Potential products from CO2 in line with Vietnam's energy transition trends

Abstract

Promising pathways for CO₂ utilisation include the production of urea, synthetic fuels, polymer materials, nanocarbons, green chemicals, and green building materials. The analyses and assessments presented herein outline a clear picture of the potential development of CO₂-derived products in Vietnam toward 2030, 2040, and 2050 - in the context of the country's progressive energy transition, its commitment to achieving Net-zero emissions by 2050, and its pursuit of a low-carbon economy. Through 2030, CO₂-derived products will remain predominantly conventional (urea), already manufactured at existing fertilizer plants in Vietnam. It should be noted, however, that the current CO₂ feedstock for urea production is primarily sourced from within the plants' own process streams - specifically from natural gas reforming or coal gasification processes. Novel technologies for converting CO₂ into products that substitute fossil-based counterparts are currently being deployed mainly at pilot scale for techno-economic assessment. From 2030 onwards, as CO₂ conversion technologies gradually mature and improve in techno-economic performance, new CO₂-derived products will progressively displace their conventional equivalents in the market; the volume of CO₂ required for such new products is projected to reach approximately 5.3 and 24.5 million tonnes per year by 2040 and 2050, respectively. Achieving 20% of these potential values would be broadly comparable to the Government's targets and roadmap for carbon capture, utilisation, and storage (CCUS). Nevertheless, realizing the full potential of CO₂ utilisation remains highly dependent on technological progress, production cost reductions, and the policy mechanisms governing the uptake of these products.