This article tracks developments in Vietnam’s energy sector in the context of the emerging conflict in Iran and its impact on energy resources moving through the Strait of Hormuz.
It’s updated as new information comes to light.
Backgrounders:
- Vietnam’s Persian Gulf Trade Exposure 2026: Unpacked
- Iran Oil Price Shock: Implications for Vietnam
- Vietnam’s Tourism Industry Takes Fuel Crisis Hit to International Arrivals, Resort Construction
- Vietnam Energy Imports See Kuwaiti Crude Zero-out, LPG and Coal Tick Up, April 2026
Vietnamese Coffee and the Iran War: Prices Down, Input Costs Up
TABLE: Vietnam fuel prices cap
Notes: RON95 is no longer for sale. It was replaced with E10 as of June 1.
| E5 RON92 | RON95 | Diesel | Kerosene | Fuel oil | |
| February 26 | 19,523 | 20,151 | 19,279 | 19,469 | 15,689 |
| March 5 | 21,449 | 22,340 | 23,037 | 26,601 | 17,496 |
| March 7 | 25,226 | 27,047 | 30,239 | 35,091 | 21,327 |
| March 10 | 26,570 | 29,120 | 30,717 | 32,385 | 24,707 |
| March 11 | 22,951 | 25,240 | 26,470 | 24,419 | 19,001 |
| March 12 | 22,504 | 25,575 | 27,025 | 26,932 | 18,661 |
| March 19 | 27,177 | 30,690 | 33,420 | 35,926 | 22,189 |
| March 24 | 30,110 | 33,840 | 39,660 | 40,450 | 22,600 |
| March 25 | 28,075 | 29,957 | 37,899 | 36,355 | 20,245 |
| March 26 | 23,326 | 24,332 | 35,440 | 35,384 | 21,748 |
| April 2 | 23,863 | 25,159 | 40,827 | – | 23,331 |
| April 8 | 24,737 | 26,536 | 42,841 | – | 24,271 |
| April 9 | 22,344 | 23,543 | 32,969 | – | 22,613 |
| April 16 | 23,760 | 22,590 | 31,041 | – | 20,332 |
| April 21 | 21,934 | 23,042 | 27,856 | – | 19,631 |
| April 23 | 21,834 | 22,880 | 26,697 | – | 18,811 |
| April 29 | 22,626 | 23,751 | 28,172 | – | 20,027 |
| May 7 | 23,790 | 24,354 | 27,494 | – | – |
| May 14 | 23,134 | 24,078 | 27,226 | – | 20,585 |
| May 21 | 24,340 | 25,540 | 28,760 | – | 21,480 |
| May 28 | 23,258 | 24,154 | 27,651 | – | 20,442 |
| June 4 | 21,784 | See notes | 26,866 | – | 19,645 |
| June 11 | 21,332 | See notes | 25,877 | – | 18,608 |
| Current vs Feb 26 | 9.27% | – | 34.22% | – | 18.61% |
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June 11
Vietnam’s Ministry of Industry and Trade and Ministry of Finance have cut domestic fuel prices and updated contributions to the Fuel Price Stabilisation Fund.
The ministries cut the maximum price of E5RON92 gasoline by VND452 to VND21,332 per litre (US$0.81), diesel by VND989 to VND25,877 per litre (US$0.98), and fuel oil by VND1,037 to VND18,608 per kilogram (US$0.71).
June 4
The Ministry of Industry and Trade and the Ministry of Finance have cut retail fuel prices after declines in global refined fuel prices during the latest pricing period.
The maximum retail price of E5RON92 gasoline fell VND1,474 to VND21,784 per litre (US$0.83), while 0.05S diesel declined VND785 to VND26,866 per litre (US$1.02).
The ministries also continued allocating funds to the Fuel Price Stabilisation Fund, setting contributions at VND500 per litre for biofuel and VND300 per litre or kilogram for diesel and fuel oil, with no fund withdrawals.
May 28
The Ministry of Industry and Trade (MoIT) has cut retail fuel prices for the second consecutive adjustment, with RON95 gasoline falling by VND 1,395 per litre to VND 24,154 (about US$0.92).
The MoIT said global fuel prices declined during the pricing period amid developments in United States-Iran negotiations, recovering Strait of Hormuz shipping traffic, and continued Russia-Ukraine conflict.
E5RON92 gasoline prices were reduced to VND 23,258 per litre (about US$0.88), while diesel prices fell to VND 27,651 per litre (about US$1.05).
May 21
Vietnam raised retail fuel prices from 3pm on May 21, with RON95 increasing to VND 25,540 (US$0.97) per litre and E5 RON92 to VND 24,340 (US$0.92).
