Base Year
Historical Year
Forecast Year
The Vietnam oil and gas market reached approximately 1,056.31 GJ in 2023. The market is projected to grow at a CAGR of 2.9% between 2024 and 2032. It is estimated to reach a volume of around 1,363.86 GJ by 2032.
| Vietnam Oil and Gas Market Report Summary | Description | Value |
| Base Year | GJ | 2023 |
| Historical Period | GJ | 2018-2023 |
| Forecast Period | GJ | 2024-2032 |
| Market Size 2023 | GJ | 1,056.31 |
| Market Size 2032 | GJ | 1,363.9 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 2.9% |
| CAGR 2024-2032 - Market by Region | Southeast | 3.3% |
| CAGR 2024-2032 - Market by Region | Red River Delta | 2.9% |
| CAGR 2024-2032 - Market by Sector | Upstream | 3.2% |
| 2023 Market Share by Region | Red River Delta | 22.0% |
The high demand for fuel like LPG, diesel, and naptha) on the domestic market, rising investments in natural gas production, and the strong demand for Vietnam's sweet crude on both the domestic and foreign markets are the main factors driving the country's oil and gas market. Rapid industrialization is another factor that drives the demand for this market. Machinery and equipment that are used across several industries require a significant amount of diesel and gasoline for their functioning.
The oil and gas industry is anticipated to rise as a result of the expanding need for natural gas in the power and fertilizer industries. With seven gigawatts in 2020, 13.5 gigawatts in 2025, and 28–33 gigawatts in 2030, natural gas will be Vietnam's main energy source. The nation's electricity production would rise as a result, from 15% in 2020 to 21-23% in 2030, with the increase becoming more noticeable as more LNG terminals become available.
In December 2021, Energy Capital Vietnam (ECV), a project holding and development company based in the United States that aims to provide a platform for private investment in Vietnam, announced the addition of Siemens Energy and B.Grimm Power of Thailand to its consortium for the development of an LNG-to-power project in Mui Ke Ga (MKG), Binh Thuan Province, in Southern Vietnam. B. At the project's financial close, Grimm Power plans to spend about USD 200 million in equity.
The government of Vietnam is also supporting in the development of the oil and gas sector. The 2022 Law on Oil and Gas aims to provide a more convenient and flexible legal framework for the development of the oil and gas industry in Vietnam. The law came into effect on July 1, 2023, and will aid in the provision of basic oil and gas investigation and oil and gas activities within the mainland, the islands as well as the seas belonging to the country.
Increased energy consumption, favourable laws, and sustainable measure to reduce carbon emissions are impacting the Vietnam oil and gas market value.
August 2024
India-based overseas oil producing firm ONGC Videsh Limited has secured a 16 year extension for producing oil and gas in Vietnam’s Block 06.1 in the offshore Nam Con Son basin until 2039. The block produces around one million tonnes of oil and equivalent amount of gas and ONGC Videsh Limited holds its 45% stake.
May 2024
PetroVietnam announced the discovery of two new oil and gas fields, Rong and Bunga Aster. The Rong oil and gas field is located within block 09-1 in well R79. Estimates suggest an increase of 16.5 million barrels of oil there. Bunga Aster field is located in block PM3 CAA of well BA-1X and is estimated to have a production capacity of around 2,100 barrels per day.
November 2023
South Korean exploration and production company SK Earthon has discovered a crude oil reservoir at exploration block 16-2 in Vietnam. The discovery was made through exploratory drilling in the Cuu Long Basin, off the south-eastern coast of Vietnam. The reservoir is estimated to produce 4,700 barrels of crude oil and 7.4 million standard cubic feet of natural gas per day.
November 2023
Malaysian-based Petroleum Nasional Berhad (Petronas) signed a Memorandum of Cooperation with PetroVietnam to collaborate with the Vietnamese public oil and gas production company on upstream, renewable, energy, gas, and downstream sectors. The objective is to enhance decarbonization efforts, sustainable energy solutions, and increase the production of LNG and petrochemicals.
