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Prospects for LNG supplies to Vietnam discussed in Baku

16 October 2026 13:16 (UTC +04:00)

Energy Minister Parviz Shahbazov met with Deputy Minister of Industry and Trade of the Socialist Republic of Vietnam Phan Thi Thang, the Ministry of Energy told APA-Economics.

It was noted at the meeting that the elevation of the traditional friendly relations between Azerbaijan and Vietnam to the level of strategic partnership has opened up new opportunities for the development of political, trade-economic and energy ties. The important role of the visits of President of the Republic of Azerbaijan Ilham Aliyev to Vietnam in 2014 and General Secretary of the Central Committee of the Communist Party of Vietnam To Lam to Azerbaijan in May 2025 in the development of bilateral relations was emphasized.

The implementation of agreements reached at the third meeting of the Azerbaijan-Vietnam Intergovernmental Commission on economic, trade, scientific and technical cooperation held in Hanoi in 2025, as well as the advancement of joint initiatives in energy, trade, investment, transport and other areas, was discussed.

Regarding energy cooperation, it was noted that Azerbaijan is one of Vietnam’s traditional partners in the oil and gas sector. It was stated that more than 1.1 million tons of crude oil have been supplied to Vietnam since 2023. New opportunities for cooperation were considered in continuing supplies of Azerbaijani crude oil to Vietnam’s oil refineries, expanding ties between SOCAR and PetroVietnam, exploration and development of oil and gas fields, oil refining, petrochemicals and oilfield services. An exchange of views was also held on prospects for supplying liquefied natural gas (LNG) to Vietnam.

Special attention was paid to cooperation with Vietnam’s ROX Group in the field of renewable energy. The possibilities of establishing solar power plants in the Nakhchivan Autonomous Republic and wind power plants around Baku, as well as moving the projects to the next stage on the basis of the signed Memorandum of Understanding, were discussed.

The importance of joint activities aimed at expanding trade and economic ties in line with the potential of the countries, diversifying trade and promoting mutual investment was also noted. It was stated that seven companies with Vietnamese investment operate in Azerbaijan. Issues related to increasing trade in non-oil products, finalizing the draft agreement on the promotion and mutual protection of investments, as well as organizing the next meeting of the Azerbaijan-Vietnam Business Council were considered.

The expansion of cooperation in the transport and logistics sector was assessed positively. It was noted that Vietnam-related transit transportation through Azerbaijan increased by more than 200% in 2025 and by approximately 600% in January-September 2026. The discussion also touched upon the training of personnel for the energy sector, cooperation between higher education institutions and opportunities for the exchange of specialists.