Vietnam’s T&T Group signs US$4.5-billion deals with Russia’s Zarubezhneft
The move is part of a broader agreement between Vietnam and Russia to further enhance cooperation in fields of oil exploration, agriculture, education, finance and banking, and nuclear energy, among others.
Vietnam’s leading conglomerate T&T Group on May 22 signed a memorandum of understanding (MoU) with Russian state-run oil company Zarubezhneft on developing renewable energy and liquified natural gas (LNG) projects in Vietnam with total capacity of 4,000 megawatts (MW) worth US$4.5 billion.
The move is part of a broader agreement signed between Vietnam and Russia during the state visit of Prime Minister Nguyen Xuan Phuc to Russia, aiming to further enhance cooperation in fields of oil exploration, agriculture, education, finance and banking, and nuclear energy, among others.
On this occasion, T&T Group officially launched its affiliate T&T Russia in a bid to expand the group’s business activities abroad and realize the target of becoming the top 50 companies in Asia.
Previously, T&T Group was granted a license to invest US$25 million in Russia.
T&T Russia would focus on investing in a variety projects in fields of renewable energy, hi-tech agriculture, environment, healthcare, logistics, bank and finance.
At the launching ceremony, T&T Russia also signed a number of MoUs with local partners, including the cooperation with Eurasia Business Union (EABU) to promote Vietnamese and Russian goods in each market.
Following the agreement, T&T would serve as EABU’s representative in Vietnam and Southeast Asia region.
Board Chairman and CEO of T&T Group Do Quang Hien said the potential in trade and investment cooperation between Vietnam and Russia remains huge, saying T&T expects to serve as bridge to facilitate stronger cooperation between enterprises from two countries.
Minister of Industry and Trade Tran Tuan Anh said Vietnamese enterprises play an essential role in promoting cooperation between Vietnam and Russia, and in this case, T&T.
To fulfill the target of taking the bilateral trade turnover between Vietnam and Russia to US$10 billion by 2020, the government expected more to follow T&T’s footstep.
The move is part of a broader agreement signed between Vietnam and Russia during the state visit of Prime Minister Nguyen Xuan Phuc to Russia, aiming to further enhance cooperation in fields of oil exploration, agriculture, education, finance and banking, and nuclear energy, among others.
On this occasion, T&T Group officially launched its affiliate T&T Russia in a bid to expand the group’s business activities abroad and realize the target of becoming the top 50 companies in Asia.
Launching ceremony of T&T Russia.
|
T&T Russia would focus on investing in a variety projects in fields of renewable energy, hi-tech agriculture, environment, healthcare, logistics, bank and finance.
At the launching ceremony, T&T Russia also signed a number of MoUs with local partners, including the cooperation with Eurasia Business Union (EABU) to promote Vietnamese and Russian goods in each market.
Following the agreement, T&T would serve as EABU’s representative in Vietnam and Southeast Asia region.
T&T Group signed MoU with EABU.
|
Minister of Industry and Trade Tran Tuan Anh said Vietnamese enterprises play an essential role in promoting cooperation between Vietnam and Russia, and in this case, T&T.
To fulfill the target of taking the bilateral trade turnover between Vietnam and Russia to US$10 billion by 2020, the government expected more to follow T&T’s footstep.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
20:15, 2024/08/11
Growing number of FDI firms moving to Vietnam
Over the past 20 years, Vietnam has emerged as a significant manufacturing hub, deeply integrated into global supply chains.
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years
- Vietnam to set up cultural heritage conservation fund