Vietnam, Japan forge 25-year oil and gas partnership
Vietnam and Japan signed a landmark 25-year production sharing contract (PSC) for oil and gas exploration in Block 15-2 of Cuu Long basin in Vietnam’s southern waters on Monday.

At the signing ceremony of the 25-year production sharing contract (PSC) for oil and gas exploration in Block 15-2, March 31, 2025. Photo courtesy of VNA.
The contract, secured by state-run Petrovietnam, Japan Vietnam Petroleum Company Limited (JVPC, a wholly-owned subsidiary of Japan’s ENEOS Xplora), and PetroVietnam Exploration Production Corporation (PVEP), will begin on April 7, 2025.
At the signing ceremony, Deputy Prime Minister Bui Thanh Son laid stress on the significance of foreign investments to Vietnam’s key economic sectors, particularly in oil and gas exploration.
He said cooperation with foreign partners, including Japanese firms boasting advanced technologies, not only facilitates new technology transfer for the oil and gas sector but also helps Petrovietnam establish its position on the global oil and gas map.
Son noted the Block 15-2 contract is a crucial step after the 2022 Law on Oil and Gas took effect, urging contractors to carry out their commitments to maximize the productivity of the block as well as enhance oil recovery rate – an important task to ensure energy security.
He stated that the collaboration between Petrovietnam and Japanese partners over the past years has made significant contributions to the comprehensive and deep relationship between Vietnam and Japan.
He asked PetroVietnam to work with competent sides to study and pen initiatives facilitating both domestic and foreign investments while removing bottlenecks for the investors in the spirit of harmonious benefits and shared risks.
Meanwhile, Deputy Minister of Industry and Trade Nguyen Hoang Long affirmed that the signing of the PSC leverages existing infrastructure and experienced personnel, allowing for efficient resource extraction.
This initiative will contribute to the Government's double-digit growth targets from 2025 onward while strengthening economic cooperation – an important pillar in the comprehensive strategic partnership between Vietnam and Japan.
Additionally, maintaining operations in Block 15-2 and other petroleum activities on Vietnam's continental shelf helps affirm the country's sovereignty, sovereign rights, and jurisdiction in the East Sea, he added, expressing his hope that the contractor consortium will achieve further success in the coming years, including the discovery of commercial oil and gas flows at the Dong Son structure in Q3/2025.
Japanese Ambassador to Vietnam Ito Naoki praised the cooperation between the two countries, emphasizing that energy cooperation projects are crucial as Vietnam continues its economic growth and industrial development toward becoming a high-income country by 2045.
The ambassador expressed confidence that reforms initiated by Party General Secretary To Lam to simplify administrative procedures and accelerate decision-making will improve the investment environment and promote business expansion by Japanese companies within the framework of the comprehensive strategic partnership for peace and prosperity in Asia and the world.
Based on Article 40 of the 2022 Law on Oil and Gas, the contractor consortium had proposed signing a new petroleum contract for Block 15-2. The contract aims to continue petroleum operations and enhance research and application of new technological solutions to maximize resource utilization in accordance with Vietnam's needs.
Under the new PSC framework, the JVPC will retain a 45% participating interest and continue as operator, while the PVEP holds the remaining stake.
- Read More
New Vietnam-China int'l road transport route opens
Convoys carrying electronic components, fresh vegetables, and daily necessities departed simultaneously from Nanning in south China's Guangxi Zhuang Autonomous Region and Kunming in southwest China's Yunnan province on Wednesday morning, heading for Hanoi, the capital of Vietnam.
Southeast Asia - Thu, May 15, 2025 | 10:34 pm GMT+7
Indonesia’s rice reserve set to hit record 4 mln tons
Indonesia’s rice reserves are on track to surpass 4 million tons, setting an all-time high after reaching a new record of 3.7 million tons in mid-May.
Southeast Asia - Thu, May 15, 2025 | 10:24 pm GMT+7
China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam
Huadian Group, a wholly state-owned company of China, is keen to further invest in Vietnam’s renewable energy sector.
