The Vietnam Investment Forum was organized to promote foreign investment in general and British investment in Vietnam in particular, in the context of the country reopening its economy after the COVID-19 pandemic. Attending the forum were British Investment Minister - Lord Gerry Grimstone, British Cabinet Office Secretary of State - Heather Wheeler, the British Prime Minister’s Special Envoy for Trade with Vietnam - Graham Stuart, Deputy Minister of Industry and Trade Tran Quoc Khanh and many investors and businesses of the two countries. With the theme “New Era of Digital and Green Transformation”, the participants were updated on Vietnam’s economic situation as well as investment and trade opportunities from the implementation of the UK - Vietnam Free Trade Agreement (UKVFTA), signed in December 2020 and officially effective from May 2021, and focused on 4 discussion sessions on the following contents: Trade and investment opportunities from the UK - Vietnam Free Trade Agreement; Digital and financial technology for economic development; Green energy in Vietnam; Financial incentives for sustainable development projects in Vietnam.

Chairman of the Board of Directors Hoang Quoc Vuong speaks at Vietnam Investment Forum

Regarding the development potential of Vietnam’s green and sustainable energy sources - an important topic at the Forum, Deputy Minister Tran Quoc Khanh emphasized that Vietnam’s climate and topography make renewable energy, especially wind and solar power have very attractive investment prospects and affirmed that it was the most favorable time for British businesses to explore and promote investment and business activities in Vietnam.

Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with UK Network

Mr. Ben Backwell, Executive Director of the Global Wind Power Council, shared that the potential for cooperation in wind power development between Vietnam and the UK was still great, especially when Vietnam has set ambitious goals on neutralizing emissions. While Vietnam has large resources in offshore wind energy, the UK is a country with long experience in offshore wind power development and can transfer technology to Vietnam.

Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with Perenco company

According to Chairman of the Board of Directors Hoang Quoc Vuong at the discussion session, the energy transition is an inevitable trend and businesses operating in the energy sector, including Vietnam National Oil and Gas Group, are responsible for implementing commitments to contribute to reducing greenhouse gas emissions and combating global climate change. Vietnam Nation Oil and Gas Group is oriented to develop into a large energy group in the country and in the region with core business activities of oil and gas exploration and production, development of green and renewable energy sources in association with environmental protection, contributing to ensuring national energy security. The Group wishes to receive valuable experience and support from energy groups in the world in general and the UK in particular in development strategies to adapt to the energy transition trend, at the same time promote and develop forms of clean and renewable energy.

Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with Wood company  

At a meeting with UK Network organized by the Friendship Association of the two countries, Chairman of the Board of Directors Hoang Quoc Vuong discussed and emphasized the Group’s desire to cooperate and share experiences with British companies in the field of offshore wind power, renewable energy and green hydrogen.

During the program, the delegation of Petrovietnam had separate working sessions with such partners as Perenco, Wood, Enterprise Energy, Schlumberger to promote the implementation of existing projects and exchange new cooperation opportunities, especially in the field offshore wind power, renewable energy and research to develop green hydrogen projects.

Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with Schlumberger company

The UK is Vietnam’s third largest trading partner in Europe, and Vietnam’s ninth largest export market. Two-way trade turnover between the two countries reached 6.6 billion USD in 2021. By the end of 2021, the UK had a total of 447 FDI projects in Vietnam, accounting for 1.3% of the country’s FDI projects, with total valid registered investment capital of nearly 4 billion USD. The UK’s direct investment in Vietnam in 2021 also increased by 157% compared to 2020, making the UK one of the 12 countries with the largest direct investment capital in Vietnam. Vietnam currently has 9 projects with a total registered capital of 11.5 million USD in the UK.   

Chairman of the Board of Directors Hoang Quoc Vuong and the delegation of Petrovietnam at the meeting with Enterprise Energy Corporation and BP