Great opportunity for US investors in LNG industry in Vietnam

Minister of Industry and Trade Nguyen Hong Dien at a working session with Excelerate Energy Group.

During a working trip to the US, on May 20 (local time), Minister of Industry and Trade Nguyen Hong Dien, Head of the Government Negotiation Delegation, and the delegation met and worked with the leaders of Excelerate Energy Group - a leading provider of liquefied natural gas (LNG) solutions in the US.

Excelerate Energy currently offers a range of flexible regasification services, from floating storage and liquefied natural gas regasification (FSRU) projects to LNG infrastructure development and 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.

At the working session with the leaders of Excelerate Energy, Minister Nguyen Hong Dien highly appreciated the cooperation agreement between Excelerate Energy and PetroVietnam Gas Corporation (PV GAS) signed in March 2025 in the US, which is a testament to Vietnam's efforts in expanding import sources from the US, towards the goal of balanced and harmonious trade.

Regarding the potential for cooperation in developing LNG in Vietnam, the Minister of Industry and Trade affirmed that there is still a lot of room for Excelerate Energy to expand investment and cooperation in Vietnam. Because, 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.

Vietnam also 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, at present, Vietnam and the US do not have a bilateral FTA, so the competitive advantage in the LNG sector is still limited. Minister Nguyen Hong Dien emphasized that the Vietnamese Government always creates the best conditions for US businesses to cooperate and expand their investment and business.

In response, Mr. Peter Haas, Vice President of Excelerate, affirmed that the Group is ready to expand investment and cooperation in Vietnam in potential LNG projects if supported by the governments of the two countries.

"Excelerate Energy sees the potential in developing gas-fired power projects as well as Vietnam's potential to become a hub for storing and distributing LNG in Southeast Asia, so since 2021, Excelerate Energy has opened a representative office in Vietnam," said the Vice President of Excelerate Energy .

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.

Appreciating Excelerate Energy's proposals, Minister Nguyen Hong Dien affirmed that Vietnam encourages Excelerate to participate in developing infrastructure and the 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 businesses trading in liquefied gas, including reducing the 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 liquefied natural gas (LNG) port warehouses, 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://baodautu.vn/co-hoi-lon-cho-nha-dau-tu-my-trong-nganh-lng-tai-viet-nam-d287844.html