HANOI: Foreign investors, particularly those from the United States, have expressed interest in investment opportunities in Vietnam’s liquefied natural gas (LNG) infrastructure market to meet the country’s energy needs.
The Cai Mep LNG Terminal is currently seeking cargo to begin commissioning tests, putting it on track to become the second of its kind in Vietnam to come into operation, according to a report by Reuters late August.
AG&P LNG chief executive officer Karthik Sathyamoorthy said his firm received an import licence and is working hard to accelerate the commissioning process, targeting completion within the next three months.
The company plans to finalise the commissioning of cargo this month for delivery between late October and mid-November, he said.
Earlier in March, the company – a subsidiary of Nebula Energy – acquired a 49% stake in Cai Mep LNG terminal located in the southern province of Ba Ria – Vung Tau.
Meanwhile, in June, the US-based LNG company Excelerate Energy signed a memorandum of understanding with Vietnam’s Iteco JSC to jointly develop a greenfield LNG import terminal in the northern port city of Hai Phong.
Asia Pacific gas distribution company Excelerate Energy vice-president Ramon Wangdi said that as one of the fastest-growing economies in Asia, Vietnam is an attractive emerging market for foreign investors.
Moreover, Wangdi said this growth is driven by a rapid increase in energy demand, where LNG will play a key role over the coming decades.
When Vietnam transitions from carbon-intensive fuels such as coal and oil, to renewables like solar and hydropower, LNG will be crucial in helping the country achieve net-zero by 2050, he added.
He also pointed out that as a global company, Excelerate is exploring investment opportunities in related infrastructure across Vietnam and the Asia Pacific to support this shift in energy strategy.
Vietnam set a goal of expanding its LNG-based power initiative from virtually zero to over 20 gigawatts by 2045.
This ambition will position the nation as a key player in the global LNG industry, Wangdi said.
Meanwhile, Son My LNG Terminal – a joint venture between AES Group and PetroVietnam Gas – has received approval in principle from the Binh Thuan Provincial People’s Committee.
The project is slated for completion in 2027. — Viet Nam News/ANN
