Specifically, from August 31 to September 1, the PVT Hera tanker docked at the Single Point Mooring (SPM), located approximately 3 km from Dung Quat Refinery, to transfer three crude oil cargoes—RD-897, DQR07/8-2026, and CS-300 (Rang Dong, Bach Ho, and Chim Sao)—with a total volume of approximately 680,000 barrels.

Next, from September 2 to September 3, the PVT Mercury tanker will transport two crude oil cargoes, DQR08/8-2026 and SD-1290 (Bach Ho and Su Tu Den), with a total volume of approximately 570,000 barrels, to Dung Quat Refinery.

Thus, the total volume of crude oil received from the two tankers during the September 2 National Day holiday reached approximately 1.25 million barrels (nearly 200,000 m³).

Dung Quat Refinery currently has a crude oil storage capacity of approximately 585,000 m³.

Dung Quat Refinery Receives Approximately 1.25 Million Barrels of Crude Oil During the September 2 National Day Holiday

Since the beginning of 2026, BSR has successfully tested three additional types of crude oil, bringing the total number of crude oil types that can be processed at the refinery to 40, including 12 domestic crude oil types and 28 imported crude oil types. Notably, in June 2026, the refinery successfully mastered the technology to process Erha crude oil from Nigeria at a maximum blending ratio of approximately 45% by volume, as well as Sao Vang–Dai Nguyet condensate at a maximum ratio of 12% by volume.

Mr. Le Hai Tuan, Deputy Director of Dung Quat Refinery, said that during the first seven months of 2026, the refinery maintained safe, stable, and continuous operations, with an average equivalent operating capacity of approximately 124%. Production reached approximately 4.76 million tonnes of products, equivalent to 106% of the plan, while sales volume reached approximately 4.74 million tonnes, also 106% of the plan. Consolidated revenue was estimated at VND 120 trillion, while consolidated pre-tax profit reached VND 18.9 trillion. BSR is expected to contribute approximately VND 7.2 trillion to the state budget. In addition, BSR has achieved more than 57.8 million safe working hours to date.

Proactively securing and receiving crude oil supplies during the September 2 National Day holiday demonstrates the flexible scheduling capabilities and stable operational capacity of Dung Quat Refinery. With sufficient feedstock secured, the refinery is able to maintain safe and continuous production, prevent disruptions to the supply chain, thereby continuing to ensure fuel supplies for the market during the holiday and strengthen national energy security. /.

According to BSR.

Source: Năng lượng Việt Nam

On the afternoon of August 26, in Hanoi, the Ministry of Industry and Trade, in coordination with the Vietnam National Industry–Energy Group (PETROVIETNAM), held a workshop on “Developing a Decree Detailing Certain Provisions of the Amended Petroleum Law.”

The workshop was chaired by Mr. Tran Thanh Tung, Deputy Director General of the Department of Oil and Coal under the Ministry of Industry and Trade, and Mr. Vu Dao Minh, Deputy General Director of PETROVIETNAM. Also attending were Dr. Nguyen Quoc Thap, Chairman of the Vietnam Petroleum Association, as well as representatives from relevant agencies and organizations.

Workshop on “Developing a Decree Detailing Certain Provisions of the Amended Petroleum Law”

The workshop took place just days after the 16th National Assembly passed the amended Petroleum Law at its First Extraordinary Session.

The new Law is designed to further strengthen the legal framework governing petroleum activities, remove bottlenecks in procedures, investment, and resource development, while also expanding opportunities for the petroleum value chain and new energy activities.

Under the amended Petroleum Law, key priorities include simplifying procedures, strengthening decentralization and delegation of authority, and granting greater autonomy to PETROVIETNAM; refining regulations on petroleum contracts and activities; introducing additional investment incentives; developing the petroleum value chain, high-tech technical services, and offshore energy; while establishing a legal framework for emissions reduction and carbon capture and storage.

Notably, the new Law is designed to enhance the autonomy of state management agencies and PETROVIETNAM, while clearly distinguishing state management functions from PETROVIETNAM’s role in petroleum activities. This is considered one of the key changes aimed at shortening administrative procedures, improving the efficiency of investment decisions, and unlocking the potential of petroleum resources.

In addition, the Law introduces preferential policies to encourage the development of small and marginal fields, deepwater and offshore fields, as well as enhanced recovery from fields, field clusters, and petroleum blocks. These provisions are expected to create greater opportunities to increase recovery rates, extend the productive life of existing fields, and attract investment in projects that previously struggled to achieve economic viability under conventional mechanisms.