The Ministry of Industry and Trade said global fuel prices were affected by tensions and easing in United States-Iran negotiations, Russia-Ukraine conflict developments, and declining oil inventories reported by the International Energy Agency.
Average global benchmark prices between the May 14 and May 21 pricing periods increased across most products, including RON95 gasoline, diesel, and mazut fuel oil.
May 14
Vietnam’s Ministry of Industry and Trade and Ministry of Finance cut domestic fuel prices on May 14, while keeping fuel price stabilisation fund contributions at zero.
RON95-III gasoline prices were reduced by VND276 to VND24,078 per litre (US$0.91), while E5RON92 fell by VND656 to VND23,134 (US$0.88).
The ministries said global fuel prices declined between the May 7 and May 14 pricing periods amid developments involving the United States, Iran, Russia and Ukraine.
May 7
Fuel prices reduced
Dau Tu Kien Thuc is reporting that on May 7, Vietnam’s Ministry of Industry and Trade and Ministry of Finance adjusted retail fuel prices.
E5 RON 92 gasoline rose by VND 1,164 per litre to VND 23,790 per litre, while RON 95-III increased by VND 603 per litre to VND 24,354 per litre.
Diesel prices were cut by VND 678 per litre to VND 27,494 per litre. View source→
April 24
Fuel price cuts
Dau Tu Kien Thuc is reporting that fuel prices ahve been cut again, with E5 RON92 falling by VND 100 per litre (US$0.0038) and RON95-III by VND 162 per litre (US$0.0061), while diesel decreased by VND 1,159 per litre (US$0.0440) and mazut by VND 820 per kg (US$0.0311).
Retail caps were set at VND 21,834 per litre (US$0.83) for E5 RON92, VND 22,880 per litre (US$0.87) for RON95-III, VND 26,697 per litre (US$1.01) for diesel, and VND 18,811 per kg (US$0.71) for mazut.
Authorities did not draw on the fuel price stabilisation fund in this adjustment cycle, instead continuing contributions for diesel and mazut. View source→
HCMC petrochemical complex to shutdown from mid-May
Dau Tu Kien Thuc is reporting that Thailand’s Siam Cement Group (SCG) has said it will suspend operations at its Long Son Petrochemicals complex in Vietnam from mid-May 2026 due to prolonged Middle East instability disrupting feedstock supply and raising costs.
The suspension is expected to cost around THB 250 million per month, equivalent to roughly VND 200 billion (US$7.6 million).
SCG will use the downtime for maintenance and to accelerate its US$500 million ethane-based upgrade project. View source→
April 22
Fuel prices reduced
On 21 April, the Ministry of Industry and Trade and the Ministry of Finance cut fuel prices from 16:00 after global refined oil prices declined.
The adjustment followed a 10.26 percent drop in diesel base prices, exceeding the government’s threshold for price reduction.
E5 RON92 fell to VND21,934 (US$0.83) and RON95-III to VND23,042 (US$0.87), while diesel dropped to VND27,856 (US$1.06).
Authorities maintained contributions to the fuel price stabilisation fund and cited tax cuts and global price trends as supporting factors. View source→
April 16
Fuel price cuts
Vietnamnet is reporting that the Ministry of Industry and Trade and the Ministry of Finance have cut diesel prices by nearly VND 2,000 per litre, capping prices at VND 31,041 (US$1.18).
Mazut prices were reduced by more than VND 2,200 per kilogram to a maximum of VND 20,332 (US$0.77), while no withdrawals were made from the price stabilisation fund.
Instead, authorities required contributions of VND 400 per litre for diesel and VND 800 per kilogram for mazut into the fund.
The ministries said supply remains stable after imports of over 3.2 million cubic metres in March and existing inventories covering demand through April and May. View source→
Fuel tax cuts
Nguoi Lao Dong is reporting that the Ministry of Industry and Trade announced that several fuel taxes will be reduced to zero from April 16 under National Assembly Resolution 19.
The measures set the environmental protection tax, value added tax, and special consumption tax on gasoline, diesel, kerosene, mazut, and aviation fuel at zero to June 30. View source→
April 10
Fuel prices reduced
Thanh Nien is reporting that the Ministry of Industry and Trade cut fuel prices on April 9, with diesel dropping VND9,872 per litre (US$0.37), according to the Ministry of Industry and Trade.
RON95 fell to VND23,543 (US$0.89) per litre and E5RON92 to VND22,344 (US$0.85), while mazut also declined. View source→
Standing committee agrees to fuel tax cut extension proposal
Nguoi Lao Dong is reporting that Vietnam’s National Assembly Standing Committee has agreed to submit a proposal to waive fuel-related taxes until June 30, 2026.
