Petrovietnam deepens partnership with China in fibre, petrochemical production

Hanoi, October 17 (VNA) – A delegation from the Vietnam National Industry - Energy Group (Petrovietnam) led by Dr Le Xuan Huyen, Deputy General Director, has visited and held discussions at the headquarters of China's Xinfengming Group (XFM).

The delegation included representatives from Petrovietnam’s specialised units, the Vietnam Petrochemical and Fibre Joint Stock Company (VNPOLY), and Petrovietnam Fertiliser and Chemicals Corporation (PVFCCo).

XFM is one of China’s leading enterprises in the PTA/polyester fibre production chain, with total assets valued at 7.5 billion USD. In 2024, it achieved 9.5 billion USD in revenue, with annual production capacities of 8 million tonnes of PTA, 1.3 million tonnes of PSF fibre, and 8.4 million tonnes of polyester yarn. Its products mainly serve the Chinese market and are also exported to multiple countries, including Vietnam.

During the meeting, Petrovietnam and XFM leaders discussed cooperation in polyester fibre production with VNPOLY at the Dinh Vu Fibre Plant and explored other opportunities across the polyester fibre production chain.

Deputy General Director Dr Le Xuan Huyen praised XFM’s goodwill and collaborative spirit, emphasising that it lays a solid cornerstone for a long-term and mutually beneficial partnership.

On behalf of Petrovietnam leaders, he invited XFM’s senior leadership to visit Vietnam to continue discussions and turn previously exchanged ideas into concrete collaboration activities.

The meeting opened prospects for practical cooperation between Petrovietnam and XFM in polyester fibre production.

Both sides agreed to create a foundation to promote deeper collaboration in petrochemical and chemical manufacturing, in line with Petrovietnam’s strategic direction of expanding partnerships with major global corporations, thereby enhancing the group's international profile and implementing its sustainable development strategy in the new phase./.