Another notable new feature is that the Law expands the legal framework for the capture, processing, transportation, injection, and storage of CO₂; the development of offshore energy infrastructure; and high-tech petroleum technical services associated with petroleum activities. These are cross-sectoral areas that require sufficiently detailed implementing regulations to ensure effective practical implementation.

Overview of the workshop

Against this backdrop, the workshop focused on reviewing experience gained during the drafting and development of the amended Petroleum Law, while continuing discussions and soliciting comments on the draft Decree detailing certain provisions of the Law.

The development of the Decree immediately after the Law was passed by the National Assembly highlights the urgent need to promptly complete the implementing regulations. This is also an important step in translating the Law’s principle-based provisions into specific mechanisms, procedures, and responsibilities, thereby minimizing legal gaps once the Law takes effect.

The amended Petroleum Law consists of 12 chapters and 62 articles, adding one chapter while reducing seven articles compared with the 2022 Petroleum Law. The Law is expected to take effect on March 1, 2027.

With its expanded scope and numerous new policies, the quality of the implementing Decree will play an important role in determining how effectively the amended Petroleum Law is put into practice, particularly for large-scale, long-term investment projects that require advanced technologies and involve multiple energy sectors.

From this perspective, the prompt coordination between the Ministry of Industry and Trade (MOIT) and PETROVIETNAM to draft the Decree aims not only to refine the guiding implementation documents, but also serves as a concrete step toward operationalizing new mechanisms—unlocking resources, driving investment, and enhancing the efficiency of petroleum resource exploitation and utilization in the new phase.

Source: PetroTimes – Hội Dầu khí Việt Nam

During the first half of 2026, Russia remained China’s largest crude oil supplier. Earlier, in 2023, Russia overtook major Middle Eastern oil producers to become China’s leading source of crude imports.

Table 1. China’s Oil Imports from Russia in the First Half of 2026: Volume and Value

Source: China Customs

Compared with the US$50 billion that China spent to import around 100 million tonnes of Russian crude oil in 2025, the value of imports is likely to increase in 2026 even if import volumes remain broadly unchanged. This is mainly because the Iran war has pushed up global oil prices, consequently driving up the price of Russian crude.

China imported a total of 248 million tonnes of crude oil in the first half of 2026. Russian crude accounted for approximately 23% of China’s total crude oil imports, representing a relatively high share.

In 2025, China imported US$13.5 billion worth of gas from Russia, including LPG, natural gas delivered via the Power of Siberia pipeline, and liquefied natural gas (LNG). In the first half of 2026, the value of China’s gas imports from Russia reached US$6.897 billion. China does not provide a breakdown by gas type; estimates indicate that natural gas accounted for approximately one-third of the total value of gas imports from Russia.
The Power of Siberia pipeline has an annual capacity of approximately 61 billion cubic meters (bcm).

Table 2. Value of Different Types of Gas Imported by China from Russia in the First Half of 2026

Source: China Customs

Compared with China’s total natural gas import value of US$34.7 billion in the first half of 2026, imports from Russia accounted for approximately 19.9%, representing a relatively significant share.

In fiscal year 2025–2026, India imported US$40.823 billion worth of crude oil from Russia, less than half the value imported by China. However, Russian crude accounted for approximately 30% of India’s total crude oil import value, representing a substantial share of the country’s oil imports.

Table 3. Value of India’s Crude Oil Imports from Russia

Source: Statistics from the Department of Commerce, Government of India (DGCIS).

India sharply increased its crude oil imports from Russia following the outbreak of the Russia–Ukraine conflict, with import value rising from US$2.47 billion in FY2021–2022 to US$31.02 billion in FY2022–2023—an increase of more than tenfold.

Due to the geographical distance, India’s imports of natural gas from Russia are relatively insignificant.

The oil and gas import trends of China and India can be compared with those of the EU. Since the outbreak of the Russia–Ukraine conflict, EU countries have significantly reduced their imports of Russian oil. Russia’s share of the EU’s petroleum oil imports fell from 29% in the first quarter of 2021 to just 1% in the fourth quarter of 2025

In terms of natural gas, the EU has also significantly reduced its dependence on Russia, with Russia’s share falling from 45% in 2021 to 16% in 2025. For liquefied natural gas (LNG), Russia remains an important supplier, although its share declined from 21% to 16% over the same period.

China is a major trading partner of the United States. In the first half of 2026, China exported US$129 billion worth of goods to the United States and imported US$55 billion from the United States. On a smaller scale, India exported US$49 billion worth of goods to the United States and imported US$26 billion. Both countries recorded trade surpluses in goods with the United States.

