A top Vietnamese leader has invited Gulf Development Plc, Thailand's largest energy company by market value and a major telecoms operator, to expand its energy businesses in Vietnam.
Vietnam President Tô Lâm was in Thailand meeting business leaders and encouraging them to expand high-quality investment in strategic sectors to support sustainable development in Vietnam.
He called on Gulf to advance projects in line with environmental and social responsibility standards, while ensuring commitments to technology transfer and workforce training, according to news agency VietnamPlus.
Vietnam is ready to facilitate capable investors with long-term visions and extensive experience, said Mr Lam.
Sarath Ratanavadi, chief executive of Gulf, expressed the group's desire to become a long-term strategic partner of Vietnam.
He said the company aims to strengthen national energy security through investments in liquefied natural gas (LNG) and renewable energy projects.
Gulf is a key LNG trader and renewable energy developer in Thailand.
Mr Sarath said earlier natural gas remains a cornerstone of global power generation despite mounting concerns over LNG shortages linked to tensions in the Middle East.
Speaking during the company's annual general meeting of shareholders, he said while global supply is tight, new LNG sources have entered the market in recent years, helping to cushion the impact.
Gulf has received very little impact from LNG disruptions, said Mr Sarath, as the company diversified purchases to countries outside the Middle East, particularly Nigeria.
Gulf holds one of six LNG trading licences in Thailand, with approval to import up to 7.8 million tonnes annually. Last year the company imported 3.7 million tonnes.
The company is aggressively expanding its portfolio, with 16,000 megawatts of installed capacity and 9,000MW under development.
Gulf aims to increase the share of renewable energy in its portfolio to more than 40% by 2033, up from 17% currently.
