On October 29, during the official visit to the United Arab Emirates (UAE), Prime Minister Pham Minh Chinh met with Mr. Saltan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of the UAE's Abu Dhabi National Oil Company (ADNOC).

At the meeting, Minister Saltan Bin Ahmed Al Jaber expressed his desire to promote cooperation with Vietnam across various sectors, especially in energy development, including oil refining, liquefied natural gas (LNG), and renewable energy projects such as wind power and solar power.

In particular, Mr. Al Jaber expressed interest in establishing a transit and storage center for crude oil and petrochemical products in Vietnam to meet regional demand.

According to Prime Minister Pham Minh Chinh, Vietnam has potential and is developing the oil and gas sector, including exploitation, refining, and trade. Vietnam currently needs more oil refineries not only to serve domestic needs but also to supply foreign countries. The Prime Minister thus suggested that UAE corporations cooperate with Vietnam on specific projects, including the construction of a transit and storage center for crude oil and petrochemical products.

The Prime Minister also suggested that UAE corporations cooperate with Vietnam on specific projects in energy development strategies, especially wind and solar energy.

In addition, the UAE Minister of Industry and Advanced Technology said that the UAE has capabilities in high-tech industries, artificial intelligence, productivity enhancement, and technology optimization. He expressed a desire for both sides to establish contact points to foster cooperation in these proposed fields.

In response, Prime Minister Pham Minh Chinh expressed his hope that the Minister of Industry and Advanced Technology, UAE businesses, and Minister Al Jaber himself, along with his associates, would make efforts to promote cooperation in this field.

The Prime Minister noted that Vietnam is continuing to improve its institutions and legal framework to create favorable conditions for foreign investors in Vietnam, including legal regulations related to the electricity sector, thereby suggesting UAE corporations connect and discuss with their Vietnamese counterparts to implement specific cooperation projects.

Previously, on October 28, Vietnam and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA), promoting trade and investment between the two countries to reach bilateral trade of 10 billion USD.

Prime Minister Pham Minh Chinh (R) meets Saltan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC, October 29, 2024 - Photo: VGP/Nhat Bac.

The UAE is the second-largest economy in the Gulf region, the leading financial and trade center in the Middle East, and the fourth-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC).

Abu Dhabi National Oil Company (ADNOC), established in 1971, operates in the oil, gas, and energy sectors. It is one of the largest oil companies in the world. In the coming time, in addition to traditional sectors, ADNOC will focus on new sectors to ensure sustainable growth and energy transition. The company plans to invest 150 billion USD over the next five years to develop global infrastructure.

In 2022, ADNOC and its partners launched the ADNOC Voyager lubricant brand in Vietnam. ADNOC is also working with Hyosung Group (South Korea) to jointly invest in projects in Vietnam, with a total expected investment of about 2 billion USD in the fields of sustainable aviation fuel production, clean energy, data centers, and petrochemicals.