Vietnam Unveils $11.25 Billion Investment Plan for Oil and Gas Infrastructure by 2030
Vietnam has unveiled its ambitious plan to invest approximately VND27 trillion ($11.25 billion) in strengthening its oil and gas supply and storage infrastructure by 2030, with a vision extending to 2050. The investment, primarily sourced from non-state funds, aims to ensure that the country’s crude oil and petroleum product reserves can sustain 75-80 days of net imports, with a target of reaching 90 days. The plan also includes provisions to meet domestic gas demand and cater to the energy and industrial sectors.
As part of the plan, Vietnam intends to construct an additional 500,000 cubic meters of petroleum storage facilities by 2030. New crude oil reserves will be strategically located near major oil refineries, such as Dung Quat, Nghi Son, and Long Son, with a combined capacity of 1-2 million tonnes. The country will also expand the capacity of its existing 89 commercial warehouses to approximately 1.4 million cubic meters. Additionally, 59 new commercial petroleum warehouses will be established across different regions, adding a total capacity of about 5.1 million cubic meters.
Looking ahead, Vietnam plans to further develop infrastructure beyond 2030 to increase the capacity of storage tanks to three million tonnes of crude oil. Upgrades to the petroleum pipeline system, covering an estimated 581 kilometers, are also planned. Furthermore, a new aviation fuel pipeline will be constructed, connecting source warehouses in Ho Chi Minh City, Dong Nai, and Ba Ria-Vung Tau to the warehouses at Long Thanh International Airport.
In terms of liquefied petroleum gas (LPG) and liquefied natural gas (LNG) reserves, Vietnam will maintain the operation of its 16 existing LPG warehouses until 2030. Investments will focus on constructing LNG reserve infrastructure at the Cai Mep Industrial Park in Ba Ria-Vung Tau and the Nam Dinh Vu Industrial Park in Haiphong, with a total capacity of around 5.1 million tonnes per year. The plan also includes expanding the LPG and LNG storage system to increase capacity across all regions.