On November 11, 2025, PetroVietnam Chemical & Services Joint Stock Corporation (PVChem), a subsidiary of Vietnam Oil and Gas Group (PetroVietnam), and Messer SE & Co. KGaA (Germany) signed a Joint Venture Agreement to establish Cai Mep Industrial Gas Company Limited.
The joint venture will invest in building an industrial gas production plant in Cai Mep Industrial Zone, Ho Chi Minh City, with a capacity of 200,000 tons/year and a total investment of approximately $37 million. Construction is expected to begin in late 2026, with commercial operations starting in late 2028.
The Cai Mep Industrial Gas Plant is designed as a green and circular economy model, leveraging cold energy from PVGas’s LNG storage system for deep cooling in the gas separation process. The plant employs European Cryogenic Air Separation (CAS) technology, combined with the recovery of cold energy generated during LNG regasification.
Messer is the world’s largest privately held industrial, medical, and specialty gas company, operating in over 60 countries with 127 years of expertise. Messer has been active in Vietnam since 1997 and is one of Germany’s largest investors, with plants in Hai Phong, Thai Nguyen, Quang Ngai, Binh Duong, and Tay Ninh.
Messer offers a diverse product portfolio, including Oxygen, Nitrogen, Argon, CO₂, Hydrogen, and more. In 2024, the group’s revenue reached nearly €4.5 billion (equivalent to over 120 trillion VND).
This project is not only a pioneer in energy transition, green economy, and circular economy but also aligns with PetroVietnam and PVChem’s strategy to promote national energy goals. It also marks Messer’s global commitment to green production by reducing CO₂ emissions and conserving energy (electricity and water).
Mr. Le Manh Hung, Chairman of PetroVietnam’s Board of Directors, stated, “The Messer-PVChem joint venture is a concrete step in implementing PetroVietnam’s green energy and circular economy strategy, aligning with Vietnam’s carbon neutrality goals.”
Mr. Stefan Messer, Chairman of Messer SE Co. KGaA’s Supervisory Board, emphasized that this is a significant opportunity for Vietnam’s industry to reduce carbon emissions through low-emission industrial gases—a critical factor for economic and healthcare sectors.
According to PVChem’s report, as of October 2025, consolidated revenue reached 3,916 billion VND, exceeding the annual plan by 40% and up 78% year-on-year. Pre-tax profit reached 48.23 billion VND, surpassing the plan by 10%. PVChem projects 2025 revenue at 4,200 billion VND and pre-tax profit at 49 billion VND, exceeding the plan by 50% and 11%, respectively.
In the revenue structure, the trading segment accounted for 70.7% of total revenue, reaching 2,769 billion VND—driven by expanded commercial activities, particularly in plastics, metals, and bioethanol. The technical and industrial services segment achieved over 1,070 billion VND, up 36% from the plan, with drilling fluid services exceeding the plan by 51%. Production reached 15,292 tons, up 30% from the plan, with revenue of 76.7 billion VND—an 85% increase year-on-year.
PetroVietnam – Messer Joint Venture Invests in Cai Mep Industrial Gas Plant
A groundbreaking joint venture has been established to construct an industrial gas production plant in the Cai Mep Industrial Zone, Ho Chi Minh City. This state-of-the-art facility is designed with an impressive annual capacity of 200,000 tons and represents a significant investment of approximately $37 million USD.
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