Vietnam and the Netherlands signed a memorandum of understanding (MoU) on energy

Vietnam and the Netherlands signed a memorandum of understanding (MoU) on energy, in the Hague in 2011, creating a firm legal framework for bilateral cooperation in this field.

Effective implementation of the MoU shows the two governments’ determination in promoting energy cooperation, said Vietnamese Deputy Minister of Industry and Trade Le Duong Quang at the Netherlands-Vietnam energy forum in Hanoi on June 17.

Quang said Dutch energy businesses which specialize in high tech, oil & gas, petrochemical supply, and renewable energy will find plenty of opportunity for cooperation in Vietnam – a market with huge oil & gas reserves and an increasing demand for energy.

Vietnam can supply fuel for biomass production to Dutch renewable energy businesses, he said, adding that the country has a high demand for human resource training in the energy sector, particularly oil & gas.

The Vietnamese Government is committed to creating optimum conditions for expanding cooperation in this field, Quang stressed.

Participants at the forum agreed that ministries and businesses from both countries need to boost cooperation in other areas. Currently, the major Dutch groups, such as Shell, Philip and Heineken are operating in Vietnam.

According to the Dutch Advanced Energy Technology International (AETIN), the Netherlands ranks first in the world in designing and building oil & gas and maritime infrastructure. It is the world’s second largest oil & gas centre exporting petrochemical products.

Last year, the two countries marked the 40th anniversary of diplomatic ties. Two-way trade turnover tripled from US$1.2 billion in 2006 to more than US$3.6 billion in 2013.

The Netherlands is the second largest consumer of Vietnamese goods in Europe, after Germany. It is also the leading European investor in Vietnam with 192 projects worth nearly US$6.3 billion (by December 2013).

Source: VOV news

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