Prime Minister Pham Minh Chinh has extended an invitation to Romanian enterprises to invest in Vietnamese oil and gas ventures. Vietnam is currently in the process of expanding its refineries and constructing a gas-fired power plant, presenting lucrative investment prospects for Romanian firms, particularly those located in the prominent oil hub of Prahova, as mentioned by the visiting leader on Sunday.
Emphasizing a readiness for collaboration, Prime Minister Chinh stated, " Romanian companies, especially those in Prahova, can explore opportunities to invest, share their technology, deploy human resources, and provide equipment within the oil and gas sector." Such engagements are expected to enhance the bilateral relationship between the two nations.
Prahova, known as Romania' s leading oil and gas hub, has historical significance, housing the country' s inaugural refinery and serving as the alma mater to numerous Vietnamese engineers graduating from esteemed institutions like the Petroleum-Gas University of Ploiesti, the Bucharest Academy of Petroleum and Geology, and Ploiesti University of Petroleum.
Vietnam, with its two existing refineries, is contemplating the establishment of a refinery and storage complex in the southern province of Ba Ria - Vung Tau, with an estimated cost of US$18.5 billion. The nation aims to achieve 30,420 MW of gas-fired electricity capacity by 2030, with three-fourths of it derived from liquefied natural gas.
Prime Minister Chinh expressed confidence that technological advancements could overcome geographical distances, fostering a commercial partnership that links the economies of Vietnam and Romania. This, he believes, aligns with the shared vision of the leadership in both countries.
Prime Minister Chinh, accompanied by his wife, commenced his official visit to Romania on January 20, responding to an invitation from Prime Minister Ion-Marcel Ciolacu. Diplomatic ties between Vietnam and Romania date back to 1950, and in 2022, bilateral trade reached a value of $400 million, marking a quadruple increase from four years prior. Romanian companies had invested $1.6 million in five projects in Vietnam by 2022.