At the economic center

Résumé détaillé

Vietnam’s new era of development and ambitious growth targets require that the oil and gas industry evolve from its role as a traditional growth pillar.

Vietnam’s oil and gas industry does more than supply conventional fuels; it is a strategic pillar of national energy security and macro-economic stability, supporting Vietnam’s transition to a new growth model. Amid geopolitical uncertainty, an accelerating energy transition, and a technology race driven by AI, semiconductors, and data, the industry must evolve from a traditional growth pillar into a driver of innovation, green transition, and strategic autonomy.

Vietnam is entering a new phase of development, targeting double-digit economic growth as it pursues its ambition of becoming a developed country by 2045. Achieving this goal will require vast energy and raw material supplies, alongside extensive industrial infrastructure. Party resolutions on high-quality growth, the maritime economy, and national security underscore the need to safeguard energy security, placing the oil and gas industry at the center of the country’s development ambitions and efforts to strengthen economic autonomy and international integration.

Together with policies strengthening the leading role of major State-owned economic groups and promoting the private sector, the country’s development orientations through 2030 and vision for 2045 provide a framework for the oil and gas and energy sectors. These priorities set clear expectations for the industry and guide its contribution to Vietnam’s long-term development.

Macro-economic data and development indicators show that the oil and gas industry makes five major contributions.

First, safeguarding national energy security. The industry supplies essential fuels and energy for industrial production and transportation. It accounts for approximately 15 per cent of the country’s total electricity output, supplies 35 per cent of the gas used for power generation, meets 70-80 per cent of household gas demand, and provides up to 70 per cent of the nitrogen fertilizer required by the agriculture sector.

Second, making a substantial contribution to the…

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