Hoa Phat and Petrovietnam sign Comprehensive Cooperation Agreement

On the morning of May 27 in Hanoi, Hoa Phat Group and the Vietnam National Industry - Energy Group (Petrovietnam) signed a comprehensive cooperation agreement. The agreement is built on the strengths and capacities of both parties, aiming for mutual development and contributions to national economic growth.

Mr. Tran Dinh Long, Chairman of Hoa Phat Group, and Mr. Le Manh Hung, Chairman of Petrovietnam’s Member Council, signed the Comprehensive cooperation agreement between the two Groups

The signing ceremony took place at Petrovietnam’s headquarters, attended by Petrovietnam’s Members Council’s Chairman Le Manh Hung, Hoa Phat Chairman Tran Dinh Long, CEO Nguyen Viet Thang, and representatives from both groups’ subsidiaries.

Hoa Phat Group and Petrovietnam agreed to cooperate comprehensively to leverage each side’s strengths, aiming for mutual development and contributing to national economic growth

In line with Resolution 68 of the Politburo on the development of the private economy, Petrovietnam and Hoa Phat have agreed on a comprehensive cooperation framework to establish value chains between leading state-owned and private enterprises in Vietnam. This initiative aims to scale up operations, enhance production and business capacities, and optimize competitiveness.

Mr. Le Manh Hung emphasized that the comprehensive cooperation between Hoa Phat and Petrovietnam marks a strategic milestone in the development of both corporations.

Speaking at the ceremony, Mr. Le Manh Hung highlighted that this partnership—between Petrovietnam, a leading state-owned corporation in the energy sector, and Hoa Phat, a dynamic private enterprise with strong competitiveness in the metallurgy industry—will be a strategic step forward. It also reinforces their pioneering and leading roles in foundational industrial sectors.

Mr. Tran Dinh Long expressed confidence that the cooperation between Petrovietnam and Hoa Phat will be implemented in a substantive, effective, and sustainable manner.

Mr. Long emphasized Hoa Phat’s full support for the strategic cooperation objectives with Petrovietnam. As Vietnam enters a new development era, he expressed his belief that this partnership will be executed in a substantive, efficient, and sustainable way, enabling both corporations to seize new opportunities for accelerated growth.

The agreement is built on the foundation of leveraging the strengths and capacities of each party, aiming for mutual development and contributing to national economic growth. Under the terms of the agreement, the two groups have agreed to become strategic partners, engaging in comprehensive collaboration in investment, production, business operations, resource sharing, and the mutual use of each other’s products and services.

It also opens the door for long-term cooperation in developing alloy steel for the energy sector, implementing low-emission solutions in steel manufacturing, and jointly researching infrastructure, energy, and supporting industry projects.

Petrovietnam has strengths in supplying natural gas, compressed natural gas (CNG), liquefied natural gas (LNG), and liquefied petroleum gas (LPG) for steel production. Hoa Phat is ready to provide specialty steel products, containers, electrical appliances, and logistics services for the oil and gas industry, while prioritizing the use of Petrovietnam’s gases, energy, chemicals, and technical services.

Beyond commercial cooperation, the two sides will explore joint investments in infrastructure, energy projects, ports, and more. In the long term, the two groups aim to co-develop high-quality alloy steels for the energy and oil & gas sectors, and advance carbon reduction initiatives such as CO₂ capture and reuse, and the application of green hydrogen in the steel industry.

Executives from both groups attended the signing ceremony.

Both parties also aim to invest in integrated industrial-energy centers, renewable energy development, specialized logistics, and R&D, training, and technology transfer programs.

Earlier, on April 21, leaders from both sides held a working session to assess mutually beneficial cooperation opportunities aligned with their strategic directions.