Taiwan’s CPC Taiwan Corporation and Vietnam’s SOVICO Group signed a memorandum of cooperation to expand the investment and trade territory of the new South-facing countries

Taiwan’s China National Petroleum Corporation signed a memorandum of cooperation with SOVICO Group today (20). It was signed by General Manager Li Shunqin and SOVICO Group President Ruan Qingxiong. Chairman Dai Qian participated in the testimony. Executive Yuan Political Committee Member Deng Zhenzhong and Taipei Vietnam Office Representative Chen Weihai were also invited to watch the ceremony; in the future, the two parties will jointly assess and cooperate on oil and gas exploration, oil and petrochemical trade, lubricants distribution, and related investment opportunities, and continue to explore business opportunities in Vietnam and Southeast Asian countries.

SOVICO Group was founded by Nguyen Thi Phuong Thao and is a well-known local company in Vietnam. It has more than 20 investment businesses under its umbrella, covering aviation (Vietjet), oil trading and gas stations (PV Oil), real estate (Dragon City Development Project, Hotel), Bank (HD Bank), and other diversified businesses, and actively expand renewable energy and power generation businesses. Among them, VietJet Air is the airline with the most flights between Taiwan and Vietnam and was also selected as the top 50 best companies in Vietnam, with a market value of more than US$1 billion (about TWD 30 billion).

After signing the cooperation agreement, Taiwan’s CPC Taiwan Corporation will build its own business and cooperate with SOVICO Group in the fields of oil and gas exploration, petrochemical trading, lubricant distribution, etc., in order to open expand the investment territory of the new country to the south; efforts to implement the core concept of the New Southern Policy of “long-term intensification, diversified development, and win-win”, strengthen local cooperation with Vietnam, and promote two-way exchange on land. develop local industry, recruit talents and human resources, and create a model of win-win and win-win cooperation.

Taiwan’s CPC Taiwan Corporation stated that Vietnam is a country with great development potential, with an economic growth rate of 6% in recent years, and is optimistic about Vietnam’s potential. Actively responding to the government’s new southward policy, Taiwan’s PetroChina currently owns two reinvestment companies in Haiphong in North Vietnam and Dong Nai Province in South Vietnam, including Taiwan Petroleum and Maixhub. Maxihub Co., Ltd just held a groundbreaking ceremony this January 2018. It combines domestic petrochemical companies-Hesheng Storage Company and Hexing Petrochemical Company, mainly engaged in lubricant production and solvent and chemical storage receiving stations, and is currently building factories, etc. Work, the operator is scheduled to transfer in 2020. Another Taiwan Strait Petroleum Company was established in 1994. It is a combination of Taiwan Petrochemical Synthesis, Qingfeng Huanyu, and Vietnam HPI, and is mainly engaged in the sale of liquefied petroleum gas (LPG)