The proposal includes setting environmental protection tax, value-added tax and special consumption tax on fuel products at zero percent. View source→
April 8
MoIT cuts fuel prices
Vietnamnet is reporting that Vietnam’s Ministry of Industry and Trade has cut retail fuel prices, with diesel falling nearly VND1,947 per litre (US$0.07) amid declining global prices.
E5 RON92 fell to VND24,737 (US$0.94) per litre and RON95 to VND26,536 (US$1.01), while mazut also declined.
The ministry said global fuel prices dropped due to geopolitical developments. View source→
Note: These prices are actually up from April 2 / March 26, though the MoIT release does say they are down.
April 3
Fuel price hike
Retail fuel prices were adjusted from 11 PM on April 2, setting E5RON92 at VND 23,863 per litre (US$0.91) and RON95-III at VND 25,159 per litre (US$0.95).
Diesel was capped at VND 40,827 per litre (US$1.55) and fuel oil at VND 23,331 per kilogram (US$0.89), with no use of the Fuel Price Stabilisation Fund. View source→
Adjustments to petrol price calculations
The Ministry of Industry and Trade has temporarily removed kerosene from base price calculations for petroleum products from March 28 to April 28.
It is also drafting a new circular to abolish the kerosene component altogether. View source→
Tax reduction on kerosene / mazut proposed
Vietnam’s Ministry of Finance has proposed reducing value-added tax and environmental tax on kerosene and mazut to 0 to align with existing fuel tax cuts.
Kerosene and mazut currently face a VND 1,000 per litre or kilogram environmental tax (US$0.04) and a 10 percent value added tax. View source→
April 1
Gas cylinder prices jump
VnExpress is reporting that Retail gas prices in Ho Chi Minh City rose to a record VND 600,000–661,000 (US$22.8–25.1) per 12-kilogram cylinder from April 1, up VND 95,000 from late March.
PV GAS LPG Southern said prices increased by VND 7,917 per kilogram, with 45-kilogram cylinders rising to nearly VND 2.5 million (US$94.9). View source→
US$1 increasing in jet fuel barrel price + US$11.4m for Vietnam Airlines
Dau Tu Kien Thuc is reporting that Dang Anh Tuan, Deputy General Director of Vietnam Airlines, has said every US$1 increase in oil prices raises the airline’s annual costs by over VND 300 billion (US$11.4 million).
Tuan said costs could increase by about VND 3,000 billion (US$113.9 million) annually, while ticket prices remain capped and cannot fully reflect rising expenses. View source→
Proposed waiver of maritime / aviation fees
VnExpress is reporting that The Ministry of Finance has proposed waiving aviation and maritime fees from April 1 to year end to support firms facing high fuel costs.
The policy covers administrative and operational fees for airlines and shipping, excluding services directly included in passenger ticket prices.
The proposal could reduce state budget revenue by VND 3,553 billion (US$134.8 million), with VND 3,335 billion (US$126.6 million) from maritime and VND 218 billion (US$8.3 million) from aviation. View source→
March 29
Government tops up PSF
The government has approved an advance of VND8,000 billion (US$303.61 million) from increased central budget revenue to the petrol price stabilisation fund.
The Ministry of Industry and Trade will manage the use of the fund to stabilise domestic fuel prices and determine disbursement levels based on market fluctuations. View source→
Petrol tax-break extension proposed
Vietnam’s Ministry of Finance has proposed extending tax exemptions on petrol, diesel, and jet fuel to 0 percent until June 30, 2026.
The proposal would continue policies applied under a March decision that cut environmental, value-added, and special consumption taxes to zero until April 15. View source→
Fuel capacity expanded – Phu My condensate plant
Binh Son Refining and Petrochemical has expanded gasoline supply by outsourcing processing to the Phu My Condensate Plant, adding about 38,500 cubic metres to the market. View source→
March 27
Fuel tax cuts to go ahead
Vietnam’s environmental protection tax, value-added tax, and special consumption tax on gasoline, diesel, and jet fuel have been cut to zero until April 15, 2026.
The policy is expected to reduce state budget revenue by about VND7,200 billion (US$273.3 million) per month during the period. View source→
Airfare surcharge proposed
Vietnam’s Civil Aviation Authority has proposed a fuel surcharge on domestic flights from April 1 to June 30, 2026, to offset rising jet fuel costs.
The surcharge could add up to VND680,000 (US$25.8) per ticket on long-haul domestic routes, with lower increases on shorter routes. View source→
PM orders strategic petroleum reserve
Vietnam Prime Minister Pham Minh Chinh ordered the immediate construction of a strategic petroleum reserve at Nghi Son to strengthen Vietnam’s energy security.
