Vietnam to begin importing LNG in 2022
Rapidly growing Vietnam expects to start importing LNG by 2022, its minister of industry and trade Nguyen Hong Dien said in a pre-recorded video address ahead of the 10th LNG Producer-Consumer Conference on October 5. The short clip was uploaded on Youtube on September 10.
“The demand [for LNG] is expected to increase to 5mn metric tons/year by 2025, 10mn mt/yr by 2030 and 15mn mt/yr by 2035,” he said, adding that infrastructure for the import, storage and distribution of LNG will be gradually built and improved.
The minister added that the government is at present conducting research, exploring markets and accelerating the construction of the terminal infrastructure. Vietnam will also develop a legal framework for the development of its LNG industry, the minister said.
“The government will look into policy mechanism for the project chain, models of LNG price control mechanism for power plants,” he said.
Vietnam's largest LNG to power project, the Son My project, has been approved by the Vietnamese government. "Many other projects proposed by foreign enterprises are under consideration," Dien added. “We hope to have a meaningful dialogue with representatives of countries and other stakeholders of the LNG sector.”
US-based AES and Petrovietnam Gas, a unit of state-run PetroVietnam, signed an agreement to develop the Son My LNG terminal in October last year.
The minister said that Vietnam sees LNG as playing an important role in helping the world solve the problem of climate change.