The new company, Petrolimex Singapore Pte Ltd, will focus on developing bunker services, studying the Singaporean market and will look for potential partners in the country.
"The total capital of the company is about US$15 million. Basically, all of the current activities that the branch office has been carrying out will remain, but now will be further expanded," said Nguyen Ba Tung, head of Petrolimex's Financial Division.
Petrolimex had opened a representative office in Singapore in 1997.
Seven years later, it was developed into a branch office and now it is an official member company.
"We will be more active as a company. It will help us to better organise our institution," Tung said, adding that Petrolimex is now studying methods in order to set up appropriate business targets for the new company.
Petrolimex is a State-owned corporation that works in 12 fields, however the company primarily works in petrol development.
With 67 member companies in 62 out of the country’s 63 provinces and cities 1,800 petrol stations nationwide, the company plays a key role in the Vietnamese petrol market.
Petrolimex Singapore aims mainly to develop business in petroleum, provide the bunker service, do market research and seek partners to ensure the source for the Petrolimex, and at the same time, develop goods trading activities and other petroleum-related service.
Bui Ngoc Bao, Petrolimex's general director said: “The establishment and development of the member company of the Petrolimex in Singapore have confirmed the Petrolimex’s constant growth and showed that the corporation is capable of reaching big markets in the region and in the world as a whole. This is also a firm premise for the next development steps in building its establishments in key positions capable of getting high profit”.