Thus, both China and India import large volumes of Russian crude oil while also being major trading partners of the United States. If the U.S. were to impose 100% tariffs on goods from countries that purchase Russian oil, both countries would likely respond strongly, potentially including retaliatory measures. Such a move could further escalate already strained trade relations between China and the United States.

Implications for Vietnam:

Regarding trade: Vietnam needs to avoid trade tensions with the United States, as in the first half of 2026, Vietnam exported as much as US$123 billion worth of goods to the U.S., while imports from the U.S. amounted to only US$9 billion. With an export-import imbalance far greater than that of China and India, even minor developments could reduce access to the export market, causing losses for exporting businesses and affecting the economy’s overall growth targets.

Regarding energy and fuel: As Vietnam has only two refineries with clearly defined crude oil sources, the country has not had an opportunity to import Russian crude oil. Urals crude is not fully compatible with either the Dung Quat Refinery or the Nghi Son Refinery and can only be blended at a certain proportion into their feedstock. Therefore, Vietnam has never imported Russian crude oil, either before or after the Russia–Ukraine conflict.

Vietnam has also considered importing liquefied natural gas (LNG) from Russia; however, given the relatively small volumes involved, no LNG purchase agreement has been signed to date.

In the long term, climate change could make Russia’s Northern Sea Route an increasingly important oil and gas transportation route to Asia. In that context, Russian crude oil and liquefied natural gas could play a significant role not only for China and India, but also for other Asian countries, including Vietnam.

According to the Editorial Board of Vietnam Energy Magazine

Source: Năng lượng Việt Nam

On August 5, the Vietnam Union of Science and Technology Associations, in coordination with the Vietnam Petroleum Association, organized a workshop to gather comments on the draft amended Petroleum Law.
The workshop was attended by Mr. Ngo Dinh Sang, Deputy Director General of the Department of Science and Technology under the Central Commission for Communication and Education; Associate Professor Dr. Pham Ngoc Linh, Vice President of the Vietnam Union of Science and Technology Associations; Dr. Nguyen Quoc Thap, Chairman of the Vietnam Petroleum Association; Labor Hero Dr. Nguyen Hung Dung, Vice Chairman and Secretary General of the Vietnam Petroleum Association; as well as numerous experts and scientists.

The Vietnam Union of Science and Technology Associations, in coordination with the Vietnam Petroleum Association, organized a workshop to gather feedback on the draft amended Petroleum Law. (Photo: Tran Trung)

Finalizing the Institutional Framework to Unlock Resources for the Development of Vietnam’s Petroleum Industry

Speaking at the workshop, Associate Professor Dr. Pham Ngoc Linh stated that the event was organized in response to a request from the National Assembly Standing Committee for the Vietnam Union of Science and Technology Associations to mobilize experts and intellectuals in the fields of energy, law, and economics to contribute comments and help refine the draft amended Petroleum Law.

According to him, amid increasing volatility in the global economy and the accelerating energy transition, there is an urgent need to further improve the institutional framework and establish a transparent and enabling legal environment for petroleum exploration, development and production activities, as well as for attracting investment into the oil and gas sector. The petroleum industry plays not only a vital role in economic growth but also contributes to ensuring energy security and safeguarding national sovereignty at sea.

According to Associate Professor Dr. Pham Ngoc Linh, the petroleum industry not only plays an important role in economic growth but also contributes to ensuring energy security and safeguarding national sovereignty at sea. (Photo: Tran Trung)

Associate Professor Dr. Pham Ngoc Linh emphasized that, for the Vietnam Union of Science and Technology Associations, consultation, social critique, and social assessment have always been among its core mandates. In recent years, the independent, objective, and scientifically grounded analyses and recommendations provided by the intellectual community have made a positive contribution to the legislative process and policy formulation.

With regard to the draft amended Petroleum Law, Associate Professor Dr. Pham Ngoc Linh stated that the review and consultation process should focus on three key areas. First, it is necessary to examine the consistency and coherence of the Petroleum Law with other relevant legislation, such as the Investment Law and the Law on State Capital Management and Investment in Enterprises. Second, the feasibility of the proposed provisions should be assessed, while sufficiently robust mechanisms should be introduced to attract both domestic and foreign investment, particularly for petroleum projects, small and marginal fields, and emerging energy sectors. Finally, the draft should ensure a sound scientific basis, align with international practices, and incorporate modern governance trends, digital transformation, environmental protection, and sustainable development.

Dr. Nguyen Quoc Thap noted that the draft amended Petroleum Law is a piece of legislation of particular importance to the petroleum industry, as well as to the tasks of ensuring energy security, developing the maritime economy, and enhancing national competitiveness in the context of the global energy transition.

