At the meeting, Minister Nguyen Hong Dien highly appreciated the cooperation agreement between Excelerate Energy and Vietnam Gas Corporation (PV GAS) signed in March 2025 in the United States. This is a testament to Vietnam's efforts in expanding import sources from the US, towards the goal of balanced and harmonious trade.
Regarding the potential for cooperation in developing LNG in Vietnam, Minister Nguyen Hong Dien said that there is still a lot of room for Excelerate Energy to expand investment and cooperation in Vietnam.
According to the adjusted VIII Power Plan recently approved by the Prime Minister, Vietnam prioritizes domestic gas development, developing imported LNG power sources with an appropriate scale to carry out energy transition.
Not to mention, Vietnam has a long coastline, which can form a specialized port for LNG, so Excelerate Energy can research and invest in a reserve and petroleum storage system to serve the ASEAN region, more widely the Asia region.
To attract US investors, the Vietnamese Government is currently considering reducing import tax on LNG; along with many other attractive incentives. However, currently, Vietnam and the US do not have a bilateral FTA, so the competitive advantage in the LNG sector is limited. Minister Nguyen Hong Dien emphasized that the Vietnamese Government always creates the best conditions for US businesses to cooperate and expand investment and business.
Thanking Minister Nguyen Hong Dien for sharing, Mr. Peter Haas - Vice Chairman of Excelerate Group affirmed that he is ready to expand investment and cooperation in Vietnam in potential LNG projects if supported by the Governments of the two countries.
Mr. Peter Haas said that Excelerate Energy recognizes the potential in developing gas power projects, so since 2021, Excelerate Energy has opened a representative office in Vietnam. Vietnam has the potential to become a center for LNG storage and distribution in Southeast Asia.
To promote LNG cooperation, Mr. Peter Haas proposed three specific cooperation directions: investing and developing LNG infrastructure; ensuring a stable LNG supply; and establishing a joint venture with Vietnamese partners to expand the market, aiming to make Vietnam a LNG distribution center of the ASEAN region.
A representative of Excelerate Energy Group emphasized that the above proposals help Vietnam solve 3 pillars in LNG gas development: affordable infrastructure, cheapness, speed; purchasing LNG from the United States; improving business innovation capacity.
Recognizing and appreciating the proposals of Excelerate Energy, Minister Nguyen Hong Dien affirmed that Vietnam encourages Excelerate to participate in infrastructure development and the liquefied natural gas (LNG) market in Vietnam.
According to the VIII Power Plan, to ensure national energy security, Vietnam will deploy the construction of 14 gas power plants in the coming years.
Therefore, proactively supplying LNG is one of the top priorities. Vietnam is also creating favorable conditions for liquefied petroleum businesses, including reducing LNG import tax from 5% to 2%.
The Minister emphasized that Excelerate Energy's investment in Vietnam not only helps Vietnam develop LNG, ensuring energy security but also supports development in the region. At the same time, it creates an important driving force to balance the trade balance between the two countries.
In the coming time, the Minister suggested that Excelerate Energy continue to coordinate with PV GAS as well as Vietnamese companies in developing the model of liquefied natural gas port warehouses. Because the model will help optimize costs for all stages including purchasing LNG sources, investing in infrastructure, distribution and transportation, contributing to reducing the cost of electricity production from imported LNG sources.
