Russia’s Gazprom to support Vietnam growth with LNG supply: exec

Russian state-owned energy giant Gazprom will support Vietnam’s socioeconomic growth with LNG supplies, vice chairman Vitaly Markelov said Tuesday.

Meeting with Vietnamese National Assembly Chairman Tran Thanh Man who visited Russia from September 8-10, Markelov said Gazprom also aimed to cooperate with Vietnamese partners, including state-owned Petrovietnam, in technical-scientific research, exploration and exploitation.

He said the time was right for Gazprom and Vietnamese partners to step up cooperation.

For his part, Man said the National Assembly, Vietnam’s highest legislative body, will facilitate cooperation between businesses of both nations. The National Assembly and the Government always worked to ensure legitimate rights of investors in long-term operations, he added.

With Vietnam-Russia trade reaching a modest figure of $2.7 billion in the first half of this year, the potential for further growth was high; and oil-gas and energy activities can boost the figure to $10 billion by 2030, Man said.

Man also met with Novatek chairman Leonid Mikhelson. He called on Novatek and Petrovietnam to strengthen their cooperation with detailed plans in line with Vietnam’s legal framework and international law.

He said the National Assembly was considering changes to the Electricity Law to facilitate foreign investors and develop a transparent and competitive market.

Novatek is Russia's second-largest natural gas producer, behind Gazprom.

Until last month, PV Gas, a subsidiary of Petrovietnam and listed on the Ho Chi Minh Stock Exchange (HoSE) as GAS, was the first and only firm in Vietnam with a license to import and export LNG. Local firm Hai Linh Company Limited became the second licensed firm last month.