Natural gas consumption in Vietnam 2012-2023

In 2023, approximately 7.2 billion cubic meters of natural gas were consumed in Vietnam, a slight decrease compared to the year prior. For many years, the oil and gas sector has been a prominent contributor to the country's economy. 

Vietnam’s gas production and consumption

Oil and gas are vital for the energy supply in Vietnam. The energy production and demand in the nation has grown steadily year-on-year since 2013. In particular, the energy demand of installed capacity for gas power is expected to reach about 19 gigawatts by 2030. In 2022, over eight billion cubic meters of natural gas were produced in Vietnam to meet the increasing demand of major users, including power plants, fertilizer plants, industrial plants, transportation, and civil service activities.

Liquid natural gas (LNG) imports to Vietnam

LNG is a commodity that is widely traded on the global market and has become an essential energy source for many nations worldwide. As of 2023, PetroVietnam Gas Joint Stock Corporation (PVGAS) is the first and only enterprise in Vietnam to conduct LNG import and related business activities. According to PetroVietnam (PVN), PVGAS, under the direction of PVN, had successfully welcomed its first 70,000 tons of LNG cargo to the Thi Vai LNG terminal as of July 2023. PVN is a key player in Vietnam's oil and gas industry, with its brand value ranked ninth among the most valuable brands in Vietnam in 2023.