Petrovietnam pursues $19 bln petrochemical, reserve complex
State-run Petrovietnam has proposed the government consider investment for a $19 billion oil refinery and national crude oil, petroleum reserve in the south.
According to the group, it is necessary to develop the complex, in Long Son Petroleum Industrial Park of Ba Ria-Vung Tau province, to ensure the country’s oil and gas security.
Vietnam now has two operational oil refineries - Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, and Binh Son Refining and Petrochemical in Quang Ngai province, both in the central region.
Nghi Son is a $9 billion refinery co-owned by state-run Petrovietnam, Kuwait Petroleum Europe B.V. (KPE) and Japan’s Mitsui Chemical and Idemitsu Kosan Co. The other complex, better known as Dung Quat Refinery, is a Petrovietnam subsidiary and has received more than $3 billion in investments.

Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, central Vietnam. Photo courtesy of the project.
According to Petrovietnam, the domestic market’s petroleum demand in 2020 was 18 million tons, and it would go up to 25 million tons in 2025, then 33 million tons by 2030, with further increases later. Meanwhile, the domestic supply from the two refineries, together with condensate plants in the country, is about 12.2 million tons per year currently, and is expected to increase to about 13.5 million tons after completion of the Dung Quat Oil Refinery expansion.
This means domestic supply can meet about 70% of present demand, but the ratio will decrease to only 40% in 2030, and 20% by 2045. Putting the shortages in numbers, the group estimates a lack of 19.5 million tons in 2030, about 25 million tons in 2035, then 49 million tons by 2045.
For current national reserves, Petrovietnam estimates the total amount could only meet less than 10 days of consumption, adding that imports need advance orders, not immediate deliveries.
The giant said national reserves would be more significant to Vietnam due to uncertainties in the global market and increasing oil prices, while Nghi Son Refinery has recently experienced unstable operations.
Petrovietnam said Long Son in Ba Ria-Vung Tau bordering Ho Chi Minh City would be the best location to host the national-level project. The complex would use domestic supply of crude oil, gas, and condensate, and import more crude oil from the U.S. and the Middle East, depending on demand.
The complex would comprise the two projects for oil refining and reserve. In phase one, the refinery project would annually provide 7-9 million tons of petroleum products and 2-3 million tons of petrochemical products. For phase two, the capacity would see an additional 3-5 million tons of petroleum products and 5.5-7.5 million tons of petrochemical products.
As for storage, the reserve project’s annual capacity would be 1 million tons of crude oil and 500,000 cubic meters of petroleum products.
Petrovietnam expects to complete all dossiers needed for the complex for the government to look at in January next year, followed by a feasibility study in the second half of 2023, and government approval in the first quarter of 2024. Selecting EPC contractors and construction would last until the end of 2027.
The corporation estimates phase one would cost $12.5 - 13.5 billion, and phase two, $4.5 - 4.8 billion.
At present, Asian heavyweight Siam Cement Group (SCG) is nearing the completion of its $5.4 billion Long Son Petrochemicals Complex in the same province, expecting a full start-up in the first half of 2023. It will be Vietnam’s third operational oil refinery.

Long Son Petrochemicals Complex in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Siam Cement Group.
In Ba Ria-Vung Tau, South Korea’s Hyosung operates its 600,000-ton-per-year polypropylene (PP) plant. The $1.3 billion factory, Hyosung Vina Chemicals, is the newest PP producer in Vietnam.
Hyosung Vina Chemicals has two PP production units with an annual designed capacity of 300,000 tons each. The first started production in March 2020 while the second began its trial run last September.
- Read More
Phu Quoc casino owner issues $91.67 mln bonds in capital restructuring
Phu Quoc Tourism Development and Investment JSC, owner of the Corona casino on Vietnam’s resort island of Phu Quoc, has completed the issuance of VND2.4 trillion ($91.67 million) in five-year bonds as part of its capital restructuring plan.
Companies - Sat, July 5, 2025 | 5:54 pm GMT+7
SK Group pushes for potential investment in $2.2 bln LNG-fired power plant in central Vietnam
A delegation from South Korean chaebol SK Group has held a second round of talks with Nghe An province authorities to explore investment opportunities for a $2.2 billion LNG-fuelled power plant project.
Energy - Sat, July 5, 2025 | 1:47 pm GMT+7
Vietnam GDP grows 7.52% in H1, 15-year record high
Vietnam's economic growth rate reached 7.52% in the first six months of the year, a record high in the period 2011-2025, the General Statistics Office reported on Saturday.
