BRG Group, VNPT Group, Sumitomo Group and Seabank were granted co-operation agreements in fintech and smart city sectors. — VNS Photo

Vietnamese BRG Group, VNPT Group, Japanese Sumitomo Group and Vietnamese Seabank on Monday were granted co-operation agreements in fintech, developing smart cities and other projects on the occasion of Prime Minister Nguyen Xuan Phuc’s participation in the 14th G20 Summit in Japan.

The participation of four big firms from the two countries aimed to ensure success of the projects as they have strong potential and advantages in developing large-scale projects.

In the fintech sector, they have agreed to develop modern e-financial methods to realise non-cash payment in Viet Nam. The country has the potential to develop its non-cash payment sector, with the potential of reaching US$12.33 billion by 2022, according to market research firm Statista.

In addition, co-operation in the fintech sector would bring good experiences and convenience to customers while enhancing accessibility to diversified and transparent financial services, thus reducing risks.

In the smart city sector, the co-operation would contribute to developing urban areas in Viet Nam as well as enhancing the two countries’ relationship.

Nguyen Thi Nga, chairwoman of BRG Group, said fintech has seen achievements in recent years. Its applications have helped resolve diversified demands with many changes in the Fourth Industrial Revolution (Industry 4.0). Big groups have invested in the sector as a common trend around the world.

“The participation of BRG Group, VNPT Group and Sumitomo Group with experiences in technologies and operation would help smart cities in Viet Nam soon become operational, bringing new momentum to the country’s socio-economic development,” Nga said.

A smart city along Nhat Tan- Noi Bai road has been developed by BRG and Sumitomo groups with total investment of $4.2 billion.

Pham Duc Long, VNPT’s general director said they would apply their smart city solutions and infrastructure telecom and IT to help the project become one of models in implementing smart city in Viet Nam.

Cooperation in LNG & gas research

A memorandum of understanding (MoU) on co-operation in research in the field of liquefied natural gas (LNG) and gas in Viet Nam was signed between the Viet Nam National Petroleum Group (Petrolimex) and the JXTG Tsutomu Sugimori Group of Japan in Ha Noi on the same day.

The signing was carried out in the framework of the Viet Nam-Japan investment promotion and business connection conference, jointly held by the Ministry of Planning and Investment and the Japan External Trade Organisation (JETRO).

The Japanese group is currently a strategic shareholder and holds an 8 per cent stake in Petrolimex.

The MoU is a foundation for the two sides to work together to develop a detailed report on LNG and gas in Viet Nam, serving an upcoming LNG project of Petrolimex.

Petrolimex will focus on building an LNG port in central Khanh Hoa Province.

Previously, Petrolimex also signed an MoU with Viet Nam Electricity (EVN) on co-operation in developing clean energy. Accordingly, Petrolimex will supply LNG to power plants built by EVN in Khanh Hoa.

On this occasion, Petrolimex and the Japan Cooperation Center Petroleum (JCCP) also inked an MoU, which is considered a significant step in bilateral co-operation that has been built up by Petrolimex and the JCCP since 2011.

The co-operation focuses on human resources and technical development in the medium- and down-stream oil and gas industry, as well as in other relevant fields, to meet the demand of real development and new energy trends. — VNS