Market Size of Vietnam Oil and Gas Midstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.57 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Oil & Gas Midstream Market Analysis
Vietnam's oil and gas midstream market is expected to record a CAGR of more than 5.57% during the forecast period (2022-2027). The oil and gas midstream market in Vietnam was unaffected by the COVID-19 outbreak. The constant usage of storage facilities for storing hydrocarbons, usage of pipelines for fuel transportation, and resilient demand for LNG in 2020 kept the demand for midstream services normalized. Factors such as increasing demand for natural gas and oil and increasing gas production in the country are expected to boost Vietnam's oil and gas midstream market during the forecast period. However, oil production is decreasing in the country, which is expected to impede the market's growth.
- Vietnam is increasing its storage capacity, with the Vietnam Master Plan pushing for an increase in energy security. However, renewables have impeded growth in the sector as a reliable alternative to oil and gas.
- New offshore natural gas and condensate recovery in the block was made by foreign companies in the exclusive economic zone of Vietnam in the South China Sea, which, if economically viable, can boost the oil and gas midstream sector.
- Increasing investments in Vietnam's midstream industry is driving the market by increasing the capacity of oil and gas transportation.
