Oil and Gas Industry Help in the Vietnam’s Economic Growth
Although Vietnam has had a turbulent past, with the Vietnam War and the general political instability which subsequently followed, it is now one of the rising stars in the Asian economic zone. The economic growth can definitely be attributed to the many fiscal and policy reforms deployed in the last decade but is in no small part due to the emerging oil and natural gas industry.
The hunt for fossil fuel in South East Asia started way back in the early 70s when the American company Mobil struck oil in the Cuu Long Basin. Later known as the White Tiger Oil Field, it has become one of Vietnam?s oldest mining sites. In the subsequent years, more than 15 major oil fields have been discovered off the coast of Vietnam and more offshore exploration blocks are being scoured in partnership with other countries.
The economic benefits to be reaped from investing in Vietnam?s?Oil and Gas Industry are significant, especially considering the fact that the country has the 4th largest oil reserve in Asia. Moreover, economic projections also hold that the country would also account for 4.19% of the regional energy supply. Although most of the oil fields are state owned and operated by PetroVietnam, the country?s recent economic policies are geared towards partnering up with foreign corporations and investors.
This infographic is specifically designed to outline the nature and growth of Vietnam?s oil and gas sector, its impact on the economy at large and how it is set to influence the country?s domestic and international future.