Hung, who accompanied Party General Secretary and State President To Lam during the Vietnamese leader’s state visit to India, praised Essar’s interest, presence and long-term cooperation in Vietnam, particularly in the energy, oil and gas sectors.
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At the meeting (Photo: moit.gov.vn) |
He acknowledged the group’s cooperation activities with Vietnamese partners, as well as its orientation toward further expanding investment and collaboration in the coming period.
The two sides held in-depth discussions on prospects for cooperation in energy, oil and gas, biofuels and low-emission energy solutions. The minister noted that Vietnam is improving its legal framework, implementing the national energy master plan and promoting a green and sustainable energy transition, thereby opening up broad opportunities for capable and experienced international enterprises such as Essar.
In the oil and gas sector, the minister stressed that Vietnam is revising the 2022 Petroleum Law to establish a more transparent and favorable legal framework for oil and gas exploration and production activities. Vietnam encourages capable investors to participate in oil and gas, energy and energy infrastructure projects in line with the national energy development strategy, while ensuring investment efficiency and compliance with Vietnamese law.
Regarding biofuels and bio-refinery development, Minister Hung said Vietnam is implementing its biofuel development roadmap to enhance energy security and environmental protection.
He hailed Essar’s experience in utilizing agricultural by-products to produce energy, petrochemical products and chemicals, noting that this approach aligns with Vietnam’s orientation toward sustainable development, the circular economy and energy transition in the coming period.
The Vietnamese official encouraged Essar to continue exploring investment opportunities in Vietnam in areas such as biofuels, sustainable aviation fuel (SAF), green hydrogen and other low-emission energy solutions, while strengthening coordination with Vietnamese partners to study specific cooperation models suited to market demand and Vietnam’s energy development orientation.
Essar’s leaders praised Vietnam’s investment environment and market potential, while affirming the group’s desire to further expand long-term cooperation with Vietnamese partners in the fields of energy, oil and gas, and biofuels.
Both sides agreed that given Vietnam’s substantial energy development needs in the coming years, together with the trend toward green transition and sustainable development, there remains significant room to expand cooperation between Vietnamese enterprises and Essar in areas such as oil and gas, biofuels, energy infrastructure, low-emission energy and technological solutions serving energy transition.
Source: VNA