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If domestic gas sources run out faster than expected, will Vietnam have to rely on imported LNG at high prices in the next few years?
PV GAS is entering what is considered the largest restructuring period since the formation of Vietnam's gas industry. Faced with the pressure of declining domestic gas, increased LNG competition and exploding electricity demand, this enterprise is preparing to spend from 60,000 to 100,000 billion VND to maintain its leading position.
No longer a "market alone" story like before, the gas market from 2026 to 2030 is seeing a series of new competitors from private individuals, international joint ventures to foreign energy corporations.
The scale of investment caught the attention of the financial community
Category Scale
Gas infrastructure investment until 2030 60,000 - 100,000 billion VND
Capital arrangement plan is 60,000 - 120,000 billion VND
Cash dividend in 2025 6,032 billion VND
Development investment fund 3,370 billion VND
What is worth noting is that PV GAS still maintains very high cash dividends despite entering a huge investment cycle. This is a big difference compared to many international energy businesses that often cut dividends when expanding investment capital.
The LNG race in Vietnam is heating up
Enterprise Outstanding Direction
PV GAS Vung Ang LNG Warehouse, expanding North-South LNG
PV Power Concentrates on LNG gas power
Hai Linh Northern LNG Warehouse
AES Son My LNG Electricity
ExxonMobil Interested in LNG gas power chain
PV GASis now betting heavily on LNG to offset natural declines from traditional offshore gas fields.
New gas sources are expected to save supply
Additional Phase Gas Project
Lot B O Mon 2027
Seagull Swan Late 2026
Nam Du O Mon 2027
Khanh My Dam Roi 2027 - 2028
White Lion 2B 2028
According to PV GAS, the total amount of additional gas from new fields can reach about 11 billion m3, helping to reduce shortage pressure when many old mines enter a period of sharp decline.
One of the points that surprised investors was the growth rate of imported LNG.
Expected targets for 2025 2026
Commercial gas 6.4 billion m3 7.2 billion m3
Imported LNG 0.5 billion m3 0.9 billion m3
The nearly doubling of LNG in just one year shows that Vietnam is shifting very quickly to an energy import model.
The 3 million ton LNG warehouse has become a strategic card
PV GAS said that the LNG warehouse with a capacity of 3 million tons is expected to operate in the first quarter of 2029. This is considered one of the extremely important links if Vietnam wants to ensure electricity security in the next decade.
Compared to Asian countries such as Japan or South Korea, Vietnam is in the early stages of the LNG game but its growth rate is among the highest in the region.
Business results still increased strongly
Target for the first quarter of 2026 Value
Revenue 38,800 billion VND
Revenue growth +47%
Profit 3,750 - 3,800 billion VND
Profit growth +10%
It is forecasted that in the first 6 months of the year, revenue may reach about 75,000 billion VND and profit exceed 8,000 billion VND.
However, a paradox is emerging when revenue increases but profit margins are under pressureThe force is reduced because imported LNG has a much higher cost price than domestic gas.
Profit picture 2026
Expected Target
Revenue 142,000 billion VND
Revenue growth +4%
Profit after tax About 9,000 billion VND
Profit reduction nearly 22%
This shows that Vietnam's gas industry is entering a period of "large revenue but extremely strong profit pressure", similar to many international LNG corporations.
Not simply selling gas, PV GAS is switching to a synthetic gas business model to optimize the value chain. Becoming the only gas trading unit in the PM3 Ca Mau area alone has helped the business increase about 12,000 billion VND in revenue each year.
The new energy race in Vietnam is no longer about traditional oil and gas. This is a battle between imported LNG, gas electricity, green hydrogen and national energy security. And PV GAS clearly does not want to be left behind.
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