The agreement – announced on May 21 – will see the two sides increase exchanges, share experience, and explore cooperation opportunities in line with their respective strengths, needs, and development orientations.

For Petrovietnam, cooperation with Vitol is aligned with its orientation to expand activities into regional and international markets, including in investment and commercial trading. With its market experience, sourcing capabilities, logistics capacity and global flow management, Vitol can complement Petrovietnam in accessing new business models, enhancing market capabilities and expanding opportunities in the energy sector.

Under the cooperation framework, the two sides will discuss business structures in crude oil, petroleum products, and liquefied natural gas in international markets and in Vietnam; explore opportunities to develop oil and gas infrastructure; and identify potential cooperation in projects supporting decarbonisation, sustainable development, and verified emission reductions.

Petrovietnam and Vitol will also share international trading experience and knowledge of the broader hydrocarbon value chain, helping to enhance Petrovietnam's market access capabilities, expand its international connectivity, and support Vietnam's objectives of ensuring energy security and socioeconomic development.

Vitol is a global energy and commodities company that produces, manages, and delivers energy and commodities to consumers and industry worldwide. In addition to its primary trading business, Vitol has invested more than $13 billion in long-term infrastructure assets globally. Its customers include national oil companies, multinationals, leading industrial companies, and utilities.