13 Norwegian companies exhibited at the 9th Vietnam Oil & Gas Conference & Expo from the 27th to the 29th of October, 2011, hosted by Petrovietnam. 9 of those Norwegian companies chose to exhibit through the Norway Official Pavilion, which saw a high number of visitors throughout the Expo.
Honorary Consul Arild Haugan and Ambassador Ståle T. Risa at the Vietnamese Oil & Gas Expo 2011. Photo: Kjell Arne Nielsen/Innovation NorwayHigh growth
Some of the Norwegian companies present at the Expo are already active in Vietnam, like DNV (Det Norske Veritas), while others, like Argus Remote Systems, are looking into the possibility. Vietnam has been one of the fastest-growing economies in the world over the last ten years, and the oil and gas sector is one of the main growth drivers. Vietnam is a young oil and gas nation, but has quickly leapt to becoming the third largest oil producer in the South-East Asian region, producing about 400,000 barrels per day, and almost 10 billion cubic metres of natural gas per year.
Ambassador Ståle T. Risa and Commercial Counsellor Kjell Arne Nielsen (2nd row, 2nd and 3rd from the left) were present at the opening of the Oil & Gas Expo. Photo: Do Anh Tuan/Innovation Norway- The timing is very good
Both sectors are expected to continue their expansive growth in the years to come, which helps to explain the growing interest from Norwegian and other companies. Frode Korneliussen, Managing Director in Argus Remote Systems, sees many interesting aspects in Vietnam.
- The timing is very good now, Korneliussen explains.
- Vietnam is a young oil nation, with a high demand for capital and technology input, and there are relatively few relevant companies here at the moment, he says.
Argus Remote Systems develops and manufactures Electrical Remotely Operated Vehicles (ROVs), and Korneliussen sees Vietnam as a potential market both for buying inputs to the company's production line and for selling the final output, the ROVs.
SPT Group was one of the Norwegian companies attracting a lot of attention at the Oil & Gas Expo. Photo: Kjell Arne Nielsen/Innovation NorwayBusiness programme adds value
The company is one of several to recently have joined Norad's Business Match Making Programme Vietnam - Norway, which is administered by Innovation Norway. The programme facilitates the identification of and contact with potential business partners for Norwegian companies in Vietnam. The opportunity to use Innovation Norway's knowledge of the domestic Vietnamese market was important for Argus' decision to go into Vietnam.
- It is definitely important. The Match Making Programme means that a lot of initial research and preparation is done for us; the efforts of Innovation Norway saves us a lot of research and travelling time, Korneliussen explains.
The Norad Business Match Making Programme Vietnam - Norway is growing year by year, as more and more companies realize the appeal of doing business in Vietnam, a fast-growing economy with relatively low labour costs, positioned between China and the rest of South-East Asia.
To read more about Innovation Norway and Vietnam as a potential business market, click here.