On October 29, 2024, during a visit to Saudi Arabia for the 8th Future Investment Initiative Conference, Vietnamese Prime Minister Pham Minh Chinh met with Amin Al-Nasser, CEO of Saudi Aramco. The company, one of the world's largest oil enterprises, expressed interest in investing in Vietnam's oil and gas sector, particularly in refining and distribution.
Al-Nasser commended Vietnam's significant economic achievements and identified the country as a potential market in Asia. He urged Vietnamese officials to facilitate collaboration with Saudi Aramco, which aims to engage with the Vietnam National Oil and Gas Group (PVN) in various projects.
Prime Minister Chinh emphasized Vietnam's strategic coastal location and its developing oil and gas industry, highlighting PVN's extensive experience and skilled workforce. He encouraged Saudi Aramco to pursue specific collaborative projects in refining, storage, and distribution of oil products not only for Vietnam but also for the broader region.
Following their discussions, PVN and Saudi Aramco signed a memorandum of understanding to formalize their cooperation in the oil and gas trade sector.
Additionally, the UAE's Minister of Industry and Advanced Technology expressed intentions to establish a crude oil transshipment and storage center in Vietnam to meet regional product demands.