PVN is expected to cooperate with Venezuelan partners in five large projects with total investments reaching tens of billion of US dollar, including a project to explore crude oil in Junin 2 bloc in Venezuela, a project to set up an oil refinery in Vietnam, a project to cooperate in oil transport, a project to transport crude oil from Venezuela to the oil refinery joint venture in Vietnam, and a project to purchase commercial oil from Venezuela's State-owned petroleum company (PDVSA).

At the closing ceremony of the first session of the Vietnam-Venezuela joint committee for economics, culture, science and technology cooperation held in Venezuela on August 20-22, Venezuelan President Hugo Chavez voiced strong support for the strengthening of cooperation between PVN and PDVSA in the field of oil and gas, describing it as a model and engine in promoting economic relations between the two countries.