PM proposes US firm to develop LNG supply chain in Vietnam

Prime Minister Pham Minh Chinh has proposed US LNG company Excelerate Energy (EE) to develop a LNG supply chain in Vietnam, including building modern and smart LNG storage facilities and transferring technology and management expertise to help Vietnam operate its LNG sector efficiently.

He made the suggestion during a reception for the company’s President and CEO Steven Kobos in Hanoi on May 29.

The PM was quoted by the Vietnam News Agency as saying that Vietnam aims to develop LNG storage and distribution centers to serve both domestic demand and the wider ASEAN region, including power plants supplying electricity to ASEAN.

He called on the US firm to cooperate with Vietnamese partners to begin construction of LNG storage and distribution facilities in Vietnam within this year or in 2026.

The Vietnamese Government leader lauded the signing of a memorandum of understanding between the US firm and PV Gas, a unit of state-run Petrovietnam, urging the two sides to work closely together to ensure practical and effective cooperation.

For his part, Mr. Kobos noted that his company's MoU with PVGas is to arrange long-term LNG supply from the US for the Vietnamese market.

He proposed the Vietnamese Government to instruct relevant ministries, agencies, and local authorities to facilitate the company’s investment and development of LNG infrastructure in Vietnam, ensure a stable supply of LNG, and support the establishment of joint ventures with local partners to expand market presence, aiming to position Vietnam as a key LNG distribution hub in ASEAN.