Vietnam has become a major destination for FDI in the Asia-Pacific region. Credit: Xita via Shutterstock.

Vietnam has called for investment from Saudi oil giant Saudi Aramco in its petrochemical and oil refinery projects, the government in Hanoi said in a statement.

The call for investment comes after a meeting between Vietnam’s Prime Minister Pham Minh Chinh, the Governor of Saudi Arabia’s sovereign wealth Public Investment Fund (PIF) Yasir Al-Rumayyan and CEO of the Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad in Riyadh.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

According to a government statement cited by Reuters, Chinh suggested a meeting between Aramco and Vietnam’s state oil firm Petrovietnam company officials to discuss details of the investment projects.

“Aramco is interested in exploring opportunities to invest in Vietnam, particularly in petrochemical and refinery projects,” the statement said.

Vietnam has lately managed to present itself as an increasingly attractive FDI destination for Western companies seeking to de-couple and de-risk their economies from China’s supply chain. In the first six months of 2023, Hanoi attracted over $10bn in FDI projects, a 0.8% increase from the previous year.

See Also:

In addition to the call for investment in the petrochemical and oil refinery industries, the Southeast Asian country has also proposed that Hanoi and Riyadh establish a joint investment fund similar to those set up between Saudi Arabia and other countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The PIF is one of the world’s largest sovereign funds, containing six investment portfolios, four local and two global. So far, the PIF has invested $160m through indirect investment in Vietnam.