Energy & Oil & Gas – Balancing Traditional Energy with Renewables

Energy & Oil & Gas – Balancing Traditional Energy with Renewables

Ba Ria–Vung Tau, September 21, 2025 — Vietnam’s energy sector is undergoing a crucial transformation as the country strives to balance its growing demand for electricity with environmental commitments and energy security goals. While oil and gas remain essential to the economy, the government is also accelerating investments in liquefied natural gas (LNG), solar power, and offshore wind projects. This dual-track strategy creates a dynamic market with opportunities for both traditional energy suppliers and renewable innovators.

Several trends are defining the sector:

• LNG Infrastructure: Multiple import terminals and combined-cycle power plants are being developed to diversify Vietnam’s fuel supply and reduce reliance on coal.
• Offshore Wind: The government has approved large-scale wind projects in the central and southern provinces, positioning Vietnam as a potential leader in Asia’s offshore wind industry.
• Oil & Gas Optimization: Mature oil fields are receiving investments in enhanced recovery, corrosion management, and field optimization services.
• Grid Upgrades: Industrial zones and utilities are modernizing transmission systems to accommodate renewable integration and improve reliability.

For Turkish companies, this evolving landscape opens significant avenues. Turkey’s engineering firms and EPC contractors have strong expertise in oilfield services, pipelines, balance-of-plant systems, and renewable integration — capabilities that match Vietnam’s immediate needs. Cost competitiveness and proven track records in international projects further strengthen their positioning.

Effective strategies to capture opportunities include:

• Partnering with Vietnamese energy companies to deliver joint projects in LNG and offshore wind.
• Offering bankable technical solutions backed by international certifications to attract financing from global lenders.
• Providing long-term O&M services to ensure reliability and performance guarantees for energy infrastructure.
• Exploring technology transfer and training programs to support Vietnam’s workforce in managing advanced energy systems.

Vietnam’s electricity demand is forecast to grow by 8% annually through 2030, with a rising share of clean energy. The government’s Power Development Plan (PDP8) sets ambitious goals for renewable expansion while still maintaining a role for oil and gas in ensuring stability. This balanced approach creates opportunities for foreign partners who can deliver both traditional and renewable energy solutions.

By entering early and demonstrating commitment, Turkish suppliers and contractors can establish themselves as strategic players in Vietnam’s energy transition — helping the country achieve sustainable growth while meeting the challenges of a rapidly evolving energy landscape.