Japan-Vietnam economic cooperation will form a new value chain
On October 5th 2017, at the Thang Long Industrial Park (Hanoi), the opening ceremony of the Idemisu Q8 petrol station was held, marking the first 100% foreign capital petroleum station participating in the Vietnam petroleum retail market.
IQ8 is a joint venture between Kuwait International Petroleum (Kuwait) and Idemitsu Kosan (Japan).
Based on the experiences that both Kuwait Petroleum and Idemitsu have achieved in Europe and Japan, IQ8 Petroleum Joint Venture is aiming to develop professional petroleum business in Vietnam in the next years.
Thang Long gas station has carved a mark on the new era of Vietnam’s petroleum industry and Idemisu Q8 committed to contribute to the development of Vietnam in the future.
IQ8 is equipped with an automated station management software system that allows card payment with many advanced features that will bring more convenience to customers.
The software system allows accurate management of fuel quantities to 0.01 liters, providing detailed reporting of transactions to customers.
Petrol stations are designed and equipped with the latest technology, including:
Two-layered fuel tank, pipeline system made of synthetic material to minimize leakage of fuel causing environmental impact.
The petrol station also provides Japanese standard services in order to bring satisfaction to customers through trained staffs.
According to Mr Hiroaki Honjo, CEO of Idemitsu Q8, the joint venture will strive to become the number one service provider in Vietnam.
Previously, Idemitsu Kosan has been conducting petroleum exploration in Vietnam since the 1990s. Recently, this investor has been involved in Nghi Son (Thanh Hoa) and a number of lubricant business activities nationwide.
After that, Kuwait Petroleum and Idemitsu have set up Idemitsu Q8 Petroleum in 2016 in order to distribute petroleum products in Vietnam.
By establishing this petroleum joint venture, Idemitsu and Kuwait will provide a stable supply for the growing market of Vietnam where demand for petroleum products is expected to grow fast in the coming time.
The ambition of this 100% FDI joint venture is to expand the petroleum retail system nationwide. After Idemisu Q8 opened in Hanoi, Idemisu Q8 will in turn appear in some provinces in the Southern of Vietnam.