Keyword: "Strait of Hormuz"

Vietnam welcomes the announcement by the US and Iran that they have agreed on a peace deal.

According to a report by the Southeast Asian Futures Initiative Centre (Seafic), a total of 106 types of Malaysian imports pass through this strategic maritime chokepoint, ranging from essential energy supplies to manufacturing inputs and consumer food products.

Singaporean Minister for Foreign Affairs Vivian Balakrishnan said on May 12 that the full opening of the Strait of Hormuz is criticial to regional stability, global energy security, and international trade.

Malaysia, which was previously a net exporter, has now become a net importer due to declining domestic production and rising consumption, with demand estimated at around 800,000 barrels per day compared to production of about 400,000 barrels per day.

Data from the Malaysian Finance Ministry shows that domestic oil consumption stands at about 700,000 barrels per day, nearly double Malaysia’s crude oil production of around 350,000 barrels daily.

Vietnamese missions in the Middle East have maintained hotlines and implemented measures to assist citizens returning to Vietnam or travelling safely to third countries. So far, they have supported 556 Vietnamese citizens stranded in the region.

Manila asked Tehran to recognise the Philippines as a “non-hostile country”, allowing Philippine-flagged vessels and oil shipments to pass safely through the strategic waterway.

Soaring oil prices drove up fuel, transportation and logistics expenses, with nearly half of surveyed firms reporting higher input costs – the sharpest increase since April 2022.

Indonesia and Vietnam could further concretise energy cooperation based on respecting each other's domestic needs while building a common stance on regional and global energy issues, according to retired Lieut. Gen. Lumban Sianipar, former Indonesian Defence Attaché to Vietnam and now a senior lecturer at the Indonesian National Resilience Institute (LEMHANNAS).

According to the administration, 19 vessels owned by Vietnamese enterprises are currently operating in the Middle East, including four flying the Vietnamese flag and 15 registered under foreign flags. Amid growing security concerns in the region, VIMAWA stressed the need for stronger coordination with relevant partners to safeguard maritime operations and crew safety.

Deputy Agriculture Minister Sudaryono said several countries have approached Indonesia seeking large volumes of urea, showing how the geopolitical crisis could create unexpected export opportunities for Southeast Asia's largest economy.

Deputy Minister of Agriculture and Environment Tran Thanh Nam called on associations, businesses and banks to strengthen coordination and share information early to enable timely policy responses and avoid disruptions caused by sudden market changes.

According to the latest update from the VIMAWA, as of late March 3, Vietnam has eight vessels with 160 crew members operating in the Middle East.

Malaysia’s consistent approach of diversifying into new markets has allowed the country to stay competitive and resilient against external pressures, said an official of the Malaysian Ministry of Trade, Investment and Industry.