Russian enterprise eyes Vietnam's energy market

"Our company is interested in the liquefied gas sector in Vietnam, not just the LNG Ca Na Power Centre project in the central province of Ninh Thuan with partners like Zarubezhneft, Total, and Siemens, but also Vietnam's emerging gas market," said Elena Nikolaevna Golm, director of business development at Novatek.

Vietnamese Prime Minister Pham Minh Chinh has approved the addition of the Ca Na project to the national power development plan and assigned Ninh Thuan People's Committee to take responsibility for leading and coordinating with the Ministry of Industry and Trade, according to Tan.

"The ministry has sent details of the LNG power centre to Ninh Thuan People's Committee, including investment in LNG port construction, business model, LNG pricing mechanisms, pricing of renewable gas supplied to power plants, infrastructure investment mechanisms, and investor selection," Tan continued. "We hope that Novatek will implement the integrated power plant as soon as possible."

Last year, Golm and her colleagues visited Vietnam and worked with PV Gas on LNG trading for the 2023-2026 period.

At the same time, both sides discussed cooperation options for investing in LNG power project chains in Vietnam.

Vietnam has emerged as a potential investment destination for German companies, who are increasing their presence in the country.

On December 23, Vietnam's Deputy Prime Minister Tran Hong Ha tasked the Ministry of Industry and Trade (MoIT) with developing a framework to explore wind and solar energy.

Vietnam remains committed and focused on enhancing the development of hydrogen energy production and hydrogen-source fuels in regions with potential and advantages in renewable energy, close to major consumer markets.