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PVN inks deal with province
The Viet Nam National Oil and Gas Corporation (PVN) and the People's Committee of Nam Dinh Province agreed on a comprehensive co-operation plan on Mar. 18.
The agreement is to make the most of the strengths of both parties, and promote PVN investments in its Nam Dinh-based units.
According to the agreement, the petroleum corporation will create favourable conditions for its subsidiaries to partner with local enterprises in investing into projects of mutual interest located in Nam Dinh. The PVN will draw up plans to boost production and business activities in the province, including liquefied petroleum gas, fertiliser and petroleum purchases, construction of commercial and service centres, and supporting the province with social welfare programmes.
Initially, the PVN will direct its member units to focus on the implementation of six projects in Nam Dinh, in collaboration with the Viet Nam National Textile and Garment Group, Thien Truong Company Ltd. Among these, two are real estate projects, including a five-star hotel and a commercial centre in the Hoa Vuong urban area.
As for the People's Committee of Nam Dinh, it aims to speed up site clearance and other necessary procedures, which will help the implementation of PVN's projects.
The co-operation between Nam Dinh Province and the Vietnamese oil and gas giant will bring significant benefits for both sides.
A source from the PVN said it would be allowed to open more petroleum businesses in the city of Nam Dinh as planned by the provincial People's Committee. The group will also facilitate its green energy programmes.
Pham Hong Ha, Nam Dinh's Party Committee Secretary, said the province was facing low socio-economic indicators compared to the rest of the Hong (Red) River Delta, while its goals were to become a model urban area.
PVN's investment in Nam Dinh would act as a major motivation to help the province achieve its goals and improve competitiveness.
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