Petrovietnam Mobilizes International Partnerships to Drive Ho Chi Minh City's Economic Development
On October 28, 2026, on the sidelines of the Autumn Economic Forum 2026, Mr. Nguyen Van Duoc, Member of the Party Central Committee and Chairman of the Ho Chi Minh City People's Committee, received H.E. Saeed Bin Mubarak Al Hajeri, Minister of State at the Ministry of Foreign Affairs of the United Arab Emirates (UAE). Attending the reception, Mr. Le Manh Cuong, President and Chief Executive Officer of Vietnam National Industry - Energy Group (PETROVIETNAM), discussed cooperation opportunities in petroleum and strategic storage infrastructure to help realize the development of the Southern Energy Hub, supporting the high-growth trajectory of the city and the nation.
During the reception, both sides explored partnership opportunities across energy, oil and gas, logistics, and finance. HCMC Chairman Nguyen Van Duoc expressed his desire for the UAE to connect premier energy corporations, financial institutions, and investment banks to invest in the city, supporting the development of the Southern Energy Hub and the Vietnam International Financial Centre in Ho Chi Minh City.
In the energy sector, Ho Chi Minh City envisions developing a regional energy hub in the Ba Ria - Vung Tau area, with key focus areas encompassing petroleum and gas storage, liquefied gases (LNG/LPG), exploration, production, refining, petrochemicals, and power generation. Exchanging views at the meeting, PETROVIETNAM President & CEO Le Manh Cuong presented the proven capabilities of Vietnamese enterprises in engineering and fabricating storage infrastructure and offshore oil and gas facilities, as evidenced by a recent EPC package exceeding USD 3 billion executed in Qatar. This track record establishes a solid foundation to explore partnerships with UAE counterparts in developing storage infrastructure and linking crude oil supplies with processing and consumption demand in Vietnam.
Cooperation between PETROVIETNAM and UAE partners has already been deployed across multiple fronts, establishing a springboard to expand substantive ties aligned with each side's strengths and demands.
In crude oil supply, PETROVIETNAM member units BSR and PVOIL coordinated the purchase of a 300,000-barrel cargo of Murban crude, delivered in December 2024 for trial processing at Dung Quat Refinery. Based on positive trial outcomes, the parties expect to expand term and spot crude trading opportunities.
In the gas sector, PV GAS has maintained a long-standing LPG procurement partnership with Abu Dhabi National Oil Company (ADNOC) since 2009. From early 2020 to date, PV GAS has concluded contracts importing a total of 2.16 million tonnes of LPG from ADNOC, valued at approximately USD 1.32 billion. Both sides continue negotiations on long-term contracts and increased trading volumes. For LNG, PV GAS and ADNOC Trading executed a Master Sale and Purchase Agreement (MSPA) for spot cargo trading, laying the legal foundation to evaluate commercial opportunities.
In technical services, PetroVietnam Technical Services Corporation (PTSC) is aggressively establishing its operational footprint in the UAE market. Member subsidiaries PTSC POS and PTSC M&C secured corporate approvals to establish subsidiaries in the UAE to participate directly in ADNOC tenders. PTSC POS completed incorporation procedures, obtaining a Commercial Registration Certificate and Business License in the UAE to provide offshore modification, hook-up, and commissioning (HUC) services. Concurrently, PTSC M&C is preparing to bid for engineering, procurement, and construction (EPC) packages supporting offshore field developments. These strategic steps export Vietnamese petroleum engineering capabilities to global markets while bridging energy trading, infrastructure construction, and industrial service delivery.
On behalf of PETROVIETNAM's leadership, President & CEO Le Manh Cuong expressed his determination to work closely with international partners to translate cooperation frameworks into concrete, high-impact projects, positioning Ho Chi Minh City as a vibrant international energy and financial gateway.
Delivering remarks at the reception, H.E. Saeed Al Hajeri appraised that Vietnam - UAE bilateral relations hold vast untapped potential, particularly in energy and logistics. According to the Minister of State, amidst recurring global petroleum market volatility and supply chain disruptions, diversifying strategic storage networks, expanding logistics corridors, and constructing refining and petrochemical facilities proximate to end-consumption markets have become increasingly vital. H.E. Saeed Al Hajeri also expressed high expectations for expanding bilateral financial cooperation and core economic sectors, elevating bilateral relations to new heights.
For Ho Chi Minh City, developing modern energy infrastructure is essential to maintain competitiveness, attract foreign direct investment, and expand high-value industrial and service sectors. With accumulated expertise across oil, gas, and energy industries, PETROVIETNAM plays a pivotal role in securing supply chains, building strategic infrastructure, and converting international cooperation into tangible ventures. Accelerating partnerships with UAE partners represents a strategic pathway for PETROVIETNAM to accompany the city in developing the Southern Energy Hub, generating positive spillover effects across manufacturing and services, safeguarding national energy security, and fortifying the economic autonomy of Vietnam.