South Korea’s GS Caltex has signed an agreement with Petrolimex Saigon to help upgrade the service station operations of the subsidiary of Petrolimex, Vietnam’s state-owned oil company.
Petrolimex is Vietnam’s top oil company in terms of sales, operating more than 5,200 service stations nationwide. It is the only company that operates gas stations in all 58 provinces and five municipalities of Vietnam.
A major oil refiner, GS Caltex is a joint venture between the GS Group and Chevron Corp.
Specifically, GS Caltex will export its know-how of service station operations, including IT infrastructure and other related technologies, to Vietnam
GS Caltex is also considering bringing its car maintenance franchise, autoOasis, which is operated by its subsidiary GS Mbiz, to the Vietnamese market, in a bid to create new business opportunities for the company.
The two companies will continue to actively cooperate in developing a variety of offline businesses by utilizing GS Group’s capabilities and assets such as the GS25 convenience stores.
“This agreement provides us with an opportunity to enter the fast-growing Vietnamese market,” a GS Caltex official said. “Starting from Vietnam, we will continue to consider ways to expand our business to other ASEAN countries.”