Vietnam Upstream Oil & Gas: Regulatory reforms catalyze a new E&P cycle
• We believe Vietnam’s upstream oil & gas segment is entering a new investment cycle, following a prolonged downturn in exploration and production (E&P) activities. E&P capital expenditure appears to have bottomed out during 2021–2022 and has started to recover since 2023, with investment momentum expected to strengthen over 2025–2027 as operators seek to offset declining reserves and output from mature fields.• At the same time, the E&P legal framework is being progressively refined in a more supportive direction, with a series of new regulations covering the entire value chain from seismic survey – exploration – field development – production – field expansion. We view these reforms as a structural “inflection point”, helping to address long-standing bottlenecks related to cost recovery mechanisms, project approval procedures, and production sharing arrangements.
• The combination of a recovering investment cycle and policy reform is laying the groundwork for a new growth phase in the upstream segment, which in our view could translate into meaningful opportunities for oil & gas service companies, particularly drilling contractors (PVD) and EPCI players (PVS).
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