As gasworld prepares to host its first ever virtual event next week, focused on the Asia-Pacific markets, we take a look at a market most certainly in everyone’s future thinking when it comes to this enterprising region – Vietnam.
Vietnam has been on the industrial gas radar for many years now, with various investments in the country in the last decade in particular.
Messer has been the market leader in the country, and has been investing heavily into new production in the country over the past 10 years and has previously been awarded contracts to construct and operate two large ASUs in central Vietnam for the country’s largest steel producer, Hoa Phat Steel. These are just the tip of the iceberg of investments in the country.
Manufacturers from Japan, South Korea, China, Taiwan, Malaysia and Singapore are actively advancing into Vietnam, and production is strong for state-run businesses in iron and steel, petroleum, fertiliser and other areas. The industrial gas community alike is also advancing into this market.
It’s status as probably one of the most attractive gas markets in the region can only have been enhanced this year with its apparent resilience in the face of the Covid-19 (coronavirus) pandemic.
Vietnam is widely reported to have successfully minimised the economic damage from Covid-19 and according to figures and analysis from the International Monetary Fund (IMF) earlier this month, its economy is projected to have grown 2.4% this year – the only country in Southeast Asia on track for 2020 growth.
gasworld Business Intelligence has recently completed an update to its Vietnam dashboard for intelligence subscribers, including a headline statement over a significant rise in industrial gas intensity over the last decade which has seen the industry achieve even higher levels of growth than has been recorded within the economy at large. This, it underlines, is consistent with an economy that is not just growing in width, but also in depth.
Read the full story online at gasworld Asia-Pacific, including the current state of play in the Vietnam gases business, the make-up of its increased gas intensity, and forecast models for 2021 and beyond.