President of Vietnam Met with the Leaders of Azerbaijani Public Companies

On May 8, as part of his visit to Azerbaijan, the Secretary General of the Central Committee of the Communist Party of the Socialist Republic of Vietnam, To Lam, met with the leaders of companies and funds representing the state.

The meeting was attended by the Chairman of AzerGold CJSC’s Board, Zakir Ibrahimov, the heads of the State Oil Company of the Republic of Azerbaijan and the State Oil Fund of the Republic of Azerbaijan, and representatives of the Ministry of Industry and Trade of Vietnam.

Secretary General To Lam provided extensive information on the investment environment, tax system, and mineral resources in his country. It was noted that the President of Vietnam last visited Azerbaijan in 1969.

“Many specialists working in Vietnam's oil and gas industry received higher education in Baku. Despite a long history of relations between Azerbaijan and Vietnam, today there is a need to further expand mutual economic ties. Azerbaijan has great economic potential, and therefore, Vietnam considers cooperation with Azerbaijan as part of its strategic-political agenda. We are cooperating in the field of oil and gas. Azerbaijan’s SOCAR and the Vietnam National Oil and Gas Group (PetroVietnam) have signed a Memorandum of Understanding. This document will give a strong impetus to the development of mutually beneficial cooperation in the energy sector between our countries,” To Lam stressed.

The Secretary General noted that they also intend to cooperate with Azerbaijan in the field of alternative energy production, “Vietnam’s geographical position allows for generating solar and wind energy. Therefore, Azerbaijani companies can invest in the production of environmentally friendly energy in Vietnam. Currently, Vietnam’s relevant government structures are considering the issue of investing in Azerbaijan. Mutual investments will strengthen the economic and political cooperation of our countries.”

To Lam also highly praised the activity of the State Oil Fund of Azerbaijan and stated that they would use this experience. It was noted that in Vietnam, along with public companies engaged in the extraction of mineral resources, there are also private companies ready to cooperate and interested in investing in this field.

The Secretary General also mentioned that extensive reforms are currently being implemented in his country, which will create an even more efficient investment environment.

Speaking at the meeting, the Chairman of AzerGold CJSC’s Board, Zakir Ibrahimov, stated that the relations between our countries in the political, economic, trade, scientific, technical, and other fields are developing progressively based on mutual respect, high trust, and strong friendship. It was noted that the relations, built on a firm basis, are further strengthening and developing today due to the political will of President of Azerbaijan, Ilham Aliyev, and General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam.

Zakir Ibrahimov also provided information on the activity of AzerGold CJSC, a state-owned company specialized in the mining sector, and emphasized that, in line with the development strategy adopted by the CJSC, they are interested in establishing cooperation relations and expanding their operations not only in Azerbaijan but also beyond its borders. It was noted that since 2022, the Company has started active work in foreign countries. In this context, the possibility of establishing cooperation relations in mining and geology between AzerGold CJSC and the respective public institutions and companies of the Socialist Republic of Vietnam, which has rich mineral reserves, was emphasized. Herewith, it was highlighted that new cooperation opportunities can be established in the implementation of projects based on technology transfer, specialist training, and sustainable development principles.

The meeting continued in a mutual discussion format.