Increased Energy Consumption Leading to the Growth of Vietnam Oil and Gas Market
Vietnam is witnessing an increased consumption of energy due to rapid urbanization, creating a huge demand for energy production from the oil and gas sector. The sector is the 2nd largest energy producer in the country after coal. According to the International Energy Association (IEA), oil and natural gas together accounted for over 30% of the total energy supply in the country in 2021.
International Cooperation to Increase Overall Revenue
Vietnam’s international cooperation with some of the major oil and gas producing countries of the world will drive the Vietnam oil and gas market revenue. In April 2024, the country signed four MOUs and Letter of Intent with Venezuela to encourage cooperation in the field of oil and gas. According to the U.S Energy Information Administration, Venezuela had the largest proven crude oil reserves globally in 2023 and accounted for 17% of the world’s reserves. Similar cooperation was witnessed in May 2024 between Petrovietnam Exploration Production Corporation (PVEP), and Russia’s Zarubezhneft JSC, known for its technological capabilities and advancements in the oil and gas sector.
Strong Measures to Reduce Carbon Emissions Will Enhance Sustainable Growth
Petrovietnam and its member groups have taken several initiatives to reduce greenhouse gas emissions in the upcoming years. The goal is to cut 15.55 million tonnes of carbon dioxide emissions by 2025. As far as oil and gas power plants are concerned, the objective is to reduce 160,884 tonnes of carbon emissions by 2025 and further 72,150 tonnes by 2030. Vietnam oil and gas industry analysis suggests that these efforts will enhance sustainable growth of the oil and gas industry in the upcoming years.
Revised Law on Petroleum Will Reduce Vietnam’s Dependency on Oil and Gas Imports
In 2022, the Vietnam Government revised the Law on Petroleum in the backdrop of rising oil and gas prices globally. Key revisions including flexibility and longevity in product sharing contracts (PSC), improved tax incentives, provisions regarding access and sharing of existing infrastructure, and strict criteria for selecting contractors are expected to revive domestic production in Vietnam’s oil and gas market.
‘Vietnam Oil and Gas Market Report and Forecast 2024-2032’ offers a detailed analysis of the market based on the following segments.
Market Breakup by Sector
| CAGR 2024-2032 - Market by | Sector |
| Upstream | 3.2% |
| Midstream | 2.7% |
| Downstream | XX% |
Market Breakup by Region
| CAGR 2024-2032 - Market by | Region |
| Southeast | 3.3% |
| Red River Delta | 2.9% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
The downstream segment is the dominant segment in the oil and gas market. This is because of the rising demand for refined petroleum products in the country such as synthetic fibres and Liquified Petroleum Gas (LPG). In addition to lowering reliance on imports and promoting economic growth, the downstream segment is essential for satisfying domestic demand for refined products. The petrochemical industry, infrastructure for retail sales, and projects to expand refining capacity are the main drivers of the downstream sector's growth.
| 2023 Market Share by | Region |
| Red River Delta | 22.0% |
| Southeast | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
The market players are increasingly shifting towards natural gas since it is a cleaner alternative to other fuels.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Sector |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Vietnam Oil and Gas Market Size
Vietnam Oil and Gas Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
It is estimated that the market reached approximately 1,056.31 GJ in 2023.
The Vietnam oil and gas market is expected to grow at a CAGR of 2.9% between 2024 and 2032.
The market is projected to reach a volume of around 1,363.86 GJ by the year 2032.
The rising demand for downstream oil and gas products, increasing investments towards increasing natural gas production, and rising support from the government are the major drivers of the market.
The key trends aiding the market expansion include the increasing penetration of foreign players in the downstream sector, growing expansion of petroleum refineries, and a shift towards cleaner fuels like natural gas.
Based on sectors, the market is divided into upstream, midstream, and downstream.
The key players in the market are Exxon Mobil Corp., Eni S.p.A, Shell Plc, TotalEnergies SE, Idemitsu Kosan Co., Ltd Jadestone Energy Plc, Essar Oil and Gas Exploration and Production Limited, Vietnam Oil and Gas Group (PetroVietnam), AP SAIGON PETRO, Petrolimex Petrochemical Corporation (Petrolimex), and others.
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