PV GAS Surpasses Profit Targets with New Gas Projects on the Horizon

Vietnam's state-owned gas company, PetroVietnam Gas Joint Stock Corporation (PV GAS), has reported a robust financial performance for the first nine months of 2026, surpassing its profit targets significantly. According to Agriseco Research, the company achieved a net profit after tax of 13.595 trillion VND (approximately $570 million), exceeding its annual target by 50.7%.

PV GAS's total revenue for the same period reached 120.977 trillion VND ($5.1 billion), meeting 85.2% of its annual goal. The strong results are attributed to increased demand for gas in electricity production, which accounted for 78% of the company's gas consumption in the first nine months, amounting to 3.8 billion cubic meters.

“PV GAS has exceeded its annual profit target by 50.7%, showcasing its strong market position.”Agriseco Research, financial analysis

Looking ahead, PV GAS is expected to benefit from new gas supply projects, particularly the Lô B - Ô Môn gas project, which is part of a nearly $12 billion integrated development initiative. This project aims to enhance domestic gas supply by connecting gas fields to power plants in the Mekong Delta region, with pipeline completion expected around 2027-2028 and power plants operating between 2025 and 2030.

The company is also expanding its liquefied natural gas (LNG) infrastructure, with plans to increase the capacity of its Thị Vải LNG terminal from 1 million to 3 million tons per year. Additionally, PV GAS is developing new LNG storage facilities, including the Vũng Áng terminal, set to be operational by 2029, and the Sơn Mỹ terminal by 2030. These expansions are crucial for stabilizing supply and meeting the growing energy demands in Vietnam.

“PetroVietnam Gas Corporation indicated that the Lô B - Ô Môn gas project is a critical component of its strategy to enhance domestic gas supply.”PetroVietnam Gas Corporation, corporate statement

As of September 30, 2026, PV GAS reported a net cash position of 46.5 trillion VND ($1.95 billion), with total debt at 4.3 trillion VND ($180 million). This strong financial standing provides the company with the flexibility to invest in ongoing and future projects without incurring excessive debt.

Analysts at Agriseco said that PV GAS is expected to experience growth driven by new gas fields and LNG infrastructure expansion, but cautioned that profit growth may slow if energy prices decline in the near future.