The directive follows concerns that the Middle East conflict is disrupting global energy supply and prices, with potential impacts on Vietnam’s fuel availability. View source→
March 26
Fuel price cut
The Ministry of Industry and Trade and Ministry of Finance cut petrol prices from March 25, using the Price Stabilisation Fund to support reductions.
E5RON92 fell to VND 28,075 per litre (US$1.07), while RON95-III dropped to VND 29,957 per litre (US$1.14), alongside sharp declines in diesel and kerosene.
Authorities disbursed up to VND 4,000 per litre (US$0.15) from the fund, with remaining balances estimated at VND 613 billion (US$23.3 million). View source→
Nghi Son refinery announcement
Vietnam’s Nghi Son Refinery and Petrochemical LLC has said its refinery has secured sufficient crude supply to maintain operations through May 2026.
Nghi Son Refinery and Petrochemical LLC said it is continuing to seek additional crude inputs while receiving support from authorities and partners to maintain fuel supply stability. View source→
March 25
Fuel price increase
Fuel price caps in Vietnam were adjusted upwards yesterday with RON 95-III reaching VND 33,840 per litre (about US$1.28), up roughly VND 3,150.
E5 RON 92 rose to about VND 30,110 per litre (about US$1.14), while diesel increased to around VND 39,660 per litre (about US$1.50).
The adjustment reflects rising global oil prices linked to geopolitical tensions, particularly in the Middle East. View source→
Refinery operations
The Ministry of Industry and Trade has said Vietnam’s Dung Quat refinery has increased output by about 10.5 percent, with sufficient feedstock to maintain production until early May.
It has also said the Nghi Son refinery is still in operation with enough input supply to maintain production through the end of April, although its feedstock has been affected. View source→
Environment tax cut proposal
The Ministry of Finance has proposed cutting the environmental protection tax on petrol and oil by about half to help reduce domestic fuel prices.
Authorities say reducing the tax could lower retail fuel prices by around VND 1,000 to VND 2,000 per litre (about US$38 to US$76 per 1,000 litres).
The proposal would require approval from the National Assembly Standing Committee, which sets environmental tax rates on fuel. View source→
March 21
Fuel price adjustments change
A resolution has been issued allowing immediate fuel price adjustments if base prices rise at least 15 percent or fall at least 10 percent.
The new mechanism replaces an earlier 7 percent threshold for increases and enables same-day price changes instead of waiting for the regular Thursday review cycle.
Source: Gasoline prices will be adjusted immediately if they increase by 15% or decrease by 10%
State to subsidise petrol if PSF runs out
Vietnam News is reporting that Vietnam’s Prime Minister approved advancing State budget funds, sourced from 2025 revenue increases, to the fuel price stabilisation fund (PSF) to address potential shortfalls.
The Ministry of Finance will finalise the proposal for implementation by April 15, with possible extension, and the fund will later reimburse the State budget after the crisis subsides.
Source: PM gives green light to advance from the State budget for fuel price stabilisation fund
Biofuel mandate moved forward
Reuters is reporting that Vietnam will begin nationwide use of E10 gasoline, containing 10 percent bioethanol, from April, advancing a previous June 1 target under a directive signed March 19.
The move aims to curb fossil fuel use and respond to global energy disruptions linked to the Iran conflict, which has raised energy security risks for import-dependent countries.
Source: Vietnam accelerates shift to ethanol fuel as Iran war drives up energy prices
March 20
HCMC fuel supplies
Ho Chi Minh City has recorded localised fuel shortages, with 20 petrol stations temporarily running out of fuel as of March 18, up from 18 a day earlier, with one company seeing 15 of its 18 retail outlets impacted.
However, regulators said most of the city’s 1,087 active fuel stations continue operating normally, with no signs of hoarding or price manipulation.
Fuel prices increase again
Retail fuel prices have jumped again on March 19, with some products increasing by nearly VND9,000 per litre, per prices set by the Ministry of Industry and Trade.
RON95 rose to VND30,690 per litre (US$1.16), diesel to VND33,420 (US$1.27), and kerosene to VND35,926 (US$1.36) after increases of up to VND8,994.
Authorities used the Price Stabilisation Fund to limit increases, which would otherwise have been higher, while the fund balance remains above VND2,600 billion (US$98.7 million).
March 19
Raw materials limitations / logistics costs jump
Dau Tu Kien Thuc is reporting that logistics costs have risen about 15 percent and raw material prices up to 30–40 percent amid the Middle East conflict, with shipping times extended by 14 to 20 days due to route changes.
Sectors such as textiles and footwear remain heavily dependent on imported inputs, with about 70 percent of materials sourced from abroad, limiting pricing flexibility, with some firms holding only two to three months of inventory.
