With the acquisition, the company now holds a 29% share in the project.
The acquisition will help consolidate funding resources for the project and accelerate implementation of the project, reported Reuters.
Thailand-based Siam Cement and Qatar Petroleum also hold 46% and 25% stakes respectively in the petrochemical project which is being built near the Long Son oil refinery in the Long Son Industrial Zone of Vietnam.
With preparation works underway, the complex is scheduled to commence operations in mid-2019.
Petrovietnam said that negotiations are underway with engineering, procurement and construction partners, while developers are working on site clearance.
The complex will produce 2.7 million tons of polyethylene and polypropylene, as well as 700,000t of compounds for the production of polyvinyl chloride and 840,000t of other chemicals for the petrochemical and chemical industry.
