During the working trip, on May 20 in the United States (local time), Minister Nguyen Hong Dien, Head of the Government Negotiation Delegation, and the working delegation met and worked with the leaders of Excelerate Energy Group - a leading provider of liquefied natural gas (LNG) solutions in the United States.
Attending the meeting, on behalf of Excelerate Energy Group, was Mr. Peter Haas, Vice President of the Group.
Also attending the meeting, on the Vietnamese side were: Deputy Minister of Finance Cao Anh Tuan; Deputy Minister of Science and Technology Pham Duc Long, Vietnamese Ambassador to the United States Nguyen Quoc Dung; Deputy General Director of the Vietnam National Energy Industry Group (Petro Vietnam) Do Chi Thanh and related units.
On the side of the Ministry of Industry and Trade , there were leaders of the Office of the Inter-sectoral Steering Committee for International Economic Integration, the Department of Foreign Market Development, the Office of the Ministry of Industry and Trade, the Industry and Trade Newspaper, the Vietnam Trade Office in the United States...
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| Overview of the meeting and working session between Minister Nguyen Hong Dien and Excelerate Energy Corporation of the United States |
Excelerate Energy currently provides a comprehensive range of flexible regasification services, from floating storage and liquefied natural gas regasification (FSRU) projects to infrastructure development and LNG supply. Excelerate Group has offices around the world in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, London, Manila, Rio de Janeiro, Singapore, and Washington, DC.
Speaking at the meeting, Minister Nguyen Hong Dien highly appreciated the cooperation agreement between Excelerate Energy and PetroVietnam Gas Corporation (PV GAS) signed in March 2025 in the United States. This is a testament to Vietnam's efforts to expand its import sources from the United States, aiming for a balanced and harmonious trade.
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| Minister Nguyen Hong Dien said that there is still a lot of room for Excelerate Energy to expand investment and cooperation in Vietnam. |
Regarding the potential for cooperation in developing LNG in Vietnam, Minister Nguyen Hong Dien said that there is still a lot of room for Excelerate Energy to expand investment and cooperation in Vietnam. According to the adjusted Power Plan VIII recently approved by the Prime Minister, Vietnam prioritizes the development of domestic gas-fired electricity and the development of imported LNG gas-fired electricity sources on an appropriate scale to implement the energy transition.
Not to mention, Vietnam has a long coastline, which can form a specialized port for LNG, so Excelerate Energy can research and invest in a storage system and petroleum to serve the ASEAN region, and more broadly, the Asian region.
To attract US investors, the Vietnamese Government is currently considering reducing import taxes on LNG; along with many other attractive incentives. However, Vietnam and the United States do not currently have a bilateral FTA, so the competitive advantage in the LNG sector is limited. Minister Nguyen Hong Dien emphasized that the Vietnamese Government always creates the best conditions for US businesses to cooperate and expand investment and business.
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| Mr. Peter Haas - Vice President of Excelerate Group affirmed that he is ready to expand investment and cooperation in Vietnam in potential LNG projects. |
Thanking Minister Nguyen Hong Dien for sharing, Mr. Peter Haas, Vice President of Excelerate Group affirmed that he is ready to expand investment and cooperation in Vietnam in potential LNG projects if supported by the governments of the two countries.
Mr. Peter Haas said that Excelerate Energy sees the potential in developing gas-fired power projects, so Excelerate Energy has opened a representative office in Vietnam since 2021. Vietnam has the potential to become a hub for storing and distributing LNG in Southeast Asia.
To promote LNG cooperation, Mr. Peter Haas proposed three specific cooperation directions: investing in and developing LNG infrastructure; ensuring a stable LNG supply; and establishing joint ventures with Vietnamese partners to expand the market, aiming to make Vietnam an LNG distribution center in the ASEAN region.
The representative of Excelerate Energy Group emphasized that the above proposals will help Vietnam solve three pillars in developing LNG power: suitable, cheap and fast infrastructure; purchasing LNG gas from the United States; and improving business innovation capacity.
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| Minister Nguyen Hong Dien and Mr. Peter Haas - Vice President of Excelerate Group |
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| Minister Nguyen Hong Dien suggested that Excelerate Energy continue to coordinate with PV GAS as well as Vietnamese companies in developing models of liquefied natural gas (LNG) port warehouses. |
Acknowledging and appreciating Excelerate Energy's proposals, Minister Nguyen Hong Dien affirmed that Vietnam encourages Excelerate to participate in developing infrastructure and the liquefied natural gas (LNG) market in Vietnam. According to the Power Plan VIII, to ensure national energy security, Vietnam will build 14 gas-fired power plants in the coming years. Therefore, proactively supplying LNG is one of the top priorities. Vietnam is also creating favorable conditions for liquefied gas businesses, including reducing LNG import tax from 5% to 2%.
The Minister emphasized that Excelerate Energy's investment in Vietnam not only helps Vietnam develop LNG, ensuring energy security, but also supports regional development; at the same time, creating an important driving force to balance the trade balance between the two countries.
In the coming time, the Minister suggested that Excelerate Energy continue to coordinate with PV GAS as well as Vietnamese companies in developing a model of LNG liquefied natural gas terminals, because the model will help optimize costs for all stages including purchasing LNG sources, investing in infrastructure, distribution and transmission, contributing to reducing the cost of electricity production from imported LNG sources.
Source: https://congthuong.vn/bo-truong-nguyen-hong-dien-lam-viec-voi-tap-doan-excelerate-energy-ve-hop-tac-khi-lng-388539.html
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