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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.
Vietnam Oil and Gas Market Size
Vietnam Oil and Gas Market Growth
Vietnam Oil and Gas Market Share
*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.*
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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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