Ed.’s notes: There were reports a few days ago that shipping times could reach an extra 7 – 14 days, with costs expected to rise 25 – 35 percent. This latest data might suggest the overall outlook is deteriorating.
Fuel imports first two weeks March
Vietnamnet is reporting that in the first 15 days of March alone, petroleum product imports reached over 533,000 tonnes worth nearly US$492 million, up 41.4 percent in volume and 89.2 percent in value year on year.
From the start of the year to March 15, petroleum product imports totalled 2.71 million tonnes worth US$1.94 billion, while crude oil imports reached 2.79 million tonnes valued at US$1.44 billion.
MUFG VND forecast Iran conflict context
MUFG Research analysis has found that a prolonged Strait of Hormuz disruption could push USD/VND above 27,000 if oil prices remain elevated, compared with baseline forecasts of 26,300 by March and 26,600 by end 2026.
Higher oil prices are expected to raise inflation and reduce growth, with each US$10 per barrel increase cutting gross domestic product growth by 0.2 percentage points and raising inflation by 0.3–0.4 percentage points.
Source: Vietnam – Strait of Hormuz closure: Oil and energy shortages key for VND→
March 18
PM asks Japan for oil
Prime Minister Pham Minh Chinh has requested Japan supply crude oil from its reserves and facilitate aviation fuel sales to Vietnam amid Middle East supply disruptions.
He has proposed access to part of Japan’s 80 million barrel reserve and diversification of crude inputs for the Nghi Son refinery to support energy security.
PM asks Angola for oil / gas supply support
Prime Minister Pham Minh Chinh has requested that Angola supply crude oil and gas to Vietnam and accelerate the implementation of a memorandum on petroleum cooperation.
The proposal was made during a March 16 call with Angola’s president, amid concerns over the Middle East conflict affecting global energy supply and Vietnam.
Source: The Prime Minister requested Angola to supply crude oil and natural gas to Vietnam.
March 17
Construction ministry calls for transport tax breaks
Vietnam’s Ministry of Construction has proposed tax and fee reductions, including lower fuel taxes and transport charges, to address rising costs linked to the Middle East conflict.
The article notes that domestic road transport costs have increased 20–30 percent.
Source: With fluctuating fuel prices, another ministry steps in to address the issue
Possible flight cuts on fuel supply challenges
Vietnam’s aviation regulator has warned airlines to prepare for possible flight reductions from April as China and Thailand halted jet fuel exports during the Iran war.
Vietnam imports over two-thirds of its jet fuel, including about 60 percent from China and Thailand.
Major importers Petrolimex and Skypec said they can guarantee supply only through March and suggested restricting flights to essential domestic routes.
Source: Vietnam braces for flight cuts from April after China, Thailand ban jet fuel exports
March 14
Fuel price stablisation fund used / remaining
Vietnam’s fuel Price Stabilization Fund held about VND 5,617 billion (US$213.2 million) across 27 fuel distributors as of September 2025, according to the Ministry of Industry and Trade.
Recent disbursements in March show hundreds of billions of dong being spent by major firms to subsidise fuel prices.
TABLE: Price stabilisation fund data / VND billions
| Company | March 9 | Used | Remaining | Days reported |
| Petrolimex | 3,088.00 | 289.00 | 2,799.00 | 2 |
| PV OIL | -138.42 | 203.75 | -342.17 | 2 |
| Petimex | 462.00 | 48.00 | 414.00 | 1 |
| Thalexim | 391.76 | 2.40 | 389.30 | 1 |
| Duong Dong | 183.30 | 96.40 | 86.90 | 1 |
| STS | 85.10 | 9.90 | 75.20 | 2 |
| Total | 4,071.74 | 649.45 | 3,422.23 |
March 13
Another petrol price hike
Vietnam used 4,000–5,000 VND per litre (about US$0.15–US$0.19) from the fuel Price Stabilisation Fund during the March 12 price adjustment to limit domestic fuel increases.
Despite the subsidy, retail prices still rose for several products, with RON95 petrol capped at 25,575 VND per litre (US$0.97) and diesel at 27,025 VND per litre (US$1.03).
Man fined for fuel price speculation
Hanoi police fined a 23-year-old electric vehicle salesman VND 7.5 million (US$284) for posting false information claiming petrol prices would rise to VND 40,000 per litre.
Authorities said the post was intended to attract online engagement and increase followers to help sell electric vehicles.
March 12
Fuel prices cut
The government has reduced fuel prices by drawing heavily on the fuel price stabilisation fund, allocating VND4,000–5,000 per litre to offset market increases.
