Global conflicts have exposed developing countries such as Vietnam to the risk of dependence on imported energy. Vietnam needs to strengthen its energy supply autonomy, making the development of the domestic oil and gas industry increasingly important.
Oil and gas stocks have surged strongly in recent trading sessions, mainly supported by Resolution 79 on the development of the state-owned economy. At the close of yesterday’s trading session, a series of stocks such as GAS, PLX, BSR, PVD, PVS, PVC, PVT, PET, and EIB all hit their ceiling prices. Only a few tickers such as PVB and GSP did not reach the ceiling, but their gains were still significant, showing that capital flows were strongly concentrated in this sector.
Resolution 79 defines the tasks of state-owned enterprises such as EVN and PVN as investing in and developing key energy projects, including nuclear power and offshore wind power, to ensure national safety and security.
The legal process for projects developed by state-owned enterprises will be shortened. Investment procedures for important energy infrastructure projects operated by state-owned enterprises will be significantly streamlined, as power grid projects included in power development planning will be exempted from investment policy approval and land-use or land-allocation plans.
In addition, several updated policies for the oil and gas sector show that Resolution 70-NQ/TW defines the transformation of Vietnam’s oil and gas industry from the traditional “exploration and production” model to an integrated model of “exploration, production, processing, services, oil and gas industry, and integrated energy.”
This requires the oil and gas industry, with Vietnam National Industry – Energy Group (PVN) as a representative enterprise, to expand its scope of operations and build an extended value chain, thereby strengthening the autonomy of domestic fuel supply.
Resolution 66.6/2025/NQ-CP grants PVN authority to perform several important tasks that previously fell under the jurisdiction of the Ministry of Industry and Trade, including directly approving master plans for most oil and gas field development projects, except for onshore projects or projects connected between onshore and offshore areas.
PVN is also authorized to approve adjustments when total investment decreases or when investment capital increases by no more than 10% without changing the project structure; approve changes when the estimated decommissioning cost differs by less than 20% from the level previously approved by the Ministry of Industry and Trade; and appraise and approve resource and reserve reports for small discoveries, provided that PVN does not act as the project operator.
According to KBSV Securities, the introduction of these policies is driven by geopolitical volatility and global security concerns. Global conflicts have made developing countries such as Vietnam vulnerable to risks associated with dependence on energy imports. Vietnam needs to enhance energy supply autonomy, making the development of the domestic oil and gas industry essential.
Another factor is the risk of declining natural resource output. Major traditional oil and gas fields such as Bach Ho and Rong are entering a phase of serious production decline. Without new discoveries, Vietnam could shift from being an exporter to a net importer of crude oil and natural gas in the near future, posing a threat to energy security.
Power Development Plan VIII places strong emphasis on developing gas-fired power. Vietnam aims to reach a total gas-fired power capacity of 19,685 MW by 2030, including 10,861 MW of domestic gas-fired power, accounting for 5.9% of total installed capacity, and 8,824 MW of LNG-fired power, accounting for 4.8% of total installed capacity. Policies supporting the development of the domestic oil and gas industry will focus on addressing gas supply shortages for power generation.
Regarding the impact on oil and gas enterprises, KBSV believes that in the upstream and construction segments, total capital construction value is estimated at around USD 9.5 billion for the 2025–2029 period, up 120% compared with 2019–2024, which is expected to provide abundant workloads for companies in the sector. PVD will benefit from the trend of increased investment in drilling rigs and domestic production expansion. PVS is highly likely to win many domestic oil and gas infrastructure construction packages thanks to its strong capabilities.
In the midstream segment, GAS is a typical representative in the midstream stage of the oil and gas value chain. With domestic gas supply expected to be secured from the two major projects, Block B and Su Tu Trang Phase 2B, which are expected to start production from 2027, GAS’s gas supply revenue is projected to reach VND 84,828 billion by 2030, equivalent to a five-year CAGR of approximately 20%.
