PV Gas, a subsidiary of state-owned Petrovietnam, expects to exceed 70% of its full-year profit target in the first six months of 2026, supported by stable domestic gas supply and expanding market share amid global energy disruptions caused by Middle East geopolitical tensions.
At its annual general meeting on Friday, the company said H1 revenue and pre-tax profit were estimated at around VND75 trillion ($2.84 billion) and VND8 trillion ($303.43 million), respectively, according to CEO Pham Van Phong.
In Q1/2026, PV Gas reported revenue of about VND38.4 trillion ($1.46 billion) and pre-tax profit of nearly VND3.76 trillion ($142.42 million), up nearly 10% from a year earlier.
Based on shareholder-approved targets, the company is projected to complete around 50% of its full-year revenue goal and more than 70% of its profit target after the first half of the year.
At PV Gas’s 2026 AGM in Ho Chi Minh City on May 22, 2026. Photo by The Investor/Vu Dang.
Middle East supply disruptions lift domestic LPG market share
Company executives said operations had been heavily affected by geopolitical conflict in the Middle East, as roughly 70% of PV Gas’s imported liquefied petroleum gas (LPG) supply originates from the region.
Temporary restrictions on traffic through the Strait of Hormuz disrupted global supply flows and caused sharp volatility in LPG and liquefied natural gas (LNG) prices.
The company initially faced difficulties due to sudden supply interruptions but later diversified sourcing from the United States, Australia and Southeast Asian countries to maintain adequate LPG and LNG supplies for the domestic market.
Deputy CEO Nguyen Thanh Binh said the company had secured supply for the entire first half of the year and prepared procurement plans for the second half of 2026.
The stable supply position enabled PV Gas to continue playing a market-balancing role by keeping selling prices at reasonable levels while other energy products such as gasoline experienced strong price swings linked to Middle East tensions.
The company said this partly explained why Q1 revenue rose 48% while profit growth was limited to around 10%, as PV Gas absorbed part of the increase in input costs instead of fully passing them on to customers.
Despite the pressure, the company’s stable supply during a period of market shortages helped its domestic LPG market share rise to around 80% at one point, as competitors struggled with sourcing difficulties.
Management described the period as one of the clearest demonstrations of PV Gas’s supply coordination capability and infrastructure advantages as Vietnam’s largest gas company.
Beyond the domestic market, PV Gas is also expanding exports to Southeast Asian countries including the Philippines and Cambodia. The company said it currently holds around 65% of Cambodia’s LPG market.
However, executives said PV Gas has no immediate plans to invest in infrastructure in those markets and instead aims to focus on trading and supply activities to optimize capital efficiency.
VND120 trillion ($4.55 billion) needed for LNG and gas-to-power projects
Company management said Vietnam’s gas market still offers substantial growth potential, allowing room for multiple players rather than reliance on a single supplier. Against that backdrop, PV Gas plans to accelerate infrastructure investment to maintain its leading position in the sector.
The company said several key projects are progressing on schedule, including the Block B-O Mon gas-to-power chain and the Su Tu Trang Phase 2B project, which could begin operations in 2027. Meanwhile, the Thi Vai LNG terminal expansion project with planned capacity of 3 million tons is expected to enter operation in Q1/2029.
According to CEO Pham Van Phong, depending on investment scenarios and implementation schedules for major projects, PV Gas expects to arrange between VND60 trillion and VND120 trillion ($4.55 billion) in investment capital in coming years.
Most of the funding will be allocated to LNG infrastructure, storage terminals, ports and large-scale gas-power projects to meet Vietnam’s rising energy demand.
Amid continuing volatility in global energy markets driven by geopolitical tensions and the energy transition, PV Gas said maintaining stable supply and expanding market share are helping strengthen its position as Vietnam’s leading gas enterprise.
The company’s multi-billion-dollar LNG and gas-to-power investment plans also indicate preparations for a longer-term growth cycle, with its competitive advantages stemming not only from market share but also from its extensive gas infrastructure and supply coordination capabilities built over many years.