Retail fuel prices fell from 22:00 on March 11, with kerosene falling by VND7,966 (US$0.30) per litre, the largest drop.
Gasoline prices were also reduced, with E5 RON92 falling VND3,619 (US$0.14) to VND22,951 (US$0.87) per litre and RON95 dropping VND3,880 (US$0.15) to VND25,240 (US$0.96).
Diesel declined VND4,247 (US$0.16) to VND26,470 (US$1.00) per litre, while mazut fell VND5,706 (US$0.22) per kilogram.
Ride-hailing driver fuel price support
Ride-hailing platforms in Vietnam are introducing fuel support programmes for more than 500,000 drivers as petrol prices rise sharply.
Drivers on some platforms can receive fuel support of up to VND800,000 (US$30.36) per month, depending on vehicle type and activity levels.
Agriculture impacts fuel price rises
Vietnam’s agriculture ministry warned Middle East tensions could reduce agricultural, forestry and fishery exports by up to US$1 billion if the conflict lasts one month and by US$3–3.5 billion if it continues for three months.
Higher energy and fertiliser prices could raise agricultural production costs by about 3–5 percent.
Shipping costs may increase 25–35 percent while delivery times could lengthen by 7–14 days due to rerouted maritime transport, the article says.
March 11
PM calls for tapping Price Stabilisation Fund
Prime Minister Pham Minh Chinh ordered authorities to immediately use the petrol price stabilisation fund to limit fuel price volatility.
The prime minister also requested consideration of reducing environmental protection taxes on fuel to zero while promoting biofuel use and energy conservation.
Fuel prices increase
Vietnam raised retail fuel prices from 23:45 on March 10, with RON95-III gasoline increasing by VND2,073 to VND29,120 per litre (US$1.10).
E5RON92 gasoline rose by VND1,344 to VND26,570 per litre (US$1.01), while diesel increased to VND30,717 per litre (US$1.17).
The Ministry of Industry and Trade and the Ministry of Finance said the price adjustment included allocations to the petrol price stabilisation fund.
Officials said without using the stabilisation fund, RON95 gasoline would have reached VND33,120 per litre (US$1.26).
Source: Due to the stabilisation fund, the new price of RON95-III gasoline is 29,120 VND.
Hue gas station citation for fuel purchase limit
Authorities in Hue recorded a petrol station for limiting sales to VND300,000 per customer (US$11.39) after complaints circulated on social media.
Market surveillance officials warned the station for a first-time violation and ordered it not to repeat the behaviour, suggesting it constituted fuel hoarding.
Source: A gas station in Hue was fined for selling fuel for only 300,000 VND per trip.
March 10
MFN tariffs fuel imports confirmed cut
Vietnam has officially cut most-favoured nation import tariffs on gasoline and several petroleum products to 0 percent from March 9.
The policy covers unleaded gasoline, diesel, jet fuel, kerosene and several petrochemical feedstocks, reducing previous tariff rates of 2 to 10 percent to zero.
The policy is slated to stay in place until the end of April.
Fuel inventories
Inventory levels at major energy firms, including Binh Son Refining and Petrochemical JSC, Petrolimex and PVOIL, fell significantly in 2025, reaching multi-year lows.
Authorities said domestic refineries Dung Quat and Nghi Son can meet contracted fuel supply through March, but availability in April and May will depend on how the Middle East conflict evolves.
Source: Fuel price surge raises questions over inventories at Vietnam energy majors BSR, Petrolimex, PVOIL
Fuel demand surge
Fuel demand in parts of Vietnam rose 50 to 100 percent in early March as consumers rushed to stockpile gasoline and diesel amid fears of price increases and supply disruption.
The Government’s energy security task force said sales in Hanoi between March 4 and March 8 rose about 50 percent compared with the January average.
Source: Demand for gasoline and diesel has increased by 50-100% in a short period of time.‘
March 9
17 Hanoi petrol stations run out of fuel
Seventeen petrol stations in Hanoi temporarily suspended sales on March 7 as some distributors reported insufficient fuel supply.
Retail demand has risen sharply, with daily sales at several major chains increasing between 10 percent and 30 percent compared with February averages.
City authorities reported fuel inventories at three major storage depots falling to 36,500 cubic metres, down 7,500 cubic metres from the previous day.
Source: Hanoi announces that 17 gas stations have temporarily suspended sales.
Ministry of Finance proposes lowering petrol import tariffs
Vietnam’s finance ministry has proposed temporarily cutting most-favoured-nation import tariffs on petrol, diesel and aviation fuel to zero to help stabilise domestic supply.
The proposal would reduce tariffs on motor gasoline and blending components such as naphtha and reformate from 10 percent to 0 percent, while diesel, kerosene and fuel oil tariffs would fall from 7 percent to 0 percent.
