Milestones in 35 Years of Development of PV GAS

In its 35 years of development, Petrovietnam Gas Joint Stock Corporation (PV GAS) has built a proud legacy. From its early days as a young enterprise, PV GAS has grown into a key member of the Vietnam National Industry - Energy Group (Petrovietnam), leading the growth of Vietnam’s gas industry and making significant contributions to energy security, food security, and the country’s socio-economic development.

PV GAS’s five core values include safety, professionalism, innovation, cooperation, and efficiency

On the occasion of its 35th anniversary (September 20, 1990 to September 20, 2025), PV GAS looks back on the milestones of its inspiring journey, moving steadily toward a more sustainable and promising future.

1990-2000: Laying the foundation for Vietnam’s gas industry

September 1990: Establishment of the Gas Company, the predecessor of PV GAS

On September 20, 1990, PV GAS was established based on the Vung Tau Oil and Gas Construction Management Board under the initial name “Gas Company.” Its main functions were to collect, import, transport, store, process, distribute, and trade gas and gas products. This was a significant milestone that reflected the strategic vision of the Party and the State to systematically and comprehensively exploit national gas resources, laying the groundwork for a modern gas industry in Vietnam.

April 1995: The first gas flow from the Cuu Long Basin delivered onshore to consumers in the Southeast region

The first major achievement of PV GAS came on April 26, 1995, when the Ba Ria Power Plant began generating electricity using the first associated gas flow from the Bach Ho oil field, which was then connected to the national power grid. This was a breakthrough that opened a new era for the gas industry. The historic milestone marked a major transformation in Vietnam’s energy sector, ushering in the use of natural gas as a raw material and fuel for production and daily life, diversifying the national energy structure, and enhancing energy security.

1999: The first domestic production of LPG and condensate in Vietnam

The completion and commissioning of the Dinh Co Gas Processing Plant and the PV GAS storage and export terminal for liquid products in late 1998 was a milestone of great technical, economic, and social significance. For the first time, LPG and condensate were produced in Vietnam. From May 1999, PV GAS began meeting most domestic LPG demand with high quality and competitive prices, replacing imported products that had previously dominated the market. This achievement demonstrated Vietnam’s capability to effectively utilize and optimize national gas resources, enhancing gas value by recovering high-value products such as liquefied petroleum gas (LPG) and condensate. It marked the first step for PV GAS to expand its product chain and introduce LPG and condensate to the domestic market. This was not only a technological achievement that completed the gas industry’s value chain from extraction to processing but also generated significant economic and social benefits.

An imported LNG carrier docks at the PV GAS Vung Tau Terminal

2001-2010: Expanding supply and elevating position

December 2002: The first gas flow from the Nam Con Son Basin delivered onshore to consumers in the Southeast region

This was a strategic milestone that significantly expanded Vietnam’s natural gas supply. The abundant gas resources from the Nam Con Son Basin not only promoted the establishment and growth of large-scale power generation centers but also fueled the development of downstream industries such as petrochemicals and fertilizer production in the Southeast region. This achievement made an important contribution to economic growth, created new jobs, and improved the quality of modern living in southern Vietnam.

November 2003: Completion of the first low-pressure gas distribution network

This project brought natural gas closer to residential and industrial consumers, marking an important step forward for Vietnam’s gas industry and further expanding PV GAS’s diverse range of products and services.

May 2007: The first gas flow from Block PM3 & 46 - Cai Nuoc delivered onshore to consumers in the Southwest region

This was a historic milestone for Vietnam’s energy sector. The event ensured a stable natural gas supply for power and fertilizer plants in Ca Mau province, contributing to food security, energy security, and socio-economic development, while creating employment across the Southwest region. It also affirmed Vietnam’s self-reliance and technical capacity in designing and constructing large-scale oil and gas projects both domestically and regionally.

July 2007: PV GAS became PetroVietnam Gas Corporation, operating under the parent-subsidiary model

This transformation marked a major step forward, enabling PV GAS to strengthen and demonstrate its management capacity, expand operational scale, and elevate its position in the national gas industry. It laid a solid foundation for PV GAS to continue growing as a core enterprise contributing significantly to national energy security.

A view of the Ham Rong-Thai Binh gas facility

2011-2016: Equitization and strengthening capacity

May 2011: Transitioned into a joint stock company with charter capital of VND18,950 billion

This important turning point enabled PV GAS to enhance its capital mobilization capacity and strengthen its financial position for continued investment in gas infrastructure development. It marked a major milestone and a successful initial public offering (IPO) for the Corporation.

May 2012: PV GAS shares officially listed and traded on the Ho Chi Minh City Stock Exchange (HOSE)

A total of 1.895 billion PV GAS shares, trading under the ticker symbol GAS, officially began trading on the HOSE. This was a significant event in the development of Vietnam’s oil and gas industry in general and the equitization process of PV GAS in particular. The listing marked an important step toward greater transparency and efficiency, reinforcing PV GAS’s position as a leading enterprise in Vietnam’s gas industry. The achievement also underscored its major contribution to the national economy and its growing reputation in the regional and global markets.

August 2015: The first gas flow from the Song Hong Basin delivered onshore to consumers in the North

PV GAS received the first commercial gas flow from the Ham Rong-Thai Binh gas field, Blocks 102-106, supplying industrial customers in northern Vietnam. This event was significant for expanding and ensuring energy security in the northern region, creating new employment opportunities for local workers, and promoting regional economic growth.

