Excelerate Energy eyes turning Vietnam into LNG center for ASEAN distribution

U.S LNG giant Excelerate Energy wants to set up a joint venture with Vietnamese partners for market expansion, turning Vietnam into a center for LNG distribution to the ASEAN region.

Peter Haas, strategic advisor at Excelerate Energy, made the statement in a meeting with Vietnam's Minister of Industry and Trade Nguyen Hong Dien on Tuesday, May 20 (U.S. time), the ministry's (MoIT) news portal reported.

Dien, also head of Vietnam's Government Negotiation Delegation, has been in Washington D.C for negotiations on a reciprocal trade agreement with the U.S.

In response, Dien stated that Vietnam encourages the company to participate in developing infrastructure and the LNG market in Vietnam.

In March this year, in Washington D.C., PV Gas, a subsidiary of state-owned Petrovietnam, signed MoUs with ConocoPhillips and Excelerate Energy on long-term LNG purchase agreements.

Accordingly, Excelerate Energy and PV Gas will collaborate on a plan to secure reliable and stable LNG supply sourced from the United States as early as 2026.

In the same month, in a meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long, a delegation from Excelerate Energy, led by vice president of government relations and public affairs Derek Wong, stated that the firm was seeking to deploy its floating storage regasification unit (FSRU) technology in Vietnam.

Lockheed Martin

Meeting with Lockheed Martin, a leading global security, defense and aerospace contractor, on the same day, Minister Dien said that Vietnam is preparing plans to launch a new generation satellite by the end of 2026.

"Vietnam wants to expand cooperation in aerospace, develop digital infrastructure, increase national space sovereignty and telecommunications capacity, and participate in Lockheed Martin's production supply chain," he noted.

Lockheed Martin is cooperating with Vietnam in telecommunications through projects such as the VINASAT-1 satellite project (2008) and VINASAT-2 (2012).

In response, Nancy Ziuzin, Lockheed Martin's vice president, international government affairs, said she highly appreciates the potential and strategic role of the Vietnamese market.

Ziuzin affirmed that the group will accompany Vietnam's development in key areas such as aviation, space and defense technology, according to the MoIT's news portal.

The two sides agreed to increase the establishment of regular cooperation mechanisms, information sharing, and technology transfer.

Elon Musk company SpaceX

Speaking to SpaceX representatives in another meeting, Minister Dien affirmed his readiness to create favorable conditions and remove legal obstacles for the corporation's project in Vietnam.

He suggested that SpaceX expand cooperation to areas such as information technology, clean energy, and technology transfer, especially in training high-tech human resources.

"This is considered the foundation for sustainable digital infrastructure development in Vietnam," the minister stressed.

SpaceX plans to invest about $1.5 billion in Vietnam to deploy Starlink broadband satellite Internet service nationwide, especially in remote, border and island areas. The company is expected to build 10-15 ground stations in Vietnam in the first phase, the MoIT reported.

SpaceX's senior vice president for global business and government affairs Tim Hughes assessed Vietnam as a strategic market in Starlink's global service expansion orientation.

He affirmed that the group will invest in and develop infrastructure, providing reasonably priced, stable and modern telecommunications services in Vietnam.

This is to improve the quality of connectivity for millions of Vietnamese people, especially in areas with limited access to traditional networks, the news portal quoted Hughes as saying.

In March, Deputy Prime Minister Nguyen Chi Dung signed a prime ministerial decision allowing SpaceX to pilot Starlink low-orbit satellite internet service in Vietnam on a pilot basis until January 1, 2031.

The decision permits SpaceX's "controlled pilot deployment" of telecom services using low-orbit satellite technology without any limit on foreign ownership.

Specifically, SpaceX is allowed to conduct a controlled pilot investment in telecom service with network infrastructure - a type of satellite telecom network using low-orbit satellite technology in Vietnam. The pilot will be carried out on the principle of ensuring national defense and security.

Google

At his meeting with Google, Minister Dien said Google has an important opportunity to develop a sustainable, balanced and safe supply chain in the region. "Google can coordinate with local partners to assess the possibility of localizing input materials as well as expanding and diversifying supply sources from countries in the region."

"The Ministry of Industry and Trade is committed to supporting Google to connect with domestic enterprises, provide information, and consider support policies on infrastructure, logistics, and taxes if Google is determined to expand investment or improve its supply chain capacity in Vietnam," he added.

In meetings with Excelerate Energy, Lockheed Martin, SpaceX, and Google in the United States, Minister of Industry and Trade Nguyen Hong Dien asked these corporations, given their strong influence, to convey Vietnam's messages to the President Trump administration.

"The two countries have a comprehensive strategic partnership, through which Vietnam has been promoting and creating favorable conditions for U.S. companies to invest and do business in Vietnam," he said.

"Cooperation with Vietnam will bring about long-term strategic benefits and contribute to improving the bilateral trade balance in a fair, harmonious and sustainable manner," the minister added.

Dien also emphasized the message "Vietnam needs to be treated as a priority trade partner of the U.S".

He suggested that the two sides coordinate to resolve existing problems in trade and investment. The minister also stressed that the U.S. should soon recognize Vietnam as a market economy and remove the country from restrictions in terms of exports of high-tech products.

"This will contribute to bringing practical benefits to the two countries in both short and long terms," he noted.