PM calls for US firm’s cooperation in developing LNG hub in Vietnam

Hanoi (VNA) – Prime Minister Pham Minh Chinh on May 29 welcomed US LNG company Excelerate Energy (EE)'s efforts to strengthen cooperation with Vietnamese partners, stressing that such engagement holds both political and economic significance, contributing to boosting a balanced and sustainable trade ties between the two countries.

Receiving Excelerate Energy President and CEO Steven Kobos in Hanoi, PM Chinh lauded the signing of a memorandum of understanding (MoU) between the US firm and PV Gas, a unit of state-run Petrovietnam, urging the two sides to work closely together to ensure practical and effective cooperation.

He agreed with Excelerate Energy's proposal to position Vietnam as a regional LNG distribution hub, while encouraging the firm to further explore opportunities to expand and deepen cooperation with Vietnamese partners in providing technological solutions and long-term LNG supply. He noted that these will contribute to enhancing Vietnam’s energy security, narrowing the trade deficit, and advancing the Vietnam – US relations.

Chinh noted his hope that Excelerate Energy will develop a LNG supply chain in Vietnam, including building modern and smart LNG storage facilities and transferring technology and management expertise to help Vietnam operate its LNG sector efficiently. He also affirmed Vietnam’s commitment to rapid and sustainable economic development, without compromising social progress, equity, or the environment for the sake of mere economic growth.

Excelerate Energy’s cooperation with Vietnamese partners holds a great significance and strong potential for sustainable development, contributing to not only balancing trade between the two countries but also serving the long-term interests of their people, he said.

Vietnam aims to develop LNG storage and distribution centres to serve both domestic demand and the wider ASEAN region, including power plants supplying electricity to ASEAN, he revealed, calling on the US firm to cooperate with Vietnamese partners to begin construction of LNG storage and distribution facilities in Vietnam within this year or in 2026.

PM Chinh suggested the US firm share effective solutions during its cooperation with Vietnam to help reduce emissions in LNG transportation and usage. He affirmed that the Vietnamese Government is committed to standing side by side with businesses, and stands ready to listen to their feedback to enhance mutual understanding and improve the effectiveness of cooperation.

Thanking Vietnam’s dispatch of a delegation to the US for trade negotiations, Kobos noted that its MoU PVGas is to arrange long-term LNG supply from the US for the Vietnamese market.

He urged the Vietnamese Government to instruct relevant ministries, agencies, and local authorities to facilitate the company’s investment and development of LNG infrastructure in Vietnam, ensure a stable supply of LNG, and support the establishment of joint ventures with a local partners to expand market presence, aiming to position Vietnam as a key LNG distribution hub in ASEAN./.