Excelerate Energy advances strategic LNG cooperation with Vietnam

Excelerate Energy advances strategic LNG cooperation with Vietnam

US energy firm Excelerate Energy is fast tracking its long-term investment plans in Vietnam, signalling a stronger push to expand its global liquefied natural gas infrastructure footprint through partnerships with local firms, including state-owned Petrovietnam Gas.

Prime Minister Pham Minh Chinh receives Steven Kobos, chairman and CEO, Excelerate Energy. Photo: VGP/Nhat Bac

During a recent working visit to Hanoi on May 29, Excelerate Energy CEO Steven Kobos confirmed that the company signed an MoU with PVGas to arrange long-term liquefied natural gas (LNG) supplies from the United States to Vietnam. The move is part of Excelerate’s plan to establish a more stable LNG supply chain for the region, backed by physical infrastructure and local partnerships.

The company is also proposing to invest in LNG import terminals and storage facilities in Vietnam, and to form joint ventures with Vietnamese firms to support local operations. According to Kobos, Excelerate sees potential for Vietnam to not just meet its own energy needs but also to develop as a regional LNG hub

Vietnam’s LNG demand is projected to grow significantly in the next decade, driven by rising electricity consumption and the planned phase-out of coal-fired power. According to the country’s Power Development Plan VIII, Vietnam will import up to 15 billion cubic metres of LNG annually by 2035, with at least four major terminals in operation.

Excelerate Energy, currently active in over 60 countries, transports about one-sixth of the US’s total LNG exports. Its entry into Vietnam could bring advanced technology, global supply access, and operational experience to a market still in the early stages of LNG infrastructure development.

The Vietnamese government is encouraging private and foreign investment in LNG to help offset supply risks, diversify the energy mix, and meet emissions targets. For international players like Excelerate, Vietnam offers long-term opportunities tied to power generation, industrial use, and regional export potential.

The company is expected to move forward with feasibility studies and investment proposals in 2025 or 2026, focusing on smart storage systems and emission-reducing solutions. Technology transfer and local workforce development are likely to be key components of its strategy.

As LNG becomes a central pillar of Vietnam’s energy security and transition strategy, partnerships with experienced global operators will be crucial to ensuring reliable supply and efficient deployment of infrastructure across key economic zones.

VIR