Vietnam Seeks Second Long-Term LNG Contract Amid Growing Energy Demand
State-controlled Petrovietnam Gas (PV GAS) is seeking to award its second long-term liquefied natural gas (LNG) contract, this time for a five-year deal. The company sent out a request in June to potential suppliers under a 'market sounding exercise' to procure 250,000-450,000 metric tons of LNG for the Thi Vai Terminal. Delivery would start in January 2027 or later.
The move comes after PV GAS awarded its first long-term contract to Shell in January 2026 for the supply of about 400,000 tons per year from 2027 to 2031. The deal was finalized as part of Vietnam's efforts to reduce its large trade surplus with the United States.
The Thi Vai Terminal has a current capacity of 1 million tons per year and is being expanded to 3 million tons per year, supplying two power plants with combined capacity of 1.5 gigawatts. The other terminal, Cai Mep Terminal owned by AG&P LNG, has a capacity of 3 million tons per year.