The potential of CO2 utilization in Vietnam: A new pathway for sustainable development and circular economy
Keywords:
Carbon capture and utilization (CCU), net-zero, green development trends
Abstract
In the context of Vietnam’s commitment to achieving net-zero emissions by 2050, the utilization of CO₂ is becoming an important direction in the strategy for sustainable development and circular economy. Instead of treating CO₂ solely as a waste, many sectors in Vietnam, including fertilizer production, chemicals, construction materials, and oil recovery, are gradually converting CO₂ into valuable raw materials. This article focuses on analyzing the global potential of CO₂ applications and their relevance for Vietnam, from the perspectives of market scale, technology and value chains. It also proposes solutions to promote the development of CCU (carbon capture and utilization) technologies, positioning industrial CO₂ as a new resource to support the green transition and long-term emission reduction.
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Pauline Ruiz, Pia Skoczinski, Achim Raschka, Nicolas Hark, and Michael Carus, “Carbon dioxide (CO2) as feedstock for chemicals, advanced fuels, polymers, proteins and minerals”, Renewable Carbon Publications, 2023. DOI: 10.52548/HKBS8158.
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Vietcap, “Phân bón Cà Mau và hành trình bền bỉ hướng đến mục tiêu trung hòa carbon”, 2024.
Yoshiaki Ueda, Tadao Uchiyama, Yohei Kawahara, Atushi Hatakeyama, Yusuke Fujita, Le Ngoc Son, Hiroshi Okabe, Yusaku Konishi, Sunao Takagi, Aiko Nishizaki, and Hiroshi Mitsuishi, “CO2-EOR huff ‘n’ puff pilot test in Rang Dong oilfield, offshore Vietnam”, Journal of the Japanese Association for Petroleum Technology, Volume 78, Issue 2, pp.188 - 196, 2013. DOI: 10.3720/japt.78.188.
DDG, “DDG được cấp giấy Chứng nhận đầu tư dự án thu hồi và sản xuất khí CO₂”, 2023.
PVEP, “PVEP với lộ trình thu hồi và lưu trữ CO₂”, 2024.
Black & Veatch, “Black & Veatch to identify carbon capture opportunities in Vietnam”, 2024. [Online]. Available: https://www.bv.com/news/black-and-veatch-to-identify-carbon-capture-opportunities-in-vietnam
Ecotree, “Thành phố Hồ Chí Minh: Công bố dự án Giảm thiểu carbon dioxide CO2”, 2024.
Oil and Gas Climate Initiative (OGCI), “Carbon capture and utilization as a decarbonization lever”, 2024. [Online]. Available: https://www.ogci.com/wp-content/uploads/2024/05/CCU-Report-vf.pdf.
Precedence Research, “Carbon dioxide utilization market size, share, and trends 2025 to 2034”, 2024. [Online]. Available: https://www.precedenceresearch.com/carbon-dioxide-utilization-market.
OpenPR, “Carbon capture and utilisation (CCU) research: Rate CAGR of 7.47% during the forecast period”, 2025. [Online]. Available: https://www.openpr.com/news/3948052/carbon-capture-and-utilisation-ccu-research-rate-cagr.
CO₂ Value Europe, “CCU projects”, 2024. [Online]. Available: https://database.co2value.eu/.
Advanced Resources International, “An update of enhanced oil production totals and CO2 supplies for active CO2-EOR projects in the U.S. as of end-of-year 2022”. [Online]. Available: https://adv-res.com/pdf/2022-CO2-EOR-Survey-Brochure-FINAL-FEB-26-2024.pdf.
Theodora Stankova, “Vietnam approves carbon market development plan”, 2024. [Online]. Available: https://carbonherald.com/vietnam-approves-carbon-market-development-plan/.
Reccessary, “Vietnam carbon market’s opportunities and challenges”, 2024.
PVN, “Petrovietnam chủ động triển khai xây dựng chiến lược lưu trữ carbon”, 2023.
Kirin Capital, “Báo cáo thị trường phân bón Việt Nam 2024”. [Online]. Available: https://kirincapital.vn/wp-content/uploads/2024/11/BAO-CAO-NGANH-PHAN-BON-2024.pdf.
News Central Asia, “Urea report”, 2025. [Online]. Available: https://www.newscentralasia.net/2025/03/24/urea-report/.
Yohei Kawahara, and Atsushi Hatakeyama, “Offshore CO₂-EOR pilot project in Vietnam”, 2016. [Online]. Available: https://fossil.energy.gov/archives/cslf/sites/default/files/documents/tokyo2016/Kawahara-VietnamEORProject-Workshop-Session1-Tokyo1016.pdf.
Scottish Carbon Capture & Storage (SCCS), University of Edinburgh, “Weyburn-Midale CO2 project details”, 2013. [Online]. Available: https://www.geos.ed.ac.uk/sccs/project-info/864.
Zawya, “MENA’s first carbon capture utilisation & storage (CCUS) project now on stream”, 2016.
Statista, “Annual cement production volume in Vietnam from 2014 to 2023”, 2025. [Online] Available: https://www.statista.com/statistics/1036114/vietnam-annual-cement-production-volume/.
VPI, “Potentials for development of CCUS & hydrogen value chains in Vietnam”, 2024. [Online]. Available: https://www.jccp.or.jp/international/conference.
Published
2025-12-05
How to Cite
Huynh, M. T., Phan, M. T., & Nguyen, L. V. (2025). The potential of CO2 utilization in Vietnam: A new pathway for sustainable development and circular economy. Petrovietnam Journal, 5, 54-65. https://doi.org/10.47800/PVSI.2025.05-05
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