US giant backs Vietnam’s bid to lead ASEAN gas trade

During a meeting in Hanoi on May 29, Excelerate Energy CEO Steven Kobos told Vietnamese Prime Minister Pham Minh Chinh that the company, currently handling one-sixth of all US LNG exports across over 60 markets, has signed an MoU with PV Gas for long-term LNG supply from the U.S. to Vietnam.

This move follows a strategic agreement signed in late 2024 between Excelerate and PetroVietnam Technical Services Corporation (PTSC) to explore floating storage and regasification unit (FSRU) projects in Vietnam. With faster deployment, lower capital costs, and operational flexibility, FSRUs are seen as a key enabler for emerging LNG import markets like Vietnam.

As Vietnam’s energy demand surges, FSRUs could offer a pragmatic solution to diversify the country’s gas supply while supporting its gradual shift toward cleaner energy sources.

Excelerate is also pursuing joint ventures with local enterprises and plans to invest in LNG infrastructure, with the ambition of making Vietnam a regional energy gateway.

At a meeting with Minister of Industry and Trade Nguyen Hong Dien this March, Excelerate Vice President Peter Haas outlined three strategic priorities: building LNG infrastructure, securing reliable supply, and partnering with Vietnamese firms to expand into the broader ASEAN market.

Prime Minister Chinh welcomed the growing collaboration, encouraging Excelerate to accelerate the development of smart, modern LNG storage facilities as early as 2025 or 2026.

He emphasized Vietnam’s strategic intent to become an energy hub for both domestic and regional needs, and called for technology transfer and operational expertise sharing to bolster local capabilities.

Vietnam is pursuing rapid yet sustainable economic growth, balancing development with environmental protection and social equity.

The government has reiterated its commitment to maintaining a transparent, stable, and investor-friendly environment which is reinforced by recent clean energy export deals with Singapore and Malaysia and the ethos that “words must lead to action.”