Dr. Nguyen Quoc Thap, Chairman of the Vietnam Petroleum Association, stated that the draft amended Petroleum Law is a piece of legislation of particular importance to the petroleum industry and to the task of ensuring energy security. (Photo: Tran Trung)

According to him, the draft Law represents an important shift from a direct management approach toward greater decentralization and delegation of authority, granting more autonomy to the Vietnam National Industry and Energy Group (Petrovietnam) and entities directly engaged in petroleum operations. However, the key issue is not merely the delegation of authority, but ensuring that the powers granted can be effectively exercised in practice. Therefore, the Law should further refine its implementation mechanisms, clearly delineate responsibilities between state management agencies and Petrovietnam, ensure consistency with relevant legislation, and, in particular, regard practical feasibility as a key criterion in assessing the quality of the draft Law.

Mr. Dang Dinh Luyen, former Vice Chairman of the National Assembly’s Committee on Legal Affairs, provided comments on the draft amended Petroleum Law. (Photo: Tran Trung)

Contributing comments at the workshop, Mr. Dang Dinh Luyen, former Vice Chairman of the National Assembly’s Committee on Legal Affairs, expressed his agreement on the need to amend the Petroleum Law in order to institutionalize the Party’s policies and guidelines, ensure consistency across the legal system, and address shortcomings identified during its implementation.

According to him, the current draft still contains too many detailed provisions, whereas the prevailing approach to lawmaking is for laws to stipulate only fundamental principles, with specific matters delegated to the Government and competent authorities for further guidance. Therefore, the drafting body should continue reviewing and streamlining the provisions to ensure stability and flexibility in implementation.

He also proposed revising the provisions governing the application of the Petroleum Law in cases where it differs from other laws, in order to ensure consistency with the 2025 Law on the Promulgation of Legal Normative Documents. He further recommended clarifying the provisions on the application of foreign law and international petroleum industry practices. In addition, the regulations governing bidding requirements and contractor selection should be further refined to ensure compliance with the Constitution, while detailed criteria regarding financial capacity, technical capability, and experience should be delegated to the Government for further regulation.

Meanwhile, Dr. Phan Ngoc Trung, Head of the Advisory and Review Committee of the Vietnam Petroleum Association, assessed that the draft amended Petroleum Law represents significant progress compared with the 2022 Petroleum Law, reflecting a clear reform-oriented approach. However, to become a forward-looking piece of legislation with a vision extending to 2045–2050 and sufficiently competitive with countries possessing more developed petroleum industries, the draft needs to be further refined from a more strategic perspective.

Labor Hero Dr. Nguyen Hung Dung, Vice Chairman and Secretary General of the Vietnam Petroleum Association, provided comments on the draft amended Petroleum Law. (Photo: Tran Trung)

Dr. Phan Ngoc Trung, Head of the Advisory and Review Committee of the Vietnam Petroleum Association, provided comments on the draft amended Petroleum Law. (Photo: Tran Trung)

According to Dr. Phan Ngoc Trung, the Petroleum Law should not be limited to regulating petroleum exploration, appraisal, and production activities, but should evolve into a law governing the development of subsurface resources and the energy industry. He proposed adding principles to ensure a stable, transparent, and internationally competitive investment environment, while expanding the scope of regulation to cover emerging energy resources such as natural hydrogen and CO₂ storage.

He also emphasized the role of science and technology and digital transformation in the governance of the petroleum industry. Accordingly, the draft amended Petroleum Law should introduce provisions on the application of artificial intelligence, satellite data, geological modeling, high-performance computing, and the development of a digital petroleum database, recognizing petroleum data as a strategic national asset. In addition, investment incentive mechanisms should be further refined in a more flexible manner, with greater emphasis on risk sharing, enhanced oil recovery, the development of emissions-reduction technologies, and the establishment of regulatory sandboxes for emerging technologies. These measures would provide a legal foundation for the energy transition and enhance the long-term competitiveness of Vietnam’s petroleum industry.

Making Science, Technology, and Data New Drivers of Development

One of the issues that drew particular attention from experts at the workshop was the inclusion of provisions on science and technology, digital transformation, and data governance in the draft amended Petroleum Law.

Mr. Ngo Dinh Sang, Deputy Director General of the Department of Science and Technology under the Central Commission for Communication and Education, spoke highly of the role played by the Vietnam Union of Science and Technology Associations and its specialized associations in consultation and policy review. According to him, a key strength of the workshops organized by the Union is that their recommendations are grounded in practical experience, combining scientific foundations with management expertise, thereby providing high-quality, practical input that closely aligns with policymaking requirements. He also expressed his hope that experts and scientists will continue to leverage their knowledge and expertise to contribute to the development and refinement of the country’s policies and laws.

