Vietnam Oil and Gas Midstream Market Size (2024 - 2029)

Vietnam Oil and Gas Midstream Market Size Summary

The oil and gas midstream industry in Vietnam is poised for growth, driven by increasing demand for natural gas and oil, alongside rising gas production. The sector has shown resilience, remaining largely unaffected by the COVID-19 pandemic, with consistent use of storage facilities and pipelines ensuring normalized demand for midstream services. Despite a decline in oil production, the market is bolstered by significant investments aimed at enhancing transportation capacity and energy security. The Vietnamese government's initiatives, such as the Vietnam Master Plan, are focused on expanding storage capacity and developing a robust oil-stockpiling system to stabilize the domestic market and reduce dependence on crude oil imports. These efforts are supported by foreign investments and partnerships, which are expected to further strengthen the midstream infrastructure.

The midstream sector's growth is also attributed to new projects and collaborations, such as the construction of LNG terminals and pipelines, which are set to increase storage capacity and improve supply chain efficiency. Notable projects include the Northern Vietnam LNG Terminal and the Son My LNG terminal, both of which are expected to significantly contribute to the country's energy landscape. The sector is characterized by a consolidated market with major players like Vietnam National Petroleum Group and Vietnam Oil and Gas Group, alongside international companies such as PJSC Rosneft Oil Company and Perenco SA. These developments, coupled with strategic investments in infrastructure, are anticipated to drive the growth of Vietnam's oil and gas midstream industry over the forecast period.