Hanoi (VNA) – As volatility intensifies across global energy markets, Vietnam has proactively rolled out coordinated measures to safeguard fuel supplies and support macroeconomic stability, according to the Domestic Markets Department under the Ministry of Industry and Trade (MoIT).
Given its status as a net importer of petroleum products, Vietnam remains highly exposed to global price fluctuations, which quickly ripple through the domestic economy. Despite these pressures, fuel market management has been conducted in a timely and effective manner.
The MoIT has repeatedly instructed petroleum distributors nationwide to maintain uninterrupted retail operations, ensuring supply continuity under all circumstances. Regulators have also reviewed and refined policy mechanisms to enable businesses to diversify import sources, helping reinforce supply for both production and consumption needs.
Domestic fuel prices have been managed in close alignment with global market trends, with authorities tapping the price stabilisation fund alongside tax and fee tools to limit sharp price swings. These efforts have helped contain inflationary pressures and preserve macroeconomic stability. At the same time, coordinated measures to strengthen reserves and maintain smooth distribution flows have enhanced the country’s resilience to external shocks.
On March 22, the International Energy Agency (IEA) warned that disruptions at the Strait of Hormuz, a key route for about 20% of global oil and gas supplies, have created what it described as the “largest supply disruption in the history of the global oil market,” with the passage nearly paralysed since late February. The agency estimated that roughly 11 million barrels of oil per day and 140 billion cbm of gas have been affected, pushing crude prices above 100 USD per barrel and triggering a sharp surge in global energy costs.
According to the IEA, the crisis is extending beyond fuel prices, weighing on inflation, import costs and economic growth worldwide. Its scale is surpassing both the oil shocks of the 1970s and the energy crisis associated with the Russia–Ukraine conflict.
With global supply chains yet to fully recover and inflation still elevated, the current disruption is widely regarded as one of the most severe energy shocks in decades, affecting production, trade and household expenses.
On March 11, IEA member countries unanimously agreed to take emergency collective action to respond to the major disruptions in oil markets, making 400 million barrels of emergency oil stocks available – the largest-ever release coordinated by the agency. However, the agency emphasised that such actions mainly ease economic pressures, with a lasting solution dependent on restoring normal operations in the Strait of Hormuz.
Supply disruptions have already forced several Asian refineries to scale back operations, while gas prices in Europe have surged by more than 60%, driving up both industrial and living costs.
As fuel and gas supply uncertainties grow, governments worldwide have moved quickly to cushion the impact of rising prices. In the Republic of Korea (RoK), President Lee Jae Myung ordered fuel price caps and preventive measures to stabilise both prices and foreign exchange markets. Hungary has introduced retail price ceilings of 595 forints (1.77 USD) nper litre for gasoline and 615 forints per litre for diesel, alongside releases from national oil reserves.
Across Asia, heavily reliant on energy shipments passing through the Strait of Hormuz, countries have prioritised demand management and supply security. Sri Lanka has implemented fuel rationing, the Philippines has adopted a four-day workweek in the public sector, and Thailand is considering price caps and vehicle restrictions. The RoK and Japan have also tightened price oversight and expanded strategic reserves.
The situation underscores the vulnerability of energy-importing economies to geopolitical disruptions. In the near term, priorities focus on securing supply, maintaining flexible pricing policies and strengthening market supervision. Over the longer term, expanding strategic reserves, improving energy efficiency, accelerating renewable energy development and deepening regional cooperation are seen as key to mitigating risks linked to critical chokepoints such as the Strait of Hormuz./.
VNA