Mr. Ngo Dinh Sang, Deputy Director General of the Department of Science and Technology under the Central Commission for Communication and Education, spoke highly of the role played by the Vietnam Union of Science and Technology Associations and its specialized associations in consultation and policy review. (Photo: Tran Trung).

Regarding the draft amended Petroleum Law, Mr. Ngo Dinh Sang called for greater clarity on the role of science and technology, innovation, digital transformation, and artificial intelligence in the management, operation, and development of the petroleum industry. Accordingly, the Law should incorporate policies aimed at strengthening the country’s science and technology capabilities, developing a highly skilled workforce, and encouraging the development and mastery of homegrown technologies.

Regarding the management of petroleum information and data, Mr. Ngo Dinh Sang recommended incorporating principles for the controlled application of artificial intelligence, ensuring auditability and traceability, maintaining human oversight, and clearly defining the responsibilities of AI users. At the same time, AI-generated outputs should not be used as the sole basis for decisions concerning safety, the environment, reserves, financial obligations, national sovereignty, or national security.

The workshop brought together leaders of regulatory authorities, scientists, and leading experts to discuss, review, and provide comments on the draft amended Petroleum Law. (Photo: Tran Trung).

He also proposed adding prohibited acts, such as unauthorized access to, appropriation, disclosure, or interference with petroleum data. In addition, he recommended establishing a national petroleum database designed to ensure interoperability with other relevant databases, while clearly defining data standards, data-sharing mechanisms, access rights, and cybersecurity requirements.

Many experts attending the workshop also emphasized that the Petroleum Law needs to be further refined to address existing challenges while establishing a solid legal foundation for the industry’s development over the coming decades. This requires not only coherent, feasible, and stable regulations, but also sufficient space for innovation, the adoption of new technologies, modern data governance, and the advancement of the energy transition. These efforts will help strengthen the competitiveness of Vietnam’s petroleum industry amid deeper international integration.

Source: PetroTimes – Hội Dầu khí Việt Nam

Picture: COGAS’s new representative office

Against this backdrop, reliance on a single fuel source can expose businesses to significant risks in terms of production costs and operational continuity. Recognizing this trend, COGAS has developed an integrated LNG–CNG–LPG supply model, offering a flexible energy solution that enables customers to proactively adapt to market fluctuations.

Ensuring a Stable Gas Fuel Supply

The integrated LNG–CNG–LPG model enables businesses to flexibly utilize and switch between different gas fuels based on market conditions and operational requirements. In cases where imported LNG or LPG supplies are affected by geopolitical factors, logistics disruptions, or international price volatility, CNG can be promptly deployed as an alternative fuel source to ensure uninterrupted production operations.

Conversely, when market conditions are more favorable for LNG or LPG, businesses can proactively select the fuel option that offers the greatest cost efficiency and operational performance.

Optimizing Energy Costs

One of the key advantages of the integrated model is its ability to enable businesses to flexibly select the most cost-competitive fuel at any given time. Rather than relying entirely on the price fluctuations of a single fuel source, customers can proactively develop energy utilization strategies that align with prevailing market conditions.

As a result, businesses can mitigate the risks associated with global energy price fluctuations while optimizing their fuel budgets over the long term.

COGAS’s Integrated LPG–LNG Supply Model at Dong Tam Mien Trung Brick Factory

An increasing number of manufacturers are choosing COGAS’s integrated energy solution

With its advantages in flexibility, supply reliability, and cost optimization, COGAS’s integrated LNG–CNG–LPG model is increasingly being trusted and adopted by industrial enterprises.

Recently, Viet Y Song Cong Brick Factory adopted COGAS’s integrated energy solution to enhance energy security, improve fuel flexibility, and ensure a stable energy supply for its manufacturing operations. This reflects a growing trend among industrial enterprises toward flexible energy solutions that strengthen operational resilience and improve adaptability in an increasingly volatile energy market.

COGAS-Implemented LPG–CNG Gas Supply Station at Viet Y Song Cong Brick Factory, Thai Nguyen Province

Proactive Supply Management – The Foundation for a Flexible Energy Solution

With extensive experience in industrial gas supply and distribution, COGAS positions itself as a trusted provider of integrated energy solutions, partnering with businesses to navigate the challenges of an ever-evolving energy market.

While imported LNG and LPG supplies are increasingly affected by geopolitical developments and global logistics disruptions, the integration of multiple gas sources within a single energy model enables businesses to enhance operational flexibility and effectively manage supply-related risks.

