Vietnam’s Ca Mau province has formally proposed to the Ministry of Industry and Trade that a petrochemical complex with capacity of up to 7 million tonnes per year be included in the national energy master plan (2021-2030, with a vision to 2050). The proposed complex would be developed at the Tan Thuan Industrial Park, reportedly starting with a first phase of 65,000 barrels per day (3 million tonnes per year) and expanding to a second phase of 155,000 barrels per day (7 million tonnes per year).
The complex proposed by Ca Mau province is described as a comprehensive energy and logistics hub encompassing crude oil import, refining, storage and distribution. Feedstock is reportedly under consideration as a roughly 50-50 blend of Middle Eastern and South American crude oil. A completion target of 2026 to 2030 has been put forward, with the complex intended to function as a regional energy hub in conjunction with existing and planned logistics infrastructure, including the Ca Mau-Dat Mui expressway and Hon Khoai port.
First-phase capacity is reported at 65,000 barrels per day (3 million tonnes per year), expanding to 155,000 barrels per day (7 million tonnes per year) in the second phase. A completion target of 2026-2030 has been proposed, with feedstock composition under consideration at roughly a 50-50 split between Middle Eastern and South American crude. Specific investment figures and a construction contractor have not been disclosed at this proposal stage.
Vietnam’s existing refineries, Dung Quat and Nghi Son, are reported to meet only about 65% of domestic petroleum product demand, and this Ca Mau proposal is seen as a provincial government effort to attract infrastructure investment to close that supply gap. However, this announcement remains at the pre-approval provincial proposal stage, with inclusion in the national energy master plan and securing actual investors still requiring further procedures.
Vietnam is reported to have seen rising dependence on refined product imports in recent years due to growing petroleum product demand amid economic growth and the supply limitations of its existing refineries, and this Ca Mau proposal can be viewed as one attempt to close that supply gap through expanded domestic production. Southeast Asian countries have continued to see new refinery and petrochemical complex development moves in Indonesia and Malaysia as well recently, indicating intensifying competition in regional refining and petrochemical production capacity. However, this proposal remains at the stage of provincial-level efforts to attract investment, and reaching an actual final investment decision (FID) is reported to require clearing several variables including feedstock supply stability, securing investors, and environmental impact assessments. Global EPC contractors and technology licensors may want to monitor, from a longer-term perspective, whether such early-stage proposed projects ultimately translate into actual investment.
Whether the Ministry of Industry and Trade actually incorporates this proposal into the national energy master plan is the first point to confirm. The securing of specific investors and partners, along with the timing of a final investment decision (FID), are also worth watching. In addition, whether the feedstock procurement plan (the Middle East-South America crude blend ratio) becomes more concrete, and the progress of connected logistics infrastructure such as the Ca Mau-Dat Mui expressway, both warrant further confirmation.