Forecast: Oil Production in Vietnam

The oil production in Vietnam has experienced a noticeable decline over the past decade. In 2013, production stood robust at 346.47 thousand barrels per day, but by 2023, it had fallen to 187.08 thousand barrels per day. The year-on-year variation indicates consistent declines from 2016 onwards, with significant drops in the years 2017 and 2020. Specifically, the year-on-year decline in 2020 was a notable -12.42%, and the recent figure for 2023 indicates a continued reduction at -3.44%. The Compound Annual Growth Rate (CAGR) over the past five years stands at -6.13%, reflecting the sustained downward trend in production.

Future trends to watch include the forecasted continuation of this decline, albeit at a slower pace, as indicated by the forecasted 5-year CAGR of -1.6%. By 2028, production is expected to hover around 167.49 thousand barrels per day. Strategic factors like advancements in extraction technologies, investment in new oil fields, and geopolitical dynamics could influence these trends significantly.