The signing ceremony, organized in Ho Chi Minh City on May 19, was attended and witnessed by representatives from the Consulate General of Laos, Oman's Minister of Energy and Minerals Salim bin Nasser bin Said Al Aufi, along with leaders from Ho Chi Minh City and relevant ministries and agencies.
Investors attended the signing ceremony, including representatives from Petroleum Development Oman (PDO), Mazda Oil Group (Japan), Al Hana United Group (Kuwait), Kenwa Company (Japan), along with numerous business leaders from Middle Eastern and Asian countries.
Notably, Mr. Tetsunobu Ishimara, Chairman of Mazda Oil Group; Mr. Afalh Bin Said Al Hadhrami, Vice President of PDO; and Ms. Kitagawa Kenmei, Member of the Japanese House of Councillors, were present to witness the signing in person.
According to the agreements, the total investment for the projects is expected to exceed US$6 billion.
After relevant authorities approve all necessary procedures, the foreign corporations want to begin immediately their investment in specific projects, such as a crude oil pipeline project connecting to Vung Ang Port, Vietnam to Vientiane, Laos, with an estimated investment of from US$500-700 million; and a project to build the largest oil refinery and storage facility in Southeast Asia, with a total estimated investment of US$5 billion.
These are key projects under the regional energy development strategy, contributing to energy security, including the investment and construction project of a manufacturing plant for internal combustion engine components that eliminate emissions using hydrogen technology. The total investment for its first phase will cost US$1 billion.
Mr. Koki Kobayashi, Advisor to Japan's Madza Oil Group, stated that the group looks forward to investing in multiple projects in Vietnam, especially those related to the energy sector.
In addition, Japanese enterprises hoped that Vietnam would continue to accelerate administrative reforms and renew its investment environment to create more favorable conditions for foreign businesses to invest in the country.
Many foreign businesses believed that Vietnam would become a potential market, especially in the oil and gas sector if there is a well-connected regional infrastructure system.
The investment aspirations of various foreign corporations are expected to contribute to promoting the overall development of Vietnam in particular, and the region in general.
At the event, Chairman of the Management Board of KOGI Group Nguyen Hong Hue emphasized that these projects are a direct result of the previous visit of Vietnamese Prime Minister Pham Minh Chinh to the Middle East in October 2024, opening up strategic cooperation opportunities between Vietnam and countries in the region.
The signing takes place on the occasion of the 50th anniversary of the Liberation of the South and National Reunification (April 30, 1975 – 2025), the 135th anniversary of President Ho Chi Minh’s birthday and the upcoming 80th National Day of the Socialist Republic of Vietnam, added Mr. Nguyen Hong Hue.