With increasingly advanced capabilities in gas compression, transportation, and distribution operations, COGAS is well-positioned to deliver integrated energy solutions, enabling customers to:

• Maintain stable production under various market scenarios.
• Ensure a reliable fuel supply while reducing the risk of supply interruptions.
• Optimize long-term energy costs.
• Strengthen sustainable competitiveness.

Through its integrated LNG–CNG–LPG model, COGAS continues to strengthen its role as a trusted energy partner, empowering businesses to achieve greener operations, greater efficiency, and sustainable growth in the years ahead.

According to the Vietnam Trade Office in the United States, within the framework of a working trip to attend the Offshore Technology Conference (OTC) held in Houston, a Vietnamese delegation led by Mr. Nguyễn Việt Sơn, Director General of the Department of Oil, Gas and Coal under the Ministry of Industry and Trade, held a meeting with senior U.S. officials, including Mr. Bradley A. McKinney, Deputy Assistant Secretary at the U.S. Department of Commerce (DOC), and Mr. Kyle Haustveit, Assistant Secretary at the U.S. Department of Energy (DOE), along with representatives from specialized agencies in the fields of trade and energy.

During the meeting, both sides focused on discussing prospects for bilateral energy cooperation, the potential participation of U.S. enterprises in energy projects in Vietnam, as well as policy orientations related to trade and investment.

The U.S. side reaffirmed the role of the U.S. Commercial Service in supporting businesses’ expansion into international markets, while expressing its desire to serve as a bridge to facilitate deeper participation of U.S. enterprises in Vietnam’s energy projects. Areas of particular interest include liquefied natural gas (LNG), gas-fired power generation, LNG import infrastructure, as well as integrated technology solutions, equipment, and technical services. The U.S. side also stated its readiness to mobilize its entire business ecosystem and financial support instruments to meet Vietnam’s growing energy development needs in the coming period.

On the Vietnamese side, the delegation shared an overview of the country’s energy demand in the coming period, emphasizing the need to ensure energy security amid sustained high economic growth, with GDP growth targeted at over 8% in 2025 and electricity demand continuing to rise significantly.

Vietnam is currently accelerating investment in energy infrastructure development, targeting the addition of approximately 22.5 GW of LNG-to-power capacity and the import of more than 18 million tons of LNG annually by 2030. LNG has been identified as a key transition fuel, contributing to the gradual reduction of coal dependence and supporting the country’s sustainable energy transition process.

Regarding specific cooperation promotion activities, the Vietnamese side provided updates on recent working sessions between the Vietnam National Industry – Energy Group (Petrovietnam) and its member units with U.S. partners. Accordingly, Petrovietnam and related enterprises have signed and exchanged multiple Memoranda of Understanding (MOUs) with major U.S. energy corporations, including Cheniere Energy, ExxonMobil, ConocoPhillips, and Excelerate Energy in the fields of LNG supply and gas value chain development.

In addition, Vietnam has also engaged with international enterprises and consulting organizations such as McKinsey & Company to explore technical and financial solutions for large-scale energy projects. Cooperation with industrial corporations such as GE Vernova was also discussed, particularly in the fields of power generation technology and energy equipment.

In the oil and gas sector, the Vietnamese side stated that the country currently operates two refineries with a total processing capacity of approximately 350,000 barrels per day and is actively diversifying its crude oil supply sources. In this regard, the United States is considered a potential supplier alongside traditional sources from the Middle East and other regions. Vietnamese enterprises have also signed multiple contracts to import crude oil and petrochemical feedstocks from the United States, with annual transaction values reaching hundreds of millions of U.S. dollars.

A notable topic discussed during the meeting was the orientation of bilateral trade policy. The U.S. side emphasized the importance of promptly finalizing and signing a comprehensive reciprocal trade agreement between the two countries, viewing it as a foundation for promoting economic and trade cooperation, including in the energy sector.

According to the U.S. side, Vietnam’s proactive efforts to open its market and significantly reduce import tariffs on U.S. goods—including many energy products whose tariff rates have been lowered to nearly 0% a positive signal that should be further materialized through broader commitments within the framework of a reciprocal trade agreement. This is expected to help reduce the U.S. trade deficit and move toward a more balanced bilateral trade relationship.

The U.S. side also noted that recent tariff policies are adjustment-oriented and may continue to be eased in a more preferential direction for partners demonstrating goodwill in cooperation and implementing concrete measures to increase imports from the United States.

Regarding financial support instruments, the U.S. side introduced several mechanisms, including the Export-Import Bank of the United States (EXIM Bank) and export financing programs for the energy sector, particularly in LNG and energy infrastructure. The United States recommended that Vietnam leverage these instruments to reduce capital costs, improve project financial efficiency, and facilitate greater participation of U.S. enterprises in the Vietnamese market.

