advantages and making full use of opportunities based on equal relations, mutual respect and benefit to match the comprehensive strategic partnership between the two countries.

Lam expressed his hope that the US Government will encourage US businesses to increase investment in Vietnam, and create favourable conditions for and provide assistance to Vietnamese investors to expand their effective operations in the US, especially projects in the fields of science, technology and innovation.

He suggested that US investors expand investment in industries and fields such as science and technology, innovation, research and development, green economy, digital economy, circular economy, knowledge-based economy, chip industry, semiconductor, artificial intelligence (AI), Internet of Things (IOT), new energy, renewable energy, finance, financial centres, biotechnology, and health care.

Lam also expressed his hope that US investors will continue their support so that the US administration will recognise Vietnam as a market economy at an early date.

The top leader affirmed that the Party and State of Vietnam always take the foreign investment economic sector as an important component of its socialist-oriented market economy, and always pay special attention and create the optimal conditions for the business community in general and foreign-invested enterprises in particular to operate effectively in Vietnam.

At the event, Petrovietnam and KBR signed an MOU to boost cooperation in green technologies and the development of sustainable fuels, particularly Sustainable Aviation Fuel (SAF). The agreement aims to deepen the relationship between the two companies by exploring technical and advanced technological solutions and opening investment opportunities in green, sustainable energy such as SAF, green hydrogen, and green ammonia in the future.

The partnership with KBR marks a strategic step for Petrovietnam, providing access to cutting-edge technologies and technical solutions for energy transition and carbon reduction. This will enable Petrovietnam to expand its investments in new energy and sustainable fuel projects, contributing to both Vietnam’s and global efforts to reduce carbon emissions.

Additionally, Petrovietnam signed an MOU with GE Digital International LLC under GE Vernova to develop digital transformation solutions in the electricity and oil and gas sectors. This collaboration represents a breakthrough in the application of advanced digital technology to two key sectors of Vietnam’s economy.

The signing also signifies the strong and long-standing partnership between Petrovietnam and GE Digital International LLC, which have previously worked together on major projects such as the Nhon Trach 1, Nhon Trach 3&4, Song Hau 1, Long Phu 1, and Vung Ang power plants.

These projects have played a crucial role in ensuring stable energy supply for Vietnam’s economy. GE Digital, with its extensive customer base in over 75 countries, reaffirms its commitment to bringing advanced technology and best practices to Petrovietnam.

The new MOU between Petrovietnam and GE Vernova continues this commitment, focusing on developing sustainable and innovative solutions in the power and oil and gas industries, helping Petrovietnam seize new opportunities in the global energy transition.

At the same event, the Vietnam Petroleum Technical Services Corporation (PTSC), a subsidiary of Petrovietnam, and Excelerate Energy also exchanged a cooperation agreement in the liquefied natural gas (LNG) sector.