ExxonMobil Invests in $10 Billion Oil Refinery Project in Central Vietnam

ExxonMobil has begun scouting the Vân Phong Economic Zone in Khánh Hoà Province as part of its plans to construct a near zero-emission refinery in Asia-Pacific, with an estimated $10 billion investment. Spanning 150,000 hectares (ha), the Economic Zone has attracted 155 investment projects, including 131 domestic and 24 foreign ones, with a total investment capital of approximately $5.4 billion. 106 of these projects are currently operational, with a combined investment of $3.3 billion – 61% of total investment capital. During a recent visit to the region, ExxonMobil executives visited the South Vân Phong Port, the Vân Phong bonded fuel terminal, and Ninh Tịnh village in Đông Ninh Hoà ward. A feasibility study is expected to conclude in 2027, with approval and construction starting in 2031, and operations commencing in 2035.
Local leaders highlighted advantages of investing in the Vân Phong Economic Zone, including multi-functional infrastructure, a robust industrial-service ecosystem, and investment incentives. According to Trần Minh Chiến, head of the Khánh Hoà Economic Zone Authority, the province is determined to provide favorable conditions to facilitate ExxonMobil’s research and development process. If the project is realized, it would mark ExxonMobil’s largest downstream investment in Vietnam. Economically, it would also create approximately 10,000 jobs in the construction phase and 1,500 jobs once it becomes fully operational.