OREANDA-NEWS. Honeywell recently signed a Memorandum of Understanding (MOU) that deepens its relationship with Petrovietnam, Vietnam’s leading oil and gas group. Under the terms of the MOU, Honeywell will be able to provide professional consulting services and advice to Petrovietnam and its subsidiaries for future investment projects, as well as support Petrovietnam in engineering design and economic and technical project feasibility studies for all of its facilities.

The theme of strengthening ties was echoed by President Obama, who visited Vietnam at the same time to meet with Prime Minister Nguyen Xuan Phuc.

The MOU signing took place at an event jointly hosted by the American Chamber of Commerce and the Vietnam Chamber of Commerce and Industry (VCCI) called, “Taking the Trade and Investment Relationship to the Next Level.” More than 300 participants attended the event, including U.S. and Vietnamese entrepreneurs, major local media and representatives from both countries’ governments including U.S. Sen. Tom Carper of Delaware and U.S. Ambassador to Vietnam Ted Osius. 

“The increasing cooperation between Honeywell and Petrovietnam is critical not only to our two companies, but to our two countries,” said Mai Trang Thanh, president of Honeywell Indochina. “We are greatly honored that our advanced technologies and services can play a part in Vietnam’s development into a safer, more secure and energy-efficient country.”

Petrovietnam (also known as Vietnam Oil and Gas Group) is a state-owned company that provides all of Vietnam’s oil and gas resources, as well as producing oil and power.

“Honeywell is an important partner to oil and gas companies in Vietnam over the last two decades and this MOU marks another significant milestone in that relationship,” said David Low, vice president and Asia general manager at Honeywell.