The measure would also eliminate tariffs on several petrochemical inputs.
Authorities estimate the policy could reduce state budget revenue by about VND1.024 trillion (US$38.9 million) if applied using 2025 import volumes.
Fuel shortages APEC project Phu Quoc
Several contractors working on Vietnam’s North–South Expressway and APEC 2027 projects in Phu Quoc say diesel shortages and price spikes are forcing them to slow construction and ration fuel for heavy machinery.
Some contractors have reported receiving only about one-third of their usual diesel allocations, forcing equipment such as excavators, cranes, and pile-drilling rigs to operate only intermittently.
Source: Major construction sites are ‘thirsty’ for oil.
Agriculture shipments cost increase
Online retailers across Vietnam are adding about VND5,000 (US$0.19) per order to delivery fees as fuel costs push transport charges sharply higher.
Some sellers report freight rates for agricultural shipments from northern provinces to Hanoi rising by VND100,000 (US$3.79) per 30-kilogram parcel in just a few days.
The higher logistics costs are already feeding into retail prices, with fruit and vegetables rising by around VND5,000–7,000 (US$0.19–0.27) per kilogram and flowers by about VND15,000 (US$0.57) per bundle.
March 8
Further fuel price deregulation floated
Vietnam’s Ministry of Industry and Trade has proposed allowing petroleum wholesalers and distributors to announce and adjust retail fuel prices within their own distribution systems.
Under the draft circular, companies would be required to declare retail gasoline and diesel prices to authorities through the ministry’s digital management system.
The proposal also outlines price stabilisation measures that could be triggered if retail fuel prices rise by 20 percent or more within a single month.
Gas prices jump
Retail liquefied petroleum gas prices in Vietnam have risen sharply.
In Ho Chi Minh City, 12-kilogram cylinders now cost around VND480,000–VND495,000 (US$18.22–US$18.79), up VND20,000–VND80,000 (US$0.76–US$3.04) from a month earlier.
Source: Retail gas prices have risen sharply.
Rising fuel prices are squeezing ride-hailing drivers
Ride-hailing and taxi drivers in Vietnam say rising fuel prices are squeezing incomes as fares remain unchanged.
Ride-hailing drivers reported daily fuel spending rising sharply, with some saying costs increased from about VND300,000 (US$11.39) to VND400,000 (US$15.18).
Some drivers said they are becoming reluctant to accept short trips because higher fuel costs and platform commissions significantly reduce earnings.
March 7
Second price increase in a week
The Ministry of Industry and Trade increased gasoline and diesel prices to their highest levels since 2022 as the conflict in the Middle East disrupts the global oil supply.
RON95 gasoline rose VND4,700 to VND27,040 per litre (US$1.03), while E5 RON92 climbed VND3,780 to VND25,220, and diesel exceeded VND30,000 per litre for the first time since June 2022.
This is also significant in that it was out of sync with the regular adjustment cycle, which is weekly on Thursdays.
Source: Some information regarding the adjustment of gasoline and diesel prices on March 7, 2026.
Ministry says fuel supply for March “basically secured”
Vietnam’s Ministry of Industry and Trade has said domestic fuel supply for March is “basically secured”, citing refinery output, reserves and ongoing imports.
The ministry said the Dung Quat and Nghi Son refineries are operating normally, with Dung Quat running at about 118 percent capacity and continuing to supply fuel under existing contracts.
The linked article notes that the Ministry did not provide details of the Nghi Son refinery’s timeline of operation.
Source: Fuel supply basically secured for March: Vietnam’s trade ministry
PVOIL reports a significant jump in sales
PVOIL reported retail fuel sales on March 4 rose more than 30 percent compared with the average day in January and over 40 percent compared with February, with diesel demand rising as much as 63 percent.
The company said demand climbed further on March 5, with total sales up 44 percent from January averages and more than 55 percent higher than February levels.
Consumers start stockpiling fuel
Some residents in Hanoi have reportedly attempted to stockpile, bringing plastic containers and even metal drums to petrol stations to fill up.
Some petrol stations refused to sell fuel into these containers, citing fire safety risks and potential evaporation losses from improper storage.
Energy centre approved
The government has directed authorities to finalise plans for a national refining and energy centre at the Dung Quat Economic Zone with an estimated investment of up to US$20.5 billion.
The complex is intended to supply at least 30 percent of Vietnam’s fuel demand and provide strategic reserves equivalent to roughly 30 days of national consumption.
Petrol stations ask for permission to stop operating
A petrol retailer in Hanoi has requested permission to suspend sales after running out of fuel amid supply disruptions linked to Middle East tensions.
