PETROVIETNAM: Expanding operations in the Middle East and Africa

Increasing presence in international markets

According to information presented at the meeting, in the first six months of 2026, Petrovietnam's total revenue is estimated at VND 734.7 trillion, an increase of 49%; consolidated revenue is estimated at VND 445.4 trillion, an increase of 39%. The Group's total tax contribution to the state budget is estimated at VND 88.9 trillion, an increase of 27% compared to the same period in 2025.

In its development plan until 2030, Petrovietnam has been assigned the goal of achieving double-digit growth, while also aiming to be among the world's top 500 largest companies. To realize this goal, expanding operations and increasing its presence in international markets is one of the Group's key priorities.

Petrovietnam General Director Le Manh Cuong emphasized that, as a state-owned enterprise, the Group has advantages in implementing G2G (Government- to-Government) cooperation models, and also has the conditions to strengthen connections with NOCs (national oil and gas companies) in the Middle East and Algeria.

Overview of the working session. Photo: Truong Son

In its journey to expand into international markets, the Ministry of Foreign Affairs and Vietnamese representative offices abroad play a crucial role in connecting and paving the way for Petrovietnam to access partners, seek cooperation opportunities, and broaden its development space. Along with boosting operations in international markets, Petrovietnam also aims to attract resources, investment capital, and strategic partners from the Middle East to participate in energy projects in Vietnam.

Regarding the operational and cooperative activities of Petrovietnam and its member units in the Middle East and Algeria, a representative from the Petrovietnam Group Office stated that the unit has gradually built relationships with major partners in the region, including national oil and gas corporations, energy enterprises, and trade and service partners.

Cooperation activities are currently being implemented in many areas. Several member units of Petrovietnam have direct operations in the region, gradually building reputation and expanding their network of partners.

Linking high-level diplomatic activities with the promotion of projects and contracts

During the meeting, leaders of Petrovietnam's member units noted that the Middle East and Algeria are promising markets, aligning with the Group's international expansion strategy.

Based on practical experience in the region, member units recommend that the Ministry of Foreign Affairs and Vietnamese representative agencies in the region continue to support partner connections and provide timely information on the market and investment environment. They also hope to receive support in resolving legal and administrative difficulties, visa and work permit issues, in order to create a smooth environment for the implementation of international projects.

According to the Vietnamese Ambassadors to the UAE, Saudi Arabia, Qatar, Kuwait, Iran , and Algeria, the Middle East and North Africa region still has significant potential for Petrovietnam to promote investment, especially in the energy sector. Therefore, the Ambassadors recommended that the Group proactively approach major partners and effectively utilize government-level cooperation channels.

Deputy Minister of Foreign Affairs Nguyen Minh Hang suggested that, in the coming period, the Ministry of Foreign Affairs and Petrovietnam should strengthen coordination and promote relations with Middle Eastern countries, linking high-level diplomatic activities with the promotion of specific projects and contracts of the Group. The Ministry of Foreign Affairs and Vietnamese representative agencies abroad will work alongside Petrovietnam in connecting partners and promoting trade activities, creating favorable conditions for the Group to effectively implement projects in the region.

In parallel, the Deputy Minister also proposed establishing a mechanism for regular exchanges between the Ministry of Foreign Affairs, Vietnamese representative agencies abroad, and Petrovietnam. Petrovietnam should proactively provide information on its needs, projects, and partners so that representative agencies have a more realistic basis for support. Representative agencies should also play a key role in understanding the situation and assisting in resolving specific difficulties and obstacles faced by businesses in their respective areas.

In particular, it is necessary to strengthen energy diplomacy, linked to the requirement of ensuring energy security and the country's growth targets. This will expand Petrovietnam's international operating space and mobilize international resources, technology, and investment capital to serve large-scale energy projects.

Petrovietnam