On the Vietnamese side, the delegation reaffirmed its demand for cooperation and highly appreciated the capabilities of U.S. enterprises, while also candidly raising several challenges that should be taken into consideration. Among these, pricing and logistics costs were identified as significant challenges, as geographical distance makes energy supplies from the United States more expensive than those from certain other markets, thereby affecting short-term competitiveness. Vietnam expressed its expectation that the United States would offer more competitive financial solutions, including export credit facilities, guarantee mechanisms, and risk-sharing arrangements.

In the context of Vietnam–United States relations having been elevated to a Comprehensive Strategic Partnership, the Vietnamese side proposed that the United States adopt a more appropriate approach aligned with the current level of trust and cooperation, thereby creating more favorable conditions for enterprises of both countries to implement substantive collaborative projects, particularly in high-tech and high value-added sectors.

At the conclusion of the meeting, both sides agreed that the potential for Vietnam–United States energy cooperation remains substantial and could become one of the key pillars of the bilateral economic relationship. The U.S. side reaffirmed its commitment to continuing support for business connectivity, investment promotion, and the provision of comprehensive solutions for energy projects in Vietnam.

On the Vietnamese side, the delegation affirmed that Vietnam will continue improving the investment environment, facilitating the participation of U.S. enterprises in the market, while also promoting negotiations for long-term contracts to ensure a stable and sustainable energy supply.

From the discussions, it can be seen that the United States is actively promoting energy exports as an important tool to reduce its trade deficit, while also linking energy cooperation with broader trade policy objectives. Meanwhile, Vietnam’s growing energy development demand in the coming period is expected to create significant room for cooperation, in line with the potential and strategic direction of relations between the two countries.

Nguồn: Năng Lượng Việt Nam

Within the framework of his official visit to the Russian Federation, on the morning of March 23, 2026, Prime Minister Phạm Minh Chính and a high-level Vietnamese delegation visited and held a working session with Novatek – a leading Russian and global corporation in the natural gas sector.

Prime Minister Phạm Minh Chính, accompanied by a high-level Vietnamese delegation, visited and held a working session with Novatek Group. Pic: VGP/Nhật Bắc.

At the meeting, Mr. Leonid Viktorovich Mikhelson, Chairman of Novatek, introduced the company’s formation history and its development orientation in Vietnam.

Novatek was established in August 1994 and primarily operates in the exploration, production, processing, and commercialization of natural gas and liquid hydrocarbons. It is the second-largest natural gas producer in the Russian Federation (after Gazprom) and ranks as the seventh-largest publicly traded company globally by natural gas output. In the Forbes Global 2000 ranking in 2020, Novatek was listed as the world’s 316th largest public company.

Novatek has successfully implemented large-scale LNG (liquefied natural gas) projects and has developed proprietary liquefaction technologies. The company is currently highly interested in Vietnam’s LNG sector, including participation in the Ca Na project in cooperation with partners such as Zarubezhneft, and is actively exploring Vietnam’s rapidly growing gas market.

Prime Minister Phạm Minh Chính highly appreciated Novatek’s achievements and noted that the company’s operations align with Vietnam’s major strategic orientations, including the goal of achieving economic growth of over 10%, reaching net-zero emissions by 2050, and implementing key transitions—particularly energy transition. Rapid economic growth and the development of sectors such as artificial intelligence require substantial energy supply. Novatek’s ongoing exchanges and cooperation with Vietnamese partners, combined with aligned development orientations, are expected to create synergistic effects for both sides.

Prime Minister Phạm Minh Chính welcomed Novatek’s participation in the development of LNG terminal infrastructure projects, including LNG storage and port facilities, as well as LNG-to-power plants in Hải Phòng, Quảng Ninh, Nam Du (An Giang), Nghi Sơn (Thanh Hóa), and Cà Ná (Khánh Hòa), along with the provision of a stable LNG supply to the Vietnamese market. Pic: VGP/Nhật Bắc.

Assessing energy cooperation between Vietnam and the Russian Federation as a bright spot in bilateral relations over the past more than 50 years, the Prime Minister expressed sincere appreciation to the Russian side for its investment, support, and facilitation, which have enabled Vietnam’s oil and gas sector and the Vietnam National Industry–Energy Group to grow into a multinational corporation. He also emphasized that energy cooperation is an area of Russia’s strength, aligns with Vietnam’s demand, and constitutes a key pillar of the Comprehensive Strategic Partnership between the two countries.