Energy - Thu, May 15, 2025 | 9:40 pm GMT+7
Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital
Vietnam's macroeconomic indicators remained broadly positive, with both trade and FDI attraction performing well in the first four months of the year, write Dragon Capital analysts.
Economy - Thu, May 15, 2025 | 5:47 pm GMT+7
'How many new jobs created’ should be new KPI for local governments: VCCI leader
With a shift in thinking about the role of the private sector, local governments may soon prioritize creation of new jobs and businesses over traditional growth metrics, according to Dau Anh Tuan, deputy secretary-general of the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Thu, May 15, 2025 | 5:23 pm GMT+7
Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally
Herbalife, a global multi-level marketing corporation selling dietary supplements, recorded $75.4 million in net sales in Vietnam in the first quarter of 2025, according to the firm’s report.
Companies - Thu, May 15, 2025 | 5:01 pm GMT+7
Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity
Nitto Vietnam, a subsidiary of Japan’s multi-sector corporation Nitto Denko, has decided to raise the investment in its Hung Yen province-based plant by $28 million to $160 million.
Investing - Thu, May 15, 2025 | 3:58 pm GMT+7
UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections
The Embassy of the United Arab Emirates (UAE) in Hanoi and the Vietnam's Association of Foreign Invested Enterprises (VAFIE) on Wednesday agreed to jointly deploy specific measures to lift trade and investment ties between the two countries.
Companies - Thu, May 15, 2025 | 2:37 pm GMT+7
Turbulent times of Vietnam's food giant Kido
Profits of Kido Group, a leading food company in Vietnam, have been lower than its leaders' expectations in the past few years, with its real estate investment and divestment from Kido Foods not being smooth sailing.
Companies - Thu, May 15, 2025 | 2:27 pm GMT+7
Impact of US tariffs on Vietnam’s textile, clothing and footwear sector
The adjustments in the U.S. tariffs are poised to reshape Vietnam’s textile, clothing and footwear industry, prompting businesses to reassess their strategies and operations, write Assoc. Prof. Rajkishore Nayak and Corinna Joyce from the Fashion Enterprise program at RMIT University Vietnam.
Consulting - Thu, May 15, 2025 | 8:17 am GMT+7
Malaysia-EU FTA expected to promote ASEAN-EU ties
The EU is placing high expectations on the Free Trade Agreement (FTA) with Malaysia as a central pillar in its strategy to strengthen relations with the Association of Southeast Asian Nations (ASEAN) amid escalating global uncertainties.
Southeast Asia - Wed, May 14, 2025 | 10:17 pm GMT+7
Malaysia works hard to expand semiconductor ecosystem
Malaysia needs to broaden its manufacturing ecosystem beyond assembly lines and semiconductors to fully capitalize on foreign investments, towards becoming a more complete manufacturing hub.
Southeast Asia - Wed, May 14, 2025 | 10:14 pm GMT+7
Vietnam's Phu Quoc airport to undergo major upgrade ahead of APEC 2027
Phu Quoc International Airport in the southern province of Kien Giang will be expanded and upgraded to support local economic development, while ensuring transport infrastructure for hosting the 2027 APEC Economic Leaders' Week.
Travel - Wed, May 14, 2025 | 9:57 pm GMT+7
Banks cut staff, transaction branches amid accelerating digital transformation
A series of banks have announced plans to cut staff and transaction offices, setting off a wave of job losses in the banking industry that has been considered one of the hottest professions in recent years.
Companies - Wed, May 14, 2025 | 9:51 pm GMT+7
Malaysia’s maritime sector struggling due to new US tariff policy: expert
Malaysia’s maritime sector, particularly seaport transportation, faces mounting pressure from the U.S.’s tariff policy.
Southeast Asia - Wed, May 14, 2025 | 9:40 pm GMT+7
VinSpeed registers $60.24 bln investment for Vietnam's high-speed transnational railway
VinSpeed High-Speed Rail Investment and Development JSC, a subsidiary of private conglomerate Vingroup, on Wednesday announced its registration to invest in Vietnam’s North-South high-speed railway project.
Companies - Wed, May 14, 2025 | 9:24 pm GMT+7