PV Gas Boosts Revenue, Profit in H1 2025; Vung Ang LNG Terminal Coming by Late 2029
PV Gas, a subsidiary of PetroVietnam, has seen a significant boost in revenue and profits in the first half of 2025. Meanwhile, the company is set to expand its LNG infrastructure network with the Vung Ang LNG Terminal in Ha Tinh, expected to be operational by late 2029.
PV Gas reported net revenue of nearly VND55.76 trillion ($2.11 billion) and profit after tax of over VND7.57 trillion ($286.6 million) in the first half of 2025, marking a 4% and 27% increase year-on-year, respectively. This growth comes as the company prepares to launch its Vung Ang LNG Terminal in Ha Tinh.
The Vung Ang LNG Terminal, with a 35-year license, is a key project in PV Gas's North-Central-South LNG infrastructure network. It follows the success of the Thi Vai LNG Terminal in Ho Chi Minh City and the upcoming Son My LNG Terminal in Lam Dong province. Upon operation, it is expected to create substantial employment, boost local tax revenues, and accelerate industrialization and economic restructuring in Ha Tinh. The Ha Tinh province People's Committee has approved the project, with PV Gas as the investor.
The project will operate in two phases. The first phase, from 2029 to 2030, will have a capacity of 1-3 million tons of LNG per year. The second phase will expand capacity based on approved planning and market demand. The terminal, spanning approximately 53 hectares of land and 426 hectares of water surface, is expected to supply natural gas for power plants under the Adjusted Power Development Plan VIII (PDP8) and industrial users in the region. The total investment for the project is over VND26.7 trillion (around $1.01 billion).
PV Gas's strong financial performance in the first half of 2025 sets the stage for the upcoming Vung Ang LNG Terminal in Ha Tinh. This project, with its substantial economic and industrial benefits, is set to further solidify PV Gas's position in Vietnam's LNG infrastructure network.