In the current context of rapid, complex, and unpredictable global developments, strengthening relations with traditional partners and diversifying supply sources, markets, products, and supply chains is of critical importance. Vietnam is also strongly promoting the application of science and technology, as well as innovation, to restructure and transform its energy sector.

Affirming that both sides share demand and a common vision for cooperation, the Prime Minister expressed support for Novatek to expand its investment activities in Vietnam in accordance with applicable laws, taking into account the foundation of the Comprehensive Strategic Partnership and the long-standing traditional friendship between Vietnam and the Russian Federation.

Noting that Vietnam is reviewing and amending legal regulations related to the power sector, the Prime Minister welcomed Novatek’s participation in the development of LNG terminal infrastructure projects, including LNG storage and port facilities, as well as LNG-to-power plants in Hai Phong, Quang Ninh, Nam Du (An Giang), Nghi Son (Thanh Hoa), and Ca Na (Khanh Hoa), along with the provision of a stable LNG supply to the Vietnamese market.

With the spirit of “connecting the past, promoting the present, and looking toward the future,” “saving time, valuing intellect, and acting decisively at the right moment,” and “listening with sincerity, sharing from the heart, and acting with tangible products and concrete results,” the Prime Minister requested Novatek to closely coordinate with local authorities, relevant agencies, and energy-sector enterprises (including PVN and EVN), as well as Vietnamese private enterprises, to participate in and implement projects, including the development of large-scale LNG storage facilities by Novatek in Vietnam. He also noted that the Government will encourage Vietnamese enterprises to enhance cooperation with Novatek in liquefied natural gas technologies.

Novatek’s leadership expressed strong agreement and affirmed that the company will actively engage with Vietnamese partners to advance the projects highlighted by Prime Minister Phạm Minh Chính./.

HÀ VĂN – VGP

Source: Năng Lượng Việt Nam

The energy market is experiencing heightened volatility as the conflict involving the United States, Israel, and Iran intensifies, rapidly increasing concerns over potential supply disruptions. Brent crude oil prices remain elevated, at times exceeding USD 84 per barrel, and continue to hover near multi-month highs. The gas market is also under strong upward price pressure, driven by disruptions to shipping routes through the Strait of Hormuz and the suspension of operations at several production facilities.

Location of the Strait of Hormuz and surrounding countries

The Strait of Hormuz—a vital artery supplying approximately 20% of the world’s oil—has experienced severe disruptions to maritime trade due to regional armed threats and military activities.

Several notable recent signals:

• Brent crude prices have risen to around USD 79 per barrel and still show potential for further upside.
• QatarEnergy has announced a temporary suspension of LNG production starting from March 2.
• The Ras Tanura Refinery in Saudi Arabia has announced its shutdown.

If the Strait of Hormuz remains paralyzed, ensuring LNG and LPG supply for Asia—including Vietnam—will become a tangible challenge for manufacturing enterprises.

COGAS’s “3-in-1” Integrated Model: A Flexible Energy Solution for Businesses

Amid unpredictable fluctuations in the energy market, reliance on a single fuel source can expose businesses to significant risks in terms of cost and supply security. In response to this trend, COGAS has developed an integrated CNG – LNG – LPG model, delivering a flexible and sustainable energy solution for industrial customers.

Ensuring a stable gas fuel supply: Businesses can flexibly switch between different gas types depending on market conditions and operational requirements. In the event that imported LNG or LPG supplies are disrupted due to geopolitical or logistics factors, CNG can be promptly deployed as a supplementary source, enabling plants to maintain stable operations.

Optimizing energy costs: The integrated model enables customers to proactively select the most cost-advantageous fuel at any given time. As a result, businesses can mitigate risks arising from global energy price volatility and optimize their fuel budgets over the long term.

COGAS’s Integrated LPG – LNG Model

Proactive Supply Management – The Foundation for a Flexible Energy Solution

With years of experience in the supply and distribution of industrial gases, COGAS positions itself as a comprehensive energy solutions provider, partnering with businesses amid the ongoing volatility of the energy market.

As imported LNG and LPG supplies are increasingly affected by geopolitical factors and global logistics chains, integrating multiple gas sources within a unified model enables businesses to enhance operational flexibility and strengthen supply risk management.

With increasingly advanced capabilities in gas compression, transportation, and distribution operations, COGAS is well-positioned to deliver integrated energy solutions, enabling customers to:

• Maintain stable production across multiple market scenarios
• Optimize long-term fuel costs
• Enhance sustainable competitiveness

Through its “3-in-1” integrated model, COGAS continues to reinforce its role as a trusted energy partner, supporting businesses in achieving green, efficient, and sustainable growth in the future.