Minister of Industry and Trade Lê Mạnh Hùng meets with the Essar Group to promote Vietnam–India cooperation in energy and biofuels. — VNA/VNS Photo

HÀ NỘI — Minister of Industry and Trade Lê Mạnh Hùng has held a working session with representatives from Essar Group, one of India’s leading multinational conglomerates operating in the four core sectors of energy, infrastructure, metals and mining, and technology and retail.

Hùng, who accompanied Party General Secretary and President Tô Lâm during the Vietnamese leader’s state visit to India, praised Essar’s interest, presence and long-term cooperation in Viêt Nam, particularly in the energy, oil and gas sectors.

He acknowledged the group’s cooperation activities with Vietnamese partners, as well as its orientation towards further expanding investment and collaboration in the coming period.

The two sides held in-depth discussions on prospects for cooperation in energy, oil and gas, biofuels and low-emission energy solutions. The minister noted that Việt Nam is improving its legal framework, implementing the national energy master plan and promoting a green and sustainable energy transition, thereby opening up broad opportunities for capable and experienced international enterprises such as Essar.

In the oil and gas sector, the minister stressed that Việt Nam is revising the 2022 Petroleum Law to establish a more transparent and favourable legal framework for oil and gas exploration and production activities. Việt Nam encourages capable investors to participate in oil and gas, energy and energy infrastructure projects in line with the national energy development strategy, while ensuring investment efficiency and compliance with Vietnam's law.

Regarding biofuels and bio-refinery development, Minister Hùng said Việt Nam is implementing its biofuel development roadmap to enhance energy security and environmental protection.

He hailed Essar’s experience in utilising agricultural by-products to produce energy, petrochemical products and chemicals, noting that this approach aligns with Việt Nam’s orientation towards sustainable development, the circular economy and energy transition in the coming period.

The Vietnamese official encouraged Essar to continue exploring investment opportunities in Việt Nam in areas such as biofuels, sustainable aviation fuel (SAF), green hydrogen and other low-emission energy solutions, while strengthening coordination with Vietnamese partners to study specific cooperation models suited to market demand and Việt Nam’s energy development orientations.

Essar’s leaders praised Việt Nam’s investment environment and market potential, while affirming the group’s desire to further expand long-term cooperation with Vietnamese partners in the fields of energy, oil and gas, and biofuels.

Both sides agreed that given Việt Nam’s substantial energy development needs in the coming years, together with the trend towards green transition and sustainable development, there remains significant room to expand cooperation between Vietnamese enterprises and Essar in such areas as oil and gas, biofuels, energy infrastructure, low-emission energy and technological solutions serving energy transition. — VNA/VNS