The Vietnam oil and gas upstream market attained a volume of 177.77 Thousand Barrels in 2025. The industry is expected to grow at a CAGR of 4.20% during the forecast period of 2026-2035 to attain a volume of 268.25 Thousand Barrels by 2035.
Base Year
Historical Period
Forecast Period
In March 2024, the Vietnam Block B project—an integrated development project including an upstream gas field and a pipeline connecting the gas field to a network of gas-fired thermal power plants—saw the investment of Mitsui Oil Exploration Co., Ltd. (MOECO) and its business partners.
In November 2023, Petronas signed a Memorandum of Cooperation (MoC) with Vietnam Oil and Gas Group (PetroVietnam) to explore potential collaboration opportunities in the upstream, downstream, renewable energy, and gas sectors in Vietnam.
In August 2023, ‘Harbour Energy’ entered into Sale and Purchase Agreements to sell its business in Vietnam to Big Energy Joint Stock Company and took exit from the country with USD 84 million sale of offshore assets.
Compound Annual Growth Rate
4.2%
Value in Thousand Barrels
2026-2035
*this image is indicative*
| Vietnam Oil and Gas Upstream Market Report Summary | Description | Value |
| Base Year | Thousand Barrels | 2025 |
| Historical Period | Thousand Barrels | 2019-2025 |
| Forecast Period | Thousand Barrels | 2026-2035 |
| Market Size 2025 | Thousand Barrels | 177.77 |
| Market Size 2035 | Thousand Barrels | 268.25 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 4.20% |
| CAGR 2026-2035 - Market by Region | Southeast | 4.7% |
| CAGR 2026-2035 - Market by Region | Mekong River Delta | 4.5% |
| CAGR 2026-2035 - Market by Location of Deployment | Offshore | 4.6% |
| CAGR 2026-2035 - Market by Product | Crude Oil | 4.7% |
| Market Share by Region | Southeast | 26.0% |
The key drivers of the market are the rising crude oil prices, support from the government as well as increasing energy demand in the country. As of February 15, 2024, the price of gasoline in Vietnam has increased by approximately 650-710 Vietnamese Dongs per litre. This positively influences the oil and gas upstream market because of the increasing demand for an alternate source of energy. Rising industry, urbanization, and improving living conditions are driving up energy consumption in Vietnam as the country's economy continues to grow. Vietnam has concentrated on boosting its domestic oil and gas output in order to meet this growing demand.
The oil and gas upstream demand growth is also receiving a considerable amount of support from the government. The government is introducing initiatives and schemes to help utilise the country’s own resources in order to have zero dependence on external imports. The 2022 Law on Oil and Gas is an example of the same which aims to simplify the legal framework and aid in the sector’s development. Furthermore, its objective is to help and facilitate the investigation and extraction of oil that is available within Vietnam’s boundaries, whether it is in the mainland, on the islands or in the sea.
The country aims to produce enough energy to fulfil the requirements of an economy growing at a rate of 6.5%-7.5% per annum. Vietnam’s Prime Minister launched the National Power Development Plan (NPDP) on May 15, 2023, with the objective to ensure sufficient power supply for domestic demands and achieve self-sufficiency in electricity generation. Oil and natural gas upstream market thus has a greater role to play in fulfilling the country’s power requirements, increasing the Vietnam oil and gas upstream market revenue.
New oil field discoveries, volatile oil and gas prices, and increased investment in exploration and production activities are impacting the Vietnam oil and gas upstream market value.
In May 2024, PetroVietnam announced the discovery of two new oil reserves with combined reservoir of crude oil worth 100.5 billion barrels. These discoveries are expected to positively impact Vietnam oil and gas upstream market growth. The reserves have been discovered in Southeast and Southern Vietnam respectively, and one of them is being operated by Vietsovpetro, a Vietnam-Russia joint venture.
Increased prices of crude oil and natural gas globally, in addition to supply cuts, has raised demand for upstream rig trentals in Vietnam’s oil and gas upstream market, boosting their profits to new levels. For instance, PV Drilling, a leading rig rental service in Vietnam recorded a positive business growth in the second quarter of 2023, during which it reported a net profit of VND 155 billion. This was far beyond the yearly profit target of the company.
The Vietnam government revised its law on petroleum in 2022 to reduce oil and gas imports and ramp up domestic production in the lieu of rising volatility in oil and gas prices globally. One of the key aspects of the revised law allows foreign firms to sign a contract with the Petrovietnam in order to participate in oil and gas upstream exploration and extraction. Such contracts, signed under the Comprehensive and Progressive Agreement for Tran-Pacific Partnership, will boost foreign investment leading to growth of the Vietnam oil and gas upstream market.
The global rise in exploration and production activities have increased market opportunities in the industry. As a result, the industry is witnessing huge investments from public as well as private sector. For instance, PetroVietnam is planning to invest around VND 25.7 trillion by the end of 2024 in the industry. PetroVietnam Exploration Production Cooperation (PVEP), one of PetroVietnam’s subsidiary, is leading this investment plan with over VND 20.6 trillion investment in key oil and gas projects. Similarly, leading private player, PV Drilling is planning to invest more than VNÄ 2.6 trillion in 2024.
‘Vietnam Oil and Gas Upstream Market Report and Forecast 2026-2035’ offers a detailed analysis of the market based on the following segments:
Market Breakup by Location of Deployment
Market Breakup by Product
Market Breakup by Region
| CAGR 2026-2035 - Market by | Location of Deployment |
| Offshore | 4.6% |
| Onshore | 3.8% |
| CAGR 2026-2035 - Market by | Product |
| Crude Oil | 4.7% |
| Natural Gas | 4.4% |
| Others | 4.0% |
| CAGR 2026-2035 - Market by | Region |
| Southeast | 4.7% |
| Mekong River Delta | 4.5% |
| Red River Delta | 4.3% |
| South Central Coast | 4.0% |
| Others | 3.8% |
Offshore segment dominates the Vietnamese oil and gas upstream market. The country has substantial offshore gas and oil reserves in the South China Sea, especially in basins like Nam Con Son and Cuu Long. New reserves have been found as a result of ongoing exploration work, drawing capital and propelling the upstream sector's expansion. Vietnam has been emphasizing the development of its infrastructure to assist with activities upstream. Pipelines, onshore processing facilities, drilling rigs, and offshore production platforms have all been built with financial assistance. Vietnam's capacities for oil and gas exploration, production, and export are strengthened by these infrastructure improvements.
| Market Share by | Region |
| Southeast | 26.0% |
| Red River Delta | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
The market players are actively opting for ways to utilize natural gas for power generation as it is more eco-friendly than other fuels.
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The market will presumably grow at a CAGR of 4.20% in the forecast period of 2026 and 2035.
The rising crude oil prices, support from the government as well as increasing energy demand in the country are the major drivers of the market.
The key trends of the market include focus on emissions reduction and rise in domestic oil and gas consumption.
Based on location of deployment, the market is divided into onshore and offshore.
Major regions include Southeast, Red River Delta, Mekong River Delta, South Central Coast, and others.
The key players in the market are Exxon Mobil Corp., Eni S.p.A, Eneos Holdings Inc., Saipem S.p.A, Japan Drilling Co., Ltd., Jadestone Energy Plc, Essar Oil and Gas Exploration and Production Limited, Vietnam Oil and Gas Group (PetroVietnam), and others.
In 2025, the market attained a volume of nearly 177.77 Thousand Barrels.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach about 268.25 Thousand Barrels by 2035.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Location of Deployment |
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| Breakup by Product |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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