Vietnam LNG Market Opportunities

Vietnam’s rapid economic growth has driven surging electricity demand, prompting the government to prioritize LNG thermal power as a transitional energy source. The April 2025 revision to Power Development Plan VIII emphasizes LNG’s expanded role in Vietnam’s energy transition while maintaining its goal of net-zero emissions by 2050. Vietnam’s first LNG power plant, Nhon Trach 3, connected to the national grid in February 2025 with initial 50MW capacity, followed by Nhon Trach 4 in June 2025. The combined 1,500MW complex is expected to provide 9 billion kWh annually once fully operational, marking a milestone for LNG-fired power generation in the country.

Vietnam’s LNG market expansion presents significant opportunities for U.S. companies across the value chain, despite near-term infrastructure constraints. U.S. LNG exporters are well-positioned due to supply security advantages that offer Vietnam diversification from traditional suppliers, flexible contracting terms that provide supply reliability during energy transition, and comprehensive technology integration capabilities spanning regasification terminals to power plant operations. Specific opportunities include securing long-term supply contracts for planned power plants, providing technical services for LNG infrastructure development, and partnering with energy investors on integrated LNG-to-power projects. However, constraints include Vietnam’s limited current terminal capacity at Thi Vai (1 million tonnes annually, expandable to 3 million tonnes), delayed project timelines with major plants scheduled for 2031-2035, and substantial investment needs of $25-30 billion for private sector projects alone.

For more information on LNG opportunities in Vietnam, please contact Janice Tran, Commercial Specialist at the U.S. Commercial Service Vietnam at Office.Hanoi@trade.gov and Office.HoChiMinhCity@trade.gov.