On May 20 (local time) in the United States, Minister of Industry and Trade Nguyễn Hồng Diên held a working session with U.S.-based Excelerate Energy to explore cooperation opportunities in developing liquefied natural gas (LNG) projects in Vietnam.

Overview of the working session between Minister Nguyen Hong Dien and Excelerate Energy Corporation of the United States.

The meeting was attended by Peter Haas, Vice President of Excelerate Energy. Representing Vietnam were Deputy Minister of Finance Cao Anh Tuan, Deputy Minister of Science and Technology Pham Duc Long, Vietnamese Ambassador to the U.S. Nguyen Quoc Dung, PetroVietnam Vice President Do Chi Thanh, and senior officials from various ministries and departments.

Also joining the Vietnamese delegation were representatives from the Ministry of Industry and Trade, including officials from the Interdisciplinary Steering Committee on International Economic Integration, the Department of Foreign Market Development, and Vietnam’s Trade Office in the U.S.

A gateway to LNG growth in Vietnam

Speaking at the session, Minister Nguyen Hong Dien applauded the cooperation agreement signed in March 2025 between Excelerate Energy and PV GAS (PetroVietnam Gas) in the United States, viewing it as a key step toward expanding Vietnam’s LNG import sources from the U.S. and promoting a more balanced and harmonious trade relationship.

The Minister noted that Vietnam holds great potential for further LNG cooperation and investment. Under the recently approved revised Power Development Plan VIII, Vietnam prioritizes domestic gas power development while expanding the use of imported LNG to support its energy transition strategy.

Vietnam’s long coastline is ideal for establishing specialized LNG ports, which positions the country as a promising hub for LNG storage and distribution across the ASEAN region—and potentially more broadly in Asia.

To attract US investors, the Vietnamese Government is considering reducing import duties on LNG, among other incentives. However, Minister Dien acknowledged that the absence of a bilateral Free Trade Agreement (FTA) with the US currently limits Vietnam's competitive edge in the LNG sector. Despite this, he reaffirmed that the Vietnamese Government remains committed to creating the most favorable conditions for US businesses looking to invest and expand operations in the country.

Building a foundation for regional energy security

Thanking Minister Dien for his insights, Excelerate Vice President Peter Haas expressed the company’s readiness to expand LNG investments in Vietnam, provided there is continued support from both governments.

Haas noted that Excelerate recognized Vietnam’s energy potential early on, opening a representative office in the country in 2021. The company sees Vietnam as a future LNG storage and distribution center in Southeast Asia.

To advance this vision, Haas proposed three key areas of cooperation: Investing and developing LNG infrastructure; ensuring stable LNG supply and establishing joint ventures with Vietnamese partners to expand the LNG market and position Vietnam as a regional distribution hub.

According to Haas, these proposals align with Vietnam’s three core goals in LNG power development: affordable and rapid infrastructure deployment, access to reliable US LNG supplies, and enhanced enterprise innovation capacity.

Minister Nguyen Hong Dien welcomed Excelerate’s proposals and confirmed Vietnam's encouragement of foreign participation in the development of LNG infrastructure and markets. He emphasized that, under Power Development Plan VIII, Vietnam will build 14 gas-fired power plants in the coming years, making LNG supply security a top priority.

Vietnam is also facilitating the business environment for LNG enterprises, including a reduction of LNG import tariffs from 5% to 2%.

Minister Nguyen Hong Dien suggested that Excelerate Energy continue to coordinate with PV GAS as well as Vietnamese companies in developing models of liquefied natural gas (LNG) port warehouses.

Minister Dien stressed that Excelerate’s investment in Vietnam would not only support the country’s LNG sector and energy security but also contribute to regional energy development and help balance bilateral trade between Vietnam and the U.S.

Looking ahead, the Minister urged Excelerate to continue working with PV GAS and other Vietnamese partners to develop LNG terminal models that optimize costs across all stages—from sourcing LNG and infrastructure investment to distribution and transmission. Such models, he said, will help reduce the cost of electricity production from imported LNG and ensure the long-term sustainability of Vietnam’s energy system.