Market Size of Vietnam Oil & Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 176.88 Thousand barrels per day |
| Market Volume (2029) | 181.34 Thousand barrels per day |
| CAGR (2024 - 2029) | 0.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Oil & Gas Upstream Market Analysis
The Vietnam Oil & Gas Upstream Market size is estimated at 176.88 Thousand barrels per day in 2024, and is expected to reach 181.34 Thousand barrels per day by 2029, growing at a CAGR of 0.5% during the forecast period (2024-2029).
The COVID-19 pandemic had an adverse impact on the upstream market due to disrupted operations caused by the lack of manpower at terminals and ports. Currently, the market has reached pre-pandemic levels.
- The upstream market of Vietnam is primarily driven by two main factors, the growing demand for Vietnam's sweet crude in Southeast Asian markets and the high prices of crude oil, which can bring more revenue for new investments.
- However, the exceptionally high interference of government in the oil industry, like approvals and permits for even technical details, has hampered the industry's growth.
- Despite the unfavorable investment climate in the region, many foreign companies have expressed interest in experimenting with their technology in the region. A joint venture with Russia, VietsovPetro has extended its cooperation agreement with Petrovietnam till 2030 to pursue exploration and production activities in the country. The United Drilling Tools, an India-based oilfield equipment manufacturer, recently promoted its products in Vietnam. Such developments create ample opportunities for the Vietnamese upstream market.
