Petrovietnam cooperates comprehensively with Hoa Phat: Joining hands for a modern and sustainable national industry

With the role of leading, creating cooperation, linking value chains between large enterprises, in which private enterprises are identified as one of the three pillars of the economy in the spirit of Resolution No. 68 on private economic development of the Politburo, on May 27, Vietnam National Industry and Energy Group (Petrovietnam) and Hoa Phat Group officially signed a Comprehensive Cooperation Agreement, opening a new chapter in the relationship between the two leading corporations of the state and private economic sectors.

Realizing Conclusion No. 76-KL/TW dated April 24, 2024 of the Politburo, in line with the energy transition trend, Petrovietnam has proactively developed a strategy and implemented the transition to a new development model, focusing on development on three strategic pillars: Energy - Industry - Services, with Energy as the core pillar.

Petrovietnam Chairman of the Board of Directors Le Manh Hung and Hoa Phat Group Chairman of the Board of Directors Tran Dinh Long signed a comprehensive cooperation agreement between the two groups.

Resolution No. 68 of the Politburo on private economic development has identified the private economy as the most important driving force of the national economy, the pioneering force in promoting growth, enhancing national competitiveness, accelerating industrialization, modernization, and restructuring the economy towards green, circular, and sustainable development; the state economy, collective economy, and private economy form a solid "tripod".

In which, the private economy plays a pivotal role in building an independent, autonomous, self-reliant, and self-reliant economy associated with deep, substantive, and effective international integration, helping the country escape the risk of falling behind and rise up to prosperous development.

Petrovietnam Chairman of the Board of Directors Le Manh Hung and Hoa Phat Group Chairman of the Board of Directors Tran Dinh Long signed a comprehensive cooperation agreement between the two groups.

In that spirit, strong state-owned economic groups such as Petrovietnam, with its position as the leading enterprise in Vietnam in the fields of energy, industry and services, play a leading role in promoting the development of other sectors and fields of the economy through the creation of linkage chains and cooperation not only with the country's leading corporations and companies in the state-owned enterprise sector, such as Viettel, ACV, TKV, Vinachem, VRG... but also expanding cooperation with the country's leading private enterprises such as Hoa Phat, to strengthen linkages, expand scale, increase production and business capacity, and optimize competitiveness.

The agreement between Petrovietnam and Hoa Phat aims to maximize the potential, strengths, experience and resources of each party to cooperate in core areas such as energy, steel industry, infrastructure development, new technology research, energy conversion and decarbonization, contributing to the country's sustainable development.

Speaking at the signing ceremony, Chairman of the Board of Directors of Petrovietnam Le Manh Hung affirmed that the comprehensive cooperation between Petrovietnam - a state-owned economic group playing a key role in the energy industry and Hoa Phat - a dynamic private group with leading competitiveness in the metallurgical industry will create a strategic step forward in the development of the two groups, affirming their pioneering and leading roles in the fields of basic industries.

Petrovietnam Chairman of the Board of Directors Le Manh Hung affirmed that the comprehensive cooperation between Petrovietnam and Hoa Phat Group will create a strategic step forward in the development of the two groups.

Petrovietnam Chairman of the Board of Directors Le Manh Hung believes that the comprehensive cooperation between Petrovietnam and Hoa Phat will help the two groups improve their competitiveness, optimize the value chain, thereby contributing to improving the competitiveness of domestic products on a global scale, actively contributing to the development, growth and integration of the country's economy in accordance with the expectations of the Party, State and people.

Chairman of the Board of Directors of Hoa Phat, Tran Dinh Long, affirmed that Hoa Phat Group agrees with the strategic cooperation goals with Petrovietnam. In the context of the country entering a new era, Mr. Tran Dinh Long believes that the cooperation between Petrovietnam and Hoa Phat will be implemented substantially, effectively and sustainably, creating a foundation for the two groups to accelerate, seize new opportunities and chances for better development.

Chairman of the Board of Directors of Hoa Phat Tran Dinh Long believes that the cooperation between Petrovietnam and Hoa Phat will be implemented practically, effectively and sustainably.

The cooperation between Petrovietnam and Hoa Phat not only has strategic significance in the development orientation of each party, but also demonstrates the spirit of proactively realizing the major policy of the Party and State on promoting the leading role of State-owned economic groups, promoting linkage, mutual support and development with other economic sectors, in which the private economy is an important driving force of the economy.

At the same time, the cooperation between the two groups also focuses on high technology, innovation and emission reduction - important pillars in the process of industrialization, modernization of the country and Vietnam's commitment to green development. Accordingly, Petrovietnam and Hoa Phat will cooperate in research and development of high-quality steel alloy products for the energy and oil and gas industry; cooperate in implementing carbon reduction solutions, CO₂ recovery - storage - reuse, and green hydrogen use; invest in energy projects, infrastructure, logistics centers, integrated industry - energy, cooperate in training, share management experience, and develop domestic and international supply chains.

Leaders of the two corporations attended the signing ceremony

Through comprehensive cooperation, Petrovietnam and Hoa Phat hope to establish a new model of cooperation between state-owned enterprises and private enterprises, based on the principles of equality, voluntariness, harmonization of interests and together towards the goal of national development.

Source: https://daibieunhandan.vn/petrovietnam-hop-tac-toan-dien-voi-hoa-phat-chung-tay-vi-mot-nen-cong-nghiep-quoc-gia-hien-dai-ben-vung-10374059.html