Receiving Excelerate Energy President and CEO Steven Kobos in Hanoi, PM Pham Minh Chinh lauded the signing of a memorandum of understanding (MoU) between the U.S. firm and PV Gas, a unit of state-run Petrovietnam, urging the two sides to work closely together to ensure practical and effective cooperation.
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Prime Minister Pham Minh Chinh (right) and Excelerate Energy President and CEO Steven Kobos at their meeting in Hanoi on May 29 |
He agreed with Excelerate Energy's proposal to position Vietnam as a regional LNG distribution hub, while encouraging the firm to further explore opportunities to expand and deepen cooperation with Vietnamese partners in providing technological solutions and long-term LNG supply. He noted that these will contribute to enhancing Vietnam’s energy security, narrowing the trade deficit, and advancing the Vietnam–U.S. relations.
PM Pham Minh Chinh noted his hope that Excelerate Energy will develop a LNG supply chain in Vietnam, including building modern and smart LNG storage facilities and transferring technology and management expertise to help Vietnam operate its LNG sector efficiently. He also affirmed Vietnam’s commitment to rapid and sustainable economic development, without compromising social progress, equity, or the environment for the sake of mere economic growth.
Excelerate Energy’s cooperation with Vietnamese partners holds a great significance and strong potential for sustainable development, contributing to not only balancing trade between the two countries but also serving the long-term interests of their people, he said.
Vietnam aims to develop LNG storage and distribution centers to serve both domestic demand and the wider ASEAN region, including power plants supplying electricity to ASEAN, he revealed, calling on the U.S. firm to cooperate with Vietnamese partners to begin construction of LNG storage and distribution facilities in Vietnam within this year or in 2026.
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An overview of the meeting |
PM Pham Minh Chinh suggested the U.S. firm share effective solutions during its cooperation with Vietnam to help reduce emissions in LNG transportation and usage. He affirmed that the Vietnamese Government is committed to standing side by side with businesses, and stands ready to listen to their feedback to enhance mutual understanding and improve the effectiveness of cooperation.
Thanking Vietnam’s dispatch of a delegation to the U.S. for trade negotiations, Kobos noted that its MoU with PV Gas is to arrange long-term LNG supply from the U.S. for the Vietnamese market.
He urged the Vietnamese Government to instruct relevant ministries, agencies, and local authorities to facilitate the company’s investment and development of LNG infrastructure in Vietnam, ensure a stable supply of LNG, and support the establishment of joint ventures with a local partners to expand market presence, aiming to position Vietnam as a key LNG distribution hub in ASEAN.
Source: VNA