Economy - Sat, July 5, 2025 | 10:46 am GMT+7
Vietnam needs two-pronged policy approach to mitigate impact of rising oil prices: RMIT experts
A surge in global oil prices poses a significant threat to Vietnam’s economy and to cushion these impacts, the country needs a two-pronged policy approach, write Dr Vu Hong Nhung and Dr Phan Thanh Chung, lecturers at the economics and finance department, Business School, RMIT University Vietnam.
Consulting - Sat, July 5, 2025 | 8:54 am GMT+7
Vietnam's registered FDI tops $21 bln in H1, highest in 16 years
Registered foreign direct investment (FDI) in Vietnam hit over $21.51 billion in the first half of the year, up 32.6% and a record high since 2009, while disbursed capital reached $11.72 billion, up 8.1%.
Economy - Fri, July 4, 2025 | 8:50 pm GMT+7
Gemadept’s southern Vietnam port receives mega container ships
Within just over two years of trial operations (from March 2023 to May 2025), Gemalink Port of Vietnamese logistics giant Gemadept in Ba Ria-Vung Tau has safely received 70 container vessels of over 200,000 DWT (up to 232,494.5 DWT) under partially loaded conditions.
Companies - Fri, July 4, 2025 | 4:54 pm GMT+7
Agro-forestry-fisheries exports near $34 bln in H1
Vietnam’s agro-forestry-fisheries exports hit $33.84 billion in the first half of 2025, marking a 15.5% increase year-on-year.
Economy - Fri, July 4, 2025 | 3:36 pm GMT+7
Malaysia’s data center operators struggle due to power cost hike
Malaysia’s data center sector is projected to grow at a 22% CAGR from 2023 to 2029 due to cost competitiveness, skilled workforce, and a robust digital ecosystem, according to a report by global investment bank ARC Group.
Southeast Asia - Fri, July 4, 2025 | 3:23 pm GMT+7
Tetra Pak inaugurates expanded aseptic packaging plant in southern Vietnam
Swedish food processing and packaging giant Tetra Pak has inaugurated the second phase worth EUR97 million of its aseptic packaging plant located in the VSIP II-A Industrial Park in Ho Chi Minh City, bringing the total investment to EUR217 million.
Companies - Fri, July 4, 2025 | 3:16 pm GMT+7
Vietnam Prime Minister requests early removal of credit growth limits
Prime Minister Pham Minh Chinh on Thursday instructed Vietnam's central bank to urgently consider removing the administrative tool of setting credit growth quotas for individual banks, and shift toward a market-based control mechanism.
Banking - Fri, July 4, 2025 | 3:14 pm GMT+7
Vietnam GDP growth hits 7.3% in H1, highest in 17 years: Minister
Vietnam’s GDP is expected to increase by 7.3% in the first half of this year, the highest level since 2008, said Minister of Finance Nguyen Van Thang.
Economy - Fri, July 4, 2025 | 2:31 pm GMT+7
Vietnam’s realty market may soon shift from undersupply to oversupply: experts
The real estate market in Vietnam will soon face oversupply, a reversal of the supply shortage seen in recent years, according to economist Dr. Le Xuan Nghia.
Real Estate - Fri, July 4, 2025 | 11:29 am GMT+7
Vietnam’s benchmark VN-Index likely to reach 1,500 points on new US tariff: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may reach 1,500 points in the coming time as the tariff agreement reached with the U.S. is expected to boost investor sentiment, according to Maybank Securities Vietnam (MSVN).
Finance - Fri, July 4, 2025 | 8:38 am GMT+7
Chinese materials major Kingfa on track to complete $80 mln plant in southern Vietnam
Kingfa, China’s leading advanced materials company, on Wednesday held a topping-out ceremony for its $80 million plant in Dong Nai province, a key industrial hub in southern Vietnam.
Industries - Fri, July 4, 2025 | 8:23 am GMT+7
Vietnam’s stock market expects upgrading in September
The State Securities Commission (SSC) is working intensively with ministries and stakeholders to settle remaining issues and improve foreign investor access, a critical step ahead of the expected review in September, Deputy Finance Minister Nguyen Duc Chi said at his ministry's (MoF) press meeting on Wednesday.
Finance - Thu, July 3, 2025 | 9:23 pm GMT+7
Vietnam's construction giant Coteccons plans $53 mln bond issue
Vietnamese construction giant Coteccons (HoSE: CTD) plans to issue bonds worth up to VND1.4 trillion ($53.45 million) to the public this year as part of its 2025 capital mobilization plan, according to a company release.
Companies - Thu, July 3, 2025 | 8:12 pm GMT+7