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.
Launching ceremony of T&T Russia.
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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.
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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.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- 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