Commodity Market Report

Vietnam LNG long-term outlook H2 2020

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02 March 2021

Vietnam LNG long-term outlook H2 2020

Report summary

There are over 10 proposed LNG terminals in Vietnam. However, most of these are integrated with LNG to power, targeting an anticipated power shortage. Will the threat of blackouts lead Vietnam to embrace LNG or will it continue to rely on coal? Key highlights • Vung Tau LNG terminal emerges as a dark horse in the race for regas terminals in Vietnam with commercial operation expected in 2021 • Bac Lieu LNG, the first fully private LNG-to-power project, signed a PPA with EVN in 2021 • Coal-fired power may start to lose favour towards the 2030s, fuelling LNG demand until 2040 before it plateaus as power demand slows and renewables continue to take a bigger share of the fuel mix. We have added a comprehensive list of proposed LNG regas projects in this update, along with our latest view on demand up to 2050.

Table of contents

  • Market background
  • Hai Linh LNG terminal completes construction, Bac Lieu blazes ahead with LNG supply RFP and PPA discussion underway
  • North Vietnam sees two proposed LNG-to-power project

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