Vietnam: Hydrogen Market 2024

Hydrogen Market Size in Vietnam

The Vietnamese hydrogen market contracted to $X in 2022, waning by -7.4% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Hydrogen Production in Vietnam

In value terms, hydrogen production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a slight slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 21%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Hydrogen Exports

Exports from Vietnam

In 2022, approx. X cubic meters of hydrogen were exported from Vietnam; increasing by 79% against the previous year's figure. Over the period under review, exports showed a tangible increase. The pace of growth appeared the most rapid in 2015 with an increase of 103% against the previous year. The exports peaked at X cubic meters in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, hydrogen exports reached $X in 2022. Overall, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 97% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Lao People's Democratic Republic (X cubic meters) was the main destination for hydrogen exports from Vietnam, with a 93% share of total exports. Moreover, hydrogen exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, Cambodia (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lao People's Democratic Republic totaled +14.9%.

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for hydrogen exports from Vietnam, comprising 68% of total exports. The second position in the ranking was held by Cambodia ($X), with a 32% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lao People's Democratic Republic totaled -14.6%.

Export Prices by Country

In 2022, the average hydrogen export price amounted to $X per cubic meter, waning by -44% against the previous year. Over the period under review, the export price faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 an increase of 15% against the previous year. The export price peaked at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per cubic meter), while the average price for exports to Lao People's Democratic Republic stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+10.6%).

Hydrogen Imports

Imports into Vietnam

Hydrogen imports into Vietnam reduced sharply to X cubic meters in 2022, dropping by -40.9% on 2021. In general, imports faced a precipitous shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 1,046%. As a result, imports attained the peak of X cubic meters. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, hydrogen imports plummeted to $X in 2022. Overall, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 982% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X cubic meters) constituted the largest supplier of hydrogen to Vietnam, with a 77% share of total imports. Moreover, hydrogen imports from Thailand exceeded the figures recorded by the second-largest supplier, Singapore (X cubic meters), ninefold. The United States (X cubic meters) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand amounted to -20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-7.6% per year) and the United States (+2.7% per year).

In value terms, Thailand ($X), Japan ($X) and the United States ($X) appeared to be the largest hydrogen suppliers to Vietnam, together comprising 79% of total imports.

In terms of the main suppliers, Japan, with a CAGR of +8.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average hydrogen import price stood at $X per cubic meter in 2022, growing by 9.7% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hydrogen import price decreased by -22.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 59% against the previous year. The import price peaked at $X per cubic meter in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per cubic meter), while the price for Thailand ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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