Petrovietnam and SOVICO sign comprehensive cooperation agreement

Petrovietnam and SOVICO sign comprehensive cooperation agreement

Petrovietnam and Sovico Group have signed a comprehensive cooperation agreement to boost competitiveness and support Việt Nam’s sustainable growth.

Representatives at the signing ceremony. — Photo courtesy of Petrovietnam

The Vietnam National Industry - Energy Group (Petrovietnam) and Sovico Group (SOVICO) on Thursday signed a comprehensive cooperation agreement. The deal aims to unlock joint potential, improve competitiveness and contribute to Việt Nam’s sustainable development.

The partnership will focus on three main areas: energy, industry and high-tech services.

Energy will remain central. Petrovietnam will expand from traditional oil and gas to renewables, offshore wind, hydrogen, LNG and green ammonia. Industry-focused efforts will boost petrochemicals, new materials and manufacturing, while high-tech services will span engineering, logistics, digital transformation and global-standard technology.

SOVICO will bring expertise and investment from its diverse portfolio in finance, aviation, real estate, tourism and energy.

The cooperation with SOVICO is seen as a strategic move to mobilise resources, boost innovation and execute large projects.

Petrovietnam Chairman Lê Mạnh Hùng said the partnership with a capable private group like SOVICO is a strategic step to mobilise resources, foster innovation and realise the group’s goal of joining the Fortune 500 by 2030 and becoming one of Southeast Asia’s top five conglomerates.  

Meanwhile, SOVICO Chairwoman Nguyễn Thị Phương Thảo praised Petrovietnam’s role in ensuring national energy security and expressed hope the cooperation would create lasting value for the nation.

Both sides have committed to developing clean energy, promoting green growth and supporting Việt Nam’s energy transition. The agreement also aims to create a model for effective public–private partnership, driving economic growth and integration into global markets. 

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