Tangible contributions from oil and gas industry

Résumé détaillé

Vietnam’s oil and gas industry must balance immediate supply security with long-term sustainable development amid a changing domestic and global energy lands...

Vietnam is entering a new development cycle, with ambitions to sustain high economic growth driving ever-increasing demand for primary energy. At the “Development of Vietnam’s Oil and Gas Industry: Ensuring Sustainable Growth” seminar, hosted by Tap chi Kinh te Viet Nam / Vietnam Economic Times / VnEconomy on October 29 in Hanoi, participants noted that energy in general and the oil and gas industry in particular serve as the lifeblood of the national economy, providing a solid foundation for energy security and macro-economic stability.

Vietnam’s oil and gas industry, however, faces unprecedented challenges as many of its key fields have entered natural production decline after decades of exploitation. Unpredictable global geopolitical developments, coupled with pressure to meet the international commitment to achieve net-zero emissions by 2050, have made it increasingly urgent to balance immediate supply security with long-term sustainable development.

To address these challenges, the oil and gas industry must restructure and improve the quality of development across the entire value chain. Upstream priorities include increasing reserves through intensified exploration in deepwater and offshore areas and optimizing production from small and marginal fields. In the midstream and downstream segments, the focus is on accelerating major gas project chains, developing integrated liquefied natural gas (LNG) infrastructure, and upgrading deep processing and refining and petrochemical capabilities to produce higher value-added products.

On August 23, the National Assembly officially passed the Law on Petroleum 2026, which will take effect on March 1, 2027. This landmark legislation establishes a more streamlined and modern legal framework, removes long-standing bottlenecks, introduces competitive investment incentives and internationally-aligned risk-sharing mechanisms, and expands the delegation of authority to enterprises.

It also introduces several key reforms, including…

Début de l'article, extrait de VnEconomy. Pour lire la suite, ouvrez l'article chez le média.