Petrovietnam attends Vietnam - Korea Economic Forum

Within the framework of General Secretary To Lam's State visit to Korea, on the morning of August 12 local time, in Seoul, Chairman of the Board of Directors of the Vietnam National Oil and Gas Group (Petrovietnam) Le Manh Hung attended and delivered a speech at the Vietnam - Korea Economic Forum. The forum was attended by General Secretary To Lam, Korean Prime Minister Kim Min Seok, along with senior representatives of the two countries and more than 400 leading enterprises with more than 500 delegates from the two countries. The Vietnam - Korea Economic Forum with the theme "Cooperation to develop production chains in the new era!" was organized by the Ministry of Finance of Vietnam, the Ministry of Trade, Industry and Energy of Korea (MOTIE), the Korea Chamber of Commerce and Industry (KCCI), and the Embassy of Vietnam in Korea. The forum is not only a space for connecting business communities but also plays an important role in promoting bilateral economic, trade and investment cooperation. From there, strengthen and enhance the friendship and increasingly deepen the Comprehensive Strategic Partnership of Vietnam - Korea relations.

General Secretary To Lam and South Korean Prime Minister Kim Min Seok witnessed the signing of cooperation agreements between units and enterprises (Photo: VNA)

After 33 years of establishing diplomatic relations (1992 - 2025), Vietnam and Korea have become Comprehensive Strategic Partners, with extensive cooperation in many fields. Vietnam is not only Korea's largest economic partner in the Association of Southeast Asian Nations (ASEAN) but also one of Korea's three largest economic partners in the world in terms of trade and investment, focusing on a number of important fields such as: high technology, electronics, manufacturing industry, energy, automobiles, construction, real estate...

General Secretary To Lam, South Korean Prime Minister Kim Min Seok talk with Chairman of Petrovietnam Board of Directors Le Manh Hung (Photo: VNA)


Vietnamese businesses attending the Forum (Photo: VNA)

General Secretary To Lam shared that Vietnam's socio-economic situation in 2024 and the first 6 months of 2025 achieved many positive results; emphasizing that 2025 is not only a year of "acceleration and breakthrough" to complete the development goals of the 2021 - 2025 period, but also plays a pivotal role, creating an important foundation and strong driving force to successfully implement the 2 100-year goals, bringing the country into a new era - an era of striving, developing wealth, civilization and prosperity of the nation.

General Secretary To Lam speaks at the forum (Photo: VNA)

The General Secretary said that Vietnam is continuing to perfect its institutions, improve the investment and business environment, remove "bottlenecks" to unlock resources, promote economic restructuring associated with renewing the growth model, taking science and technology, innovation and Vietnamese cultural values as the core driving force for development. Regarding cooperation and attracting foreign investment, Vietnam has shifted from the mindset of "attracting in breadth" to "attracting in depth" selectively, prioritizing projects with advanced technology, new technology, high technology, clean technology, modern management, high added value, spillover effects, connecting global production and supply chains. The General Secretary requested that Vietnamese ministries, branches and localities increase dialogue to remove difficulties and obstacles for Korean investors in Vietnam; continue to review and reform administrative procedures; reduce and simplify administrative procedures; Strengthening the application of digital technology, enhancing decentralization, reducing compliance costs and input costs for people and businesses. Preparing conditions to attract investment such as transport infrastructure, human resources, power supply, clean land funds, establishing interdisciplinary working groups to remove difficulties and obstacles and support investors... The General Secretary hopes that Korean ministries and branches will continue to support and promote dialogue and investment connection activities; creating conditions for Vietnamese enterprises to expand investment and do business effectively in Korea, and for Vietnamese goods to easily access the Korean market. Speaking at the Forum, Korean Prime Minister Kim Min Seok emphasized that Korea and Vietnam have long been close, attached and increasingly trust each other. Since establishing diplomatic relations in 1992, after more than 30 years, the two countries have become major trade partners and Korea is the largest investor in Vietnam, becoming an inseparable economic partner in many fields.

Prime Minister Kim Min Seok said that Korea and Vietnam need to continue to strengthen their long-term and stronger relationship. In fact, the two countries have overcome challenges such as the global financial crisis and the COVID-19 pandemic together, and have also steadily expanded economic cooperation. Vietnam and Korea need to expand cooperation from traditional sectors to new, advanced sectors and move towards a multi-layered cooperative relationship. Prime Minister Kim Min Seok affirmed that Korea is ready to cooperate with Vietnam to diversify supply sources and ensure energy security. The memorandums of understanding signed during this visit will be a solid foundation for expanding cooperation between the two countries in the future. At the forum, Korean and Vietnamese enterprises discussed, shared and recommended key areas that both sides wanted to promote, such as developing clean energy, green energy, high-tech industry, digital infrastructure, etc. and especially promoting production chains and linking value chains in the above fields.

Petrovietnam Chairman of the Board of Directors Le Manh Hung speaks at the Vietnam - Korea Economic Forum

Speaking at the Forum, Chairman of the Board of Directors of Petrovietnam Le Manh Hung emphasized that Petrovietnam is proud to contribute to being an important bridge in energy cooperation between Vietnam and Korea. From oil and gas exploration and exploitation projects on the continental shelf of Vietnam, to cooperation in the fields of LNG, petrochemical refining, and recently the energy transition to renewable energy, new energy - each step is built on the foundation of trust, understanding and together towards a sustainable future. Petrovietnam has been cooperating very effectively with large Korean enterprises such as: KNOC, Samsung C&T, Huyndai, SK, Doosan, KEXIM...

On April 9, 2025, Petrovietnam officially transformed into Vietnam National Industry and Energy Group, marking a strategic turning point in the development process. This change not only reflects a new vision, in line with the orientation of the Party and State of Vietnam, but also demonstrates the remarkable development of Petrovietnam, reaching beyond traditional oil and gas, expanding development into new energy fields, actively participating in the energy transition process, towards Vietnam's goal of net zero emissions by 2050. Petrovietnam defines its development model according to three strategic pillars: Energy - Industry - High-tech services, in which energy continues to be the core pillar. At the same time, Chairman of the Board of Directors of Petrovietnam Le Manh Hung said that the Group wishes and is ready to work with Korean partners on cooperation and investment opportunities and accompany Petrovietnam as well as its member units in strategic energy projects such as: oil and gas exploration and exploitation projects; Ecological energy industrial center, LNG, gas power, offshore wind power, nuclear power; cooperation in the field of high-tech services (building new floating vehicles such as oil tankers, FPSO/FSO, ...; developing manufacturing capacity for energy projects, ...). Also at the forum, witnessed by General Secretary To Lam, Korean Prime Minister Kim Min Seok, and high-ranking delegates of the two countries, Petrovietnam, together with Vietnam Petroleum Technical Services Corporation (PTSC) and Korean partners: SK Innovation Company; LS ECO ENERGY Company signed a Memorandum of Understanding on strategic cooperation between Petrovietnam and SK Innovation Co., Ltd and a cooperation agreement with LS ECO ENERGY Company on investment in construction and operation of a high voltage cable factory in Vietnam to serve the Renewable Energy Project.

According to PetroTimes

Source: https://www.ptsc.com.vn/tin-tuc/tin-dau-khi-1/tin-pvn/petrovietnam-tham-du-dien-dan-kinh-te-viet-nam-han-quoc-1