The event also marked the delivery of the first finished gas from the Dai Hung field onshore through the Nam Con Son 2 Pipeline - Phase 1 and the Bach Ho-Dinh Co pipeline. This milestone represented another major advancement for Vietnam’s gas industry and continued the series of successful projects jointly executed by Petrovietnam, PV GAS, Vietsovpetro, and other units in the sector.

2016: PV GAS increased its charter capital to VND19,139 billion

This capital increase further strengthened the Corporation’s financial capacity and prepared it for long-term strategic development. It established a solid foundation for PV GAS to continue implementing its business, investment, and development plans in the years ahead, reaffirming its pivotal role in ensuring national energy security.

LPG storage tanks at Ca Mau Gas Processing Plant (GPP Ca Mau)

2018-Present: Expanding gas processing and diversifying supply sources

May 2018: Ca Mau Gas Processing Plant officially commissioned, enhancing gas value from the PM3-CAA field

The Ca Mau Gas Processing Plant (GPP Ca Mau), with a processing capacity of 6.2 million cubic meters of gas per day from the PM3-CAA gas field, was inaugurated at the Khanh An Industrial Park with 100% investment from PV GAS. The facility includes storage tanks with capacities of 8,000 tons of LPG and 3,000 cubic meters of condensate, along with a product export terminal.

The official operation of GPP Ca Mau has significantly increased the added value of natural gas from the PM3 cluster, supplying the market with around 200,000 tons of LPG and 12,000 tons of condensate annually. It has made a substantial contribution to the local budget and created momentum for related industries involving dry gas, LPG, and condensate in Ca Mau. The plant is considered the final piece completing the Ca Mau Gas-Power-Fertilizer Industrial Complex, contributing to socio-economic development in the Mekong Delta.

October 2019: Construction of the Thi Vai LNG Terminal commenced

The Thi Vai LNG Terminal project, invested and developed by PV GAS, has a designed capacity of 1 million tons of LNG per year in Phase 1 and can receive LNG carriers of up to 85,000 tons. The main components include a 180,000-cubic-meter LNG storage tank and advanced technology systems designed in compliance with the latest Vietnamese and international standards.

The Thi Vai LNG Terminal plays an important role in ensuring gas and power supply for the key economic region of Southeast Vietnam. For the first time in the country’s history, a power plant will operate on imported LNG, and PV GAS is proud to be the designated LNG supplier for the Nhon Trach 3 and Nhon Trach 4 power plants, marking the debut of this new energy source in Vietnam.

November 2020: The Nam Con Son 2 (NCS2) project chain officially came into operation

The chain included the Nam Con Son 2 Adjusted Gas Pipeline - Phase 2, the Sao Vang - Dai Nguyet Gas Pipeline, and the modification of the Dinh Co Gas Processing Plant to receive gas from the NCS2 Adjusted - Phase 2 project. These developments significantly supplemented the declining gas supply in the Southeast region, helping stabilize production and the regional economy.

July 2021: Commissioning of the refrigerated LPG floating storage facility in Thai Binh

This achievement reflected PV GAS’s outstanding efforts in diversifying supply sources and reaffirmed its leading role in Vietnam’s LPG business. The project contributed to stable economic growth and ensured consistent gas supply for industrial production in the northern region.

2023: Completion, inauguration, and commissioning of the Thi Vai LNG Terminal (1 MMTPA), Vietnam’s first LNG terminal, along with the receipt of the country’s first imported LNG cargo

This was a strategic milestone in diversifying the national energy supply, ensuring energy security, and marking the beginning of a new era for Vietnam’s LNG sector. The event placed PV GAS on the global LNG business map. In the same year, PV GAS increased its charter capital to VND22,967 billion, strengthening its financial capacity and establishing a solid foundation for future growth projects.

2024: Commencement of regasified LNG supply for power generation and nationwide LNG distribution by tank trucks and rail

By completing an integrated business model that delivers a comprehensive energy supply chain, PV GAS demonstrated flexibility and diversification in meeting the rising energy demand amid declining domestic gas output. In 2024, the corporation also increased its charter capital to VND23,427 billion and achieved a record consolidated revenue of nearly VND130 trillion, the highest since its establishment. This result reflected the efficiency of PV GAS’s operations and the soundness of its growth strategy. With such strong and dynamic progress, PV GAS reaffirmed its position as one of the leading contributors to Petrovietnam’s overall revenue and profit.

2025: Celebrating the 35th anniversary and entering a new stage of development

The year 2025 marks the 35th anniversary of PV GAS and the successful organization of its 11th Party Congress for the 2025-2030 term. Guided by the strategic vision to become one of Vietnam’s key industrial sectors, gradually expanding into international markets, ranking among the top gas companies in ASEAN, and joining the list of Asia’s leading gas brands, PV GAS is confidently stepping into the future as a dynamic and capable representative of Vietnam’s gas industry.

These golden milestones not only mark each stage of PV GAS’s growth but also reflect the strategic vision and leadership of successive generations who have seized opportunities, adapted flexibly to market changes, and steadily built a solid foundation for future development. They also embody the unity, responsibility, and humanistic spirit of PV GAS’s employees, engineers, and staff, who continue to work tirelessly to uphold the Corporation’s pioneering role in Vietnam’s energy industry. PV GAS has turned the nation’s energy aspirations into reality, helping to ignite the homeland’s flame and build a sustainable future for the country.

, Vietnam Business Forum