EN-GTHTSVN-Research_Sector-Report_VIETNAM-OIL-GAS-INDUSTRY_UNBLOCKING-THE-NATIONS-VITAL-FLOW-_Oct-22-2026.pdf

Oil & Gas Industry Outlook 

2026 is expected to be a pivotal year for Vietnam’s oil and gas industry, supported by policy developments, progress in key projects and continued investment in domestic energy infrastructure. However, geopolitical tensions in the Middle East, supply-side risks and changes in global energy policies may continue to create volatility in oil prices and operating conditions for industry players.

Over the longer term, the domestic oil and gas investment cycle is expected to support growth in oilfield services, transportation and energy infrastructure. Nevertheless, earnings prospects are likely to vary across segments, depending on each company’s position in the value chain, project execution progress and ability to convert business opportunities into cash flow.

Key Stocks to Watch Across the Value Chain

• Oilfield Services – PVS, PVD: Beneficiaries of existing backlogs and progress in offshore oil and gas projects. PVS is supported by its backlog and project execution pipeline, while PVD may benefit from improving drilling rig day rates and demand for drilling services.

• Gas & Transportation – GAS, PVT: GAS is positioned to benefit from its role in the gas value chain and the development of the LNG ecosystem. PVT offers potential upside from fleet expansion and a possible recovery in tanker freight rates.

• Refining – BSR: Earnings prospects depend on refining margins, operational efficiency and maintenance schedules. Investors should monitor crack spreads and other factors affecting refinery utilization and output.

• Distribution – PLX, OIL: Growth opportunities stem from retail network expansion, operational improvements and digital transformation, amid ongoing changes in Vietnam’s petroleum market regulations.

Investment Strategy

We prioritize investment opportunities based on earnings growth prospects, cash flow generation, exposure to the industry’s investment cycle and company valuations. Investors should note that the timing of earnings realization may differ across segments, while oil price volatility and geopolitical risks remain key factors to monitor.