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Investment opportunities in Oil and Gas industry PDF Print
Thursday, 17 November 2011 11:04

VIETRADE - The oil and gas industry, a key industry in the Vietnamese economy, contributes highly to the GDP, and makes up 18-20% of exports and is the source of 28-30% of state budget funding.


Vietnam’s oil and gas output accounts for only 3% of world production; however, compared to South Pacifc Ocean countries, Vietnam is the sixth largest of the 15 major oil and gas producing countries, following only China, Indonesia, Malaysia, India and Australia with 400,000 barrels of oil per day.


Vietnam’s oil output per capita ranks 7 out of 15 biggest oil and gas output countries, putting it higher in that regard than China.


This industry is signifcant with regards to Vietnam’s GDP growth, energy security and macro economic stabilization with annual growth of 20%, and facilitated successful implementation of industrialization and modernization targets. Vietnam’s frst oil refnery, Dung Quat in central Quang Ngai province, began operating in February 2009. In May 2008, the opening ceremony was held for the second oil refnery to be operational by 2013. With an investment capital of USD 6.2 billion and targeted capacity of up to 10 million tons a year, the refnery in Thanh Hoa province is the biggest project venture among Petro Vietnam, Japan and Kuwait.


PetroVietnam - the country’s national petroleum corporation - is preparing for its third refnery project in Long Son district of Ba Ria - Vung Tau province. Up to 2009, PetroVietnam had extracted more than 250 million tons of crude oil and  50 billion cubic meters of gas. In just 2009 alone, this corporation pumped out nearly 16 million tons of crude oil and 8 billion cubic meters of gas.


Vietnam’s oil and gas industry is one of the prime industries for foreign investment thanks to its promising potential. There is a need for future investment throughout the process so that tapping the country’s resources effectively is possible. Responsive to this need, more and more big petroleum corporations are planning to invested in this industry and widen their operation in Vietnam.

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