Hanoi (VNA) – The Vietnam National Petroleum Group (Petrolimex) and Sun Group signed a strategic cooperation agreement on September 22, laying out a framework to pool resources across energy, petrochemicals, green energy infrastructure, finance, banking, insurance, trade, services and other shared ventures.
Petrolimex also signed a separate strategic cooperation agreement with the National Citizen Commercial Joint Stock Bank (NCB) covering finance and banking, while Petrolimex Aviation and Sun PhuQuoc Airways signed a Memorandum of Understanding to expand cooperation in aviation fuel.
The Petrolimex - Sun Group agreement centre on three areas: building an integrated energy supply chain spanning petroleum, petrochemicals, gas, aviation fuel and green energy infrastructure; maximising value through cooperation in finance, banking and insurance; and creating a shared customer ecosystem across services, trade, payments, while leveraging their respective brands and digital platforms.
In energy, Petrolimex and its member companies will study long-term, stable supply arrangements to support the investment, construction and operation of Sun Group's projects. The two sides will also explore ways for customers, partners and employees to use products and services across both ecosystems.
In green energy, the groups plan to study solutions to energy efficiency, electric vehicle charging stations, rooftop solar and integrated energy facilities at Sun Group project sites, with Phu Quoc first in line for pilot models.
Notably, Petrolimex and Sun Group agreed to expand group-level cooperation in sustainable aviation fuel (SAF) and jointly study ways to cut emissions and advance the energy transition in aviation.
The collaboration is built on voluntary participation, equality and mutual benefit, matched to what each side needs and can deliver. Specific projects will be assessed case by case, based on commercial terms, legal requirements and each party's approval process.
Under the group-level framework, Sun PhuQuoc Airways and Petrolimex Aviation will keep expanding aviation fuel supply cooperation and study fuel infrastructure development at airports, turning the broader Petrolimex-Sun Group aviation tie-up into concrete projects.
Under the Petrolimex-NCB deal, the bank will offer financial solutions to optimise capital efficiency and cash flow, along with banking products under preferential terms, including premium benefits through the Sun Group-NCB-Visa ecosystem.
NCB has committed to prioritising capital allocation and credit solutions for petroleum-sector projects run by Petrolimex and its member companies in partnership with Sun Group, a move expected to support both groups' projects and add value across the Sun Group-NCB-Petrolimex ecosystem.
Phu Quoc is among the locations Petrolimex and Sun Group have prioritised, starting with energy supply, aviation fuel, green energy infrastructure and services supporting tourism and aviation.
The tie-up comes as Vietnam prepares to host APEC 2027, with Phu Quoc set as the venue for the APEC Economic Leaders' Week. Petrolimex's supply, distribution and logistics network, combined with Sun Group's infrastructure, aviation, tourism and services ecosystem, is expected to provide additional resources for preparations and operations there.
According to the two groups, effective cooperation models will be studied for expansion to other suitable locations, particularly in energy, aviation, tourism and services, and green transition./.
