Signing a Memorandum of Cooperation between PV PIPE and HUSTEEL Co., LTD
Recently, at the headquarters of Vietnam Gas Corporation, a Memorandum of Cooperation (MOU) signing ceremony took place between Petrovietnam Steel Pipe Joint Stock Company (PV PIPE) and HUSTEEL Co., LTD. The signing ceremony was witnessed by representatives of leaders of Vietnam Gas Corporation - PV GAS.
On PV GAS's side, Mr. Nguyen Anh Tuan, Independent Member of the Board of Directors and Mr. Bui Ngoc Quang, Deputy General Director attended and witnessed the signing ceremony. On PVPIPE's side, attending the Signing Ceremony were Mr. Vu Ngoc Khuong - Chairman of the Board of Directors of the Company, Mr. Tran Dang Thuyet - Director of the Company. On the side of HUSTEEL Company, there were Mr. Hoon Park - Chairman of the Company, Mr. Yoong Soo Kim - Vice Chairman of the Company and Mr. Hee Woong Kang - Director of the Company and representatives of specialized departments from PV GAS, PV PIPE and HUSTEEL.
HUSTEEL is a famous Korean brand, specializing in manufacturing and selling liquid, gas or steam pipeline products to serve different types of services. The company sells its products in Asia, Africa, Oceania, Europe, North America and South America. The company was established in 1967 under the first name SHINHO STEEL Co., Ltd. and is headquartered in Seoul, South Korea.
Speaking at the Signing Ceremony, on behalf of PV PIPE Company, Chairman Vu Ngoc Khuong summarized the preparation process leading to this MOU Signing Ceremony and emphasized that the MOU will create a basis and premise to promote cooperation and business investment to enhance brand value while maximizing the benefits of all parties.
Through the MOU, PVPIPE will support HUSTEEL to develop its business in the Vietnamese market, including (but not limited to) specific activities such as: Promoting the sale of electric resistance welded steel pipes (ERW) and other products in HUSTEEL's main business fields in the Vietnamese market; Along with that, support HUSTEEL to buy back PV GAS's shares at PV PIPE to upgrade current capacity or equip other types of production lines in addition to PVPIPE's existing lines. Meanwhile, HUSTEEL will support PV PIPE to market and export pipes to foreign markets, especially the US market. In addition, HUSTEEL will also support PV PIPE in finding partners to supply steel plates from Korea to serve PV PIPE's production and business activities on the basis of reasonable prices and meeting the conditions of quality, delivery time and appropriate payment conditions. HUSTEEL commits to working closely with PV PIPE in case HUSTEEL decides to invest in production lines in Vietnam (JCO, ERW, SPIRAL) to optimize the benefits of each party.
On behalf of HUSTEEL company, Mr. Hoon Park, Chairman of the Company, commented that, although the current market situation is difficult to predict and outline the detailed steps of work that needs to be done, he and the HUSTEEL Company team believe that this memorandum of understanding will bring the parties new opportunities and promise a promising future of cooperation.
Director of PV PIPE company and Chairman of HUSTEEL company signed and exchanged MOU in the presence of delegates. After the signing ceremony, the parties discussed to come up with a detailed cooperation and investment plan to be implemented in the near future.