Retailers reported wholesale discounts falling to around VND 50 per litre (about US$0.002), with some periods at zero, leaving them losing VND 400–500 per litre (about US$0.02).
Source: Hanoi: Fuel businesses request permission to stop selling due to running out of stock.
March 6
Fuel market regulation adjustments
A new decree has provided greater support to the fuel industry.
Resolution 36 requires crude oil owners to prioritise selling unsold crude and condensate domestically when compatible with Vietnamese refinery demand and processing technology.
It also allows PetroVietnam and affiliated firms to trade, import and export crude oil and fuel production inputs to support domestic supply and allows out-of-cycle petrol price adjustments when benchmark fuel prices rise at least 7 percent.
There are also plans to revise most-favoured-nation import tariffs on selected petroleum products.
March 5
Oil / gas stock market sell-off
Oil and gas stocks in Vietnam fell sharply on March 5, with major energy stocks including GAS, PLX, OIL, BSR and PVD falling more than 5 percent.
Brokerage data showed oil and gas stocks had surged about 70.4 percent in the first two months of 2026, prompting profit taking by investors, according to VNExpress.
Source: Investors sell off oil and gas stocks.
Energy security taskforce established
Vietnam has created a special task force to safeguard energy security, spokesperson for the Ministry of Foreign Affairs of Vietnam Pham Thu Hang told a press conference yesterday.
The task force will monitor developments, assess risks and coordinate policy responses to ensure adequate fuel supply for production, businesses and public consumption.
Source: Vietnam prepared to avoid energy security disruptions
Fuel retailers report fuel shortage
Fuel retailers have said falling discounts have left petrol stations selling at a loss due to transport costs and have accused distributors of restricting supply and hoarding fuel ahead of an expected price increase.
One retailer told the publication that a 19,000 litre tanker shipment could generate losses of VND19–20 million (US$721–US$759).
Source: Fuel retailers are upset because the discount has been reduced to zero.
Fuel prices raised
The Ministry of Industry and Trade raised retail fuel prices on March 5, with RON95 gasoline increasing by VND2,189 per litre (US$0.08) to VND22,340 per liter (US$0.85).
E5 RON92 gasoline rose by VND1,926 per litre (US$0.07) to VND21,449 per litre (US$0.81), while diesel increased by VND3,758 per litre (US$0.14) to VND23,037 per litre (US$0.87).
Kerosene saw the largest increase, rising by VND7,132 per litre (US$0.27) to VND26,601 per litre (US$1.01).
March 4
Petrol station limits announced then removed
Saigon Newport Technical Services withdrew a notice to suspend retail fuel sales at Cat Lai Port and Long Binh Inland Container Depot, allowing normal operations to resume.
The company had earlier limited sales to internal container transport vehicles due to concerns about fuel supply.
10 percent growth target to endure
Prime Minister Pham Minh Chinh has reaffirmed Vietnam’s goal of achieving economic growth of at least 10 percent despite rising global economic and geopolitical uncertainty.
The government ordered ministries to prepare economic, energy and policy scenarios to maintain macroeconomic stability while coordinating monetary and fiscal policies to support growth.
Source: Prime Minister: Remaining steadfast in the 10% growth target in the new context.
Middle East trade disruption seafood
The Vietnam Association of Seafood Exporters and Producers has warned that escalating conflict in the Middle East is disrupting Vietnam’s seafood exports through higher freight, insurance and cold-chain risks.
The association said prolonged instability around the Strait of Hormuz could sustain high logistics costs and disrupt supply chains for shrimp, salmon and tuna.
March 3
Fuel disruptions
The Ministry of Industry and Trade has ordered tighter inspections of domestic petrol trading on March 3 amid escalating tensions in the Middle East affecting global energy markets.
Inspections will focus on wholesalers, distributors and retail stations, targeting practices such as stockpiling, selling above listed prices or trading smuggled or substandard fuel.
Freight costs increase up to US$4,000 / container
Exporters said that from March 2, ocean freight rates have increased by up to US$4,000 per container, with some routes to the Middle East, Red Sea and eastern Mediterranean suspended.
Business representatives said higher freight costs are particularly burdensome for cost, insurance and freight contracts, affecting rice exports to Africa and coffee shipments to Europe.
Source: Sea freight rates increase by $4,000, many routes temporarily suspended.
Dung Quat refinery Middle East exposure
Binh Son Refining and Petrochemical said its Dung Quat refinery uses 30–35 percent imported crude, though from West Africa, the Mediterranean region, the US, and only partly from the Middle East (as opposed to the Nghi Son refinery, which uses mostly Kuwaiti crude).
Binh Son has proposed prioritising domestic crude and condensