Over the past few decades Vietnam has emerged as an important oil and natural gas producer in Southeast Asia. Vietnam has boosted exploration activities, allowed for greater foreign company investment and cooperation in the oil and gas sectors, and introduced market reforms to support the energy industry. These measures have helped to increase oil and gas production. Also, the country’s rapid economic growth, industrialization, and export market expansion have spurred domestic energy consumption.
The Vietnamese government has considered importing liquefied natural gas (LNG) in the southern part of the country to meet growing natural gas demand and fill the supply gap.
Vietnam is a net exporter of crude oil, but is a net importer of oil products. With oil consumption increasing year-over-year and overall by more than 70% from 238,400 bbl/d in 2004 to 413,000 bbl/d in 2013, the country must import a majority of refined products to satisfy demand.