Oil and gas industry in Vietnam - statistics & facts

The oil and gas industry plays an integral role in the economic landscape of Vietnam. This sector is a significant contributor to the nation's economy, adding remarkable sums to the state budget annually. As of 2022, Vietnam was among the leading countries in the Asia Pacific region in terms of oil and gas production.

Crude oil production in Vietnam

Crude oil is a fundamental element in producing petroleum products, including motor gasoline, diesel, and liquified petroleum gas (LPG). Within the domestic market, approximately two-thirds of the crude oil extracted in Vietnam is utilized to meet domestic consumption, primarily channeled through the Dung Quoc oil refinery. The remainder is allocated for trading purposes, with Thailand and Australia being among the leading export partners as of 2022. The quality of Vietnamese crude oil, particularly from the Bach Ho Basin, is characterized by its low sulfur content (typically <0.5 percent), which allows it to command a premium price compared to oil from the Middle East. Although domestic oil resources are available, the refining technologies of Nghi Son and Dung Quat refineries are not particularly suitable for all oil types, of which the Nghi Son plant is designed for a 2.52 percent sulfur Kuwaiti oil blend. Therefore, Vietnam still needs to import appropriate crude oil as a refining fuel and export it for commercial purposes.

The role of PVN in Vietnam’s oil and gas industry

Although natural gas production is less prominent than crude oil production, the gas industry still plays a crucial role in the country’s economy. As of 2023, PetroVietnam Gas Joint Stock Corporation (PVGAS), a member of Vietnam Oil and Gas Group (PetroVietnam or PVN), is the first and only enterprise in Vietnam to conduct liquefied natural gas (LNG) import and related gas business activities. The firm has successfully welcomed its first LNG import shipment of 70 thousand tons to the Thi Vai LNG terminal in July 2023, to meet the domestic consumption demand. LNG is natural gas that has been converted into a liquid state after decreasing the gas temperature to -160 degrees Celsius. LNG emits 40 percent less carbon dioxide than coal and 30 percent less than oil, making it the cleanest among other fossil fuels. The import of LNG marks a remarkable milestone in Vietnam's oil and gas industry, indicating the nation’s commitment to a cleaner energy future.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 21, 2023

Key insights

Oil production volume in Vietnam
194k barrels/day
Natural gas production in Vietnam
0.28 exajoules
Contribution of oil revenue to Vietnam's state budget
44.6tr VND
Get more insights

Editor’s Picks Current statistics on this topic

Industry revenue of “extraction of crude petroleum and natural gas“ in Vietnam from 2012 to 2024 (in million U.S. Dollars)

Crude Oil

Industry revenue of “extraction of crude petroleum and natural gas“ in Vietnam 2012-2024

Volume of crude oil production in Vietnam from 2018 to 2022 (in million metric tons)

Crude Oil

Production volume of crude oil in Vietnam 2018-2022

Natural gas production volume in Vietnam from 2015 to 2022 (in billion cubic meters)

Energy & Environment

Natural gas production volume in Vietnam 2015-2022

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