PV GAS plans to spend up to 100,000 billion VND for the gas race

At the shareholders’ meeting of Vietnam Gas Corporation (PV GAS) on the morning of May 22 in Ho Chi Minh City, many shareholders expressed concern about the trend of domestic gas decline, while the gas and LNG markets are becoming more and more competitive.

Responding to shareholders, Mr. Nguyen Thanh Binh, Chairman of the Board of Directors of PV GAS, said that the business is entering a major transformation period. If previously the gas market had few competitors, the period 2026-2030 will see more businesses participating, while demand for gas power and LNG continues to increase rapidly.

In that context, PV GAS chose the strategy of “both competition and cooperation” to expand the market and play a key role. According to Mr. Binh, businesses prioritize cooperation with partners with financial capacity, technology and experience, especially in the fields of LNG and green energy.

To prepare for the new competitive period, PV GAS plans to invest 60,000-100,000 billion VND in gas infrastructure by 2030. The enterprise also develops capital arrangement plans with a scale from 60,000 billion to 120,000 billion VND, depending on project implementation progress.

One of the directions promoted by businesses is LNG. Mr. Binh said that PV GAS is currently the 100% investor of Vung Ang LNG warehouse in Ha Tinh and is working with partner Nebula to develop the gas – electricity chain in this area.

However, the bigger problem for PV GAS is not only investment but also finding alternative gas sources when existing fields gradually decline.

Mr. Pham Van Phong, General Director of PV GAS, said the business is promoting a series of source and infrastructure projects to ensure long-term supply. In particular, the Block B project is implemented synchronously with the related gas – electricity chain, while LNG projects in the South and North are accelerated to expand gas receiving capacity. LNG warehouse with capacity of 3 million tons is expected to operate from the first quarter of 2029.

According to the plan, gas output in 2026 is expected to reach about 7.2 billion m3, up from 6.4 billion m3 last year. Imported LNG is estimated at about 0.9 billion m3, up from 0.5 billion m3 the previous year.

In addition to LNG, PV GAS expects new fields such as Thien Nga – Hai Au, Nam Du – O Mon, Khanh My – Dam Roi and Su Tu Trang 2B to supplement gas sources from the end of 2026 to 2028. According to the business, these projects can add about 11 billion m3 of gas to compensate for the shortage from naturally declining fields.

Not only finding new gas sources, PV GAS also gradually switched from a distribution model to a gas trading model to increase efficiency. According to Mr. Phong, becoming the only gas trading unit in the PM3 Ca Mau area helps increase revenue by about 12,000 billion VND per year.

In the LPG and LNG segment, the business said it still maintains stable supply, while expanding electricity, industrial and regional market customers.

Currently, business results at the beginning of the year are still growing positively. In the first quarter, PV GAS recorded revenue of about 38,800 billion VND, an increase of 47% over the same period last year. Profit reached about 3,750-3,800 billion VND, an increase of about 10%. The business forecasts that in the first 6 months of the year, revenue could reach about 75,000 billion VND and profit exceed 8,000 billion VND.

However, the business still plans cautiously for 2026 due to cost pressure when domestic gas resources decline, forcing it to increase LNG imports at higher cost prices. PV GAS sets a revenue target of 142,000 billion VND, an increase of about 4% compared to the previous year, but profit after tax is expected to decrease by nearly 22%, to about 9,000 billion VND.

Along with large investments, PV GAS still maintains high cash dividends. The shareholders’ meeting approved the 2025 dividend plan at a rate of 25% of charter capital, equivalent to about 6,032 billion VND. For 2026, the business plans to pay cash dividends at 20% of charter capital, and at the same time allocate about VND 3,370 billion to the development investment fund to supplement resources for long-term projects.

Business leaders said that PV GAS will continue to prioritize ensuring gas supply, expanding LNG infrastructure and striving to complete the targets assigned by the shareholders’ meeting.