Party chief Tô Lâm and representatives of top Azerbajian's enterprises at the meeting on May 8. — VNA/VNS Photo

BAKU — General Secretary of the Communist Party of Việt Nam Central Committee Tô Lâm has affirmed that Việt Nam always treasures and is willing to strengthen cooperation with Azerbaijani enterprises across all sectors, particularly in the fields of energy, mining, finance, banking, infrastructure development, and real estate.

At a meeting with leaders of several prominent Azerbaijani companies and corporations operating in the fields of oil and gas, mining, and finance, on May 8 morning (local time) as part of his state visit to the Central Asian nation, the Vietnamese Party leader praised the important role and contributions of these firms to Azerbaijan's socio-economic development, as well as their efforts to promote substantial cooperation with international partners, including Việt Nam.

Lâm emphasised that his visit aims to further strengthen effective partnership across various fields, with economic cooperation being a key pillar. He noted that current cooperation has yet to match the potential and the strong political ties between the two countries.

Regarding oil and gas cooperation, he stressed that Azerbaijan became the first to partner with Việt Nam in oil exploration after President Hồ Chí Minh’s visit to offshore oil rigs of Azerbaijan and his call for cooperation with the Central Asian nation in 1959. Thanks to President Hồ Chí Minh’s vision, oil cooperation became a strategic direction in the bilateral relations.

Oil and gas cooperation between the two countries has developed well, Lâm said, highlighting strong trade relations between the two nations, with great-value contracts signed between their oil and gas corporations. The bilateral cooperation now goes beyond exploration, exploitation and processing, expanding into energy and non-oil sectors, he added.

On that basis, the Party chief stated that Việt Nam wants to invest in oil fields in Azerbaijan and continue importing petroleum products for its refineries, and liquefied gas for its power plants.

He revealed that Việt Nam is pursuing high-speed economic growth and is in great need of financial resources, including funding from foreign investment funds. He expressed his confidence that with missions and operational goals of AzerGold CJSC and the State Oil Fund of the Republic of Azerbaijan (SOFAZ)’s, Việt Nam's projects would meet its criteria. He also noted that, in addition to state-owned enterprises, millions of private businesses in Việt Nam are seeking capital from financial investment funds.

Praising AzerGold’s experience and mining capabilities, as well as its upcoming projects, the Party leader affirmed that Việt Nam will create the most favourable conditions for its investment projects in the Southeast Asian country, ensuring stability and long-term prospects. He stressed that the success of Azerbaijani businesses will make a positive contribution to the bilateral cooperation.

Zakir Ibrahimov, Chairman of the Executive Board of AzerGold, highlighted the strong diplomatic relations between the two countries based on mutual respect, noting that the determination of senior leaders of both nations has created favourable conditions for the bilateral cooperation.

He proposed cooperation with Vietnamese enterprises in mining, expressing his desire for businesses of the two countries to exchange information and establish cooperation mechanisms.

Meanwhile, Kanan Najafov, Vice-President of the the State Oil Company of Azerbaijan Republic (SOCAR), stated that the firm operates in all areas related to oil, gas, and energy and it is expanding into new areas, including retail.

The company desires to increase crude oil exchanges, supply gas and liquefied natural gas (LNG) to the Petrovietnam Gas Joint Stock Corporation (PV GAS), and join LNG-fueled power projects in Việt Nam, he said, expressing his belief that this will be a good opportunity for cooperation for his firm to become a reliable partner with the Vietnamese company.

Bahruz Bahramov, deputy CEO of SOFAZ, said the fund is tasked with managing and efficiently using the country’s financial resources and financing major projects. He showed his desire to strengthen cooperation with Asian countries, particularly Việt Nam – a dynamically developing economy. — VNS