Kuala Lumpur (VNA) – Proper implementation of the Politburo’s Resolution 70 on national energy security, alongside favourable global dynamics, could enable Vietnam to transform current challenges into a competitive edge, according to oil and gas engineer Luong The Huan of Toyo Engineering & Construction Malaysia.
Amid mounting geopolitical tensions disrupting global fuel supplies, Huan described the resolution as a vital basis for enhancing self-reliance and sustaining growth momentum. In remarks to a Vietnam News Agency correspondent in Kuala Lumpur, he called the current period a “golden window” for Vietnam to reposition itself as a regional energy hub.
He pointed out that instability in the Middle East since early 2025 has significantly impacted global energy markets. The closure of the Strait of Hormuz has disrupted about one-fifth of global oil and gas flows, pushing up prices and prompting countries to draw on strategic reserves.
Vietnam, he noted, faces notable risks due to its dependence on imported crude oil for domestic refining. As the economy accelerates, supply disruptions could stoke inflation and place businesses under dual pressure from higher energy costs and interest rates.
Based on his experience in Malaysia, Huan proposed a set of coordinated measures. In the short term, he recommended improving energy governance, tightening price management to prevent speculation, and rolling out fiscal and monetary support such as tax and fee cuts and flexible lending policies. He also underscored the role of remote working and other modern practices in reducing energy consumption.
Over the long term, he called for a comprehensive restructuring of Vietnam’s energy strategy, with a balanced mix of conventional and renewable sources, including oil and gas, hydropower, solar and nuclear energy. Building large-scale reserves and boosting domestic refining capacity, he added, will be key to ensuring supply security.
Looking ahead, Huan forecast a global shift towards greater energy autonomy, with countries diversifying supply sources while accelerating green transition and digitalisation.
For Vietnam, he stressed, the goal should extend beyond self-sufficiency. With the right approach, the country could position itself as a regional hub for energy production and storage, underpinning its long-term growth ambitions./.
