Petrolimex, Sun Group Forge Strategic Alliance for APEC 2027 Infrastructure Push

Petrolimex and Sun Group, two of Vietnam's leading corporations, have signed a strategic cooperation agreement to accelerate infrastructure development in preparation for the 2027 Asia-Pacific Economic Cooperation (APEC) Summit, which Vietnam will host. The collaboration will focus on enhancing key infrastructure projects, particularly on Phu Quoc Island, the designated venue for the summit. A significant undertaking is the development of DT975, an 11-kilometer corridor connecting Phu Quoc International Airport with the APEC Convention Centre. This route is designed as a crucial component of the island's future transport network, featuring a 62-meter cross-section with 10 motor vehicle lanes and an integrated light rail transit (LRT) line. Ensuring a stable power supply is also a priority. The 110kV Phu Quoc–North Phu Quoc transmission line, the 220kV Phu Quoc substation, and the 110kV Phu Quoc–South Phu Quoc transmission line have been successfully energized, bolstering the power infrastructure necessary for the APEC 2027 events. Vietnam's development trajectory since the Doi Moi policy in 1986 has been remarkable, transforming from a nation emerging from prolonged wars and severe socio-economic difficulties into a rapidly growing economy. This infrastructure push aligns with the country's broader strategy for sustained economic growth and enhanced international standing. Economists emphasize the role of tax policy in channeling investment towards technology, research and development, supporting industries, and strengthening supply capacity. The country aims for a USD 74 billion export target, requiring an additional USD 24.9 billion in the final four months of the year, averaging USD 6.23 billion per month. This strategic investment in infrastructure under Vietnam's one-party system reflects a state-led development model. While maintaining economic interdependence with China, Vietnam continues to carefully balance its supply chains and diplomatic relations. The infrastructure development and hosting of international events like APEC underscore Vietnam's ambition to boost its domestic economy and elevate its global profile. Source: VietnamPlus English