HANOI (Aug 27): Petroliam Nasional Bhd (Petronas) can further deepen its cooperation with Vietnam Oil and Gas Group (PetroVietnam), Prime Minister Tun Dr Mahathir Mohamad said today.

“Malaysia’s Petronas is already active in Vietnam but there is room for more cooperation between PetroVietnam and Petronas,” he said at a joint press conference with Vietnam’s Prime Minister Nguyen Xuan Phuc in Hanoi today.

Dr Mahathir arrived in Hanoi on Monday night for a three-day official visit to the socialist republic at the invitation of his counterpart.

Petronas first ventured into Vietnam in 1991.

It recently signed a binding Heads of Agreement (HoA) with PetroVietnam for the sales and purchase of additional gas from Block PM3 CAA, Malaysia to Ca Mau Province, Vietnam, in support of the country’s plan to spur its economic growth in its South West region.

Speaking at the event on March 21, 2019, Petronas vice president of Malaysia Petroleum Management (MPM), Muhammad Zamri Jusoh said: “The signing of today’s agreement is a testimony of Petronas’ commitment to support the gas industry’s growth as well as boosting the socio-economic growth for both Malaysia and Vietnam.

“This agreement also further enhances our long-term partnership with Vietnam and we look forward to continued collaboration,” he added.

The last time Dr Mahathir embarked on a working visit to Vietnam was in 1998 to attend the ASEAN Summit, and both countries have established diplomatic ties since 1973.

Vietnam is an important economic partner to Malaysia. Malaysia and Vietnam are set to achieve US$15 billion (RM63 billion) worth of trade by next year compared to US$13.3 billion (RM55.7 billion) last year.