The cooperation agreement between Vietnam National Industry - Energy Group (Petrovietnam) and PetroVietnam General Services Corporation (PETROSETCO) establishes a long-term strategic partnership framework aimed at strengthening the energy services value chain while enhancing operational efficiency and the competitiveness of both parties.
The agreement was exchanged during PETROSETCO's 30th Anniversary Celebration, marking a new chapter of cooperation between the two organizations within Vietnam's energy ecosystem.
Under the agreement, Petrovietnam and PETROSETCO will collaborate in business areas aligned with each party's development strategy, functions, and responsibilities from time to time.
The partnership will be implemented on the principles of transparency, fairness, healthy competition, compliance with applicable laws and each party's internal regulations, while operating in accordance with market mechanisms to ensure economic efficiency.
Connecting Demand with Supply Capabilities
A key focus of the agreement is to facilitate PETROSETCO and its member companies' access to the demand for goods and services within Petrovietnam.
Petrovietnam will coordinate and provide the necessary support for PETROSETCO to participate in supplying appropriate products and services to the Group and its member units, in compliance with legal regulations, market principles, and economic efficiency requirements.
As part of the cooperation, Petrovietnam will consider utilizing PETROSETCO's core service capabilities, including logistics, integrated facility management, operation and maintenance services, manpower supply, procurement of materials and equipment, commercial distribution, and other support services for energy and oil & gas projects. The use of PETROSETCO's products and services will be based on efficiency, fair competition, and full compliance with legal and internal regulations.
Conversely, PETROSETCO will prioritize the use of products and services provided by Petrovietnam and its member units whenever they align with its business needs and internal policies. These include petroleum products, gas, electricity, fertilizers and chemicals, financial and banking services, insurance, transportation, logistics, maintenance and repair services, training, and other specialized services.
This two-way cooperation mechanism enables PETROSETCO to contribute its strengths to the Petrovietnam ecosystem while promoting greater utilization of products and services offered by the Group and its member companies.
Strengthening the Value Chain and Optimizing Resources
The agreement also provides for cooperation in improving supply chain efficiency, sharing market information, and exploring suitable cooperation models and business approaches.
Both parties will jointly study the development of integrated service packages to enhance service quality, reduce costs, and create greater value across the Petrovietnam ecosystem.
Beyond business operations, the cooperation will also extend to research and development, training, digital transformation, green transition, communications, and brand development, all of which will be implemented in compliance with applicable regulations and with a focus on effectiveness.
Through these key areas of cooperation—from service provision and product utilization to supply chain integration, research, training, and transformation—the agreement provides a solid foundation for Petrovietnam and PETROSETCO to implement concrete collaborative programs that leverage their respective strengths, optimize resources, and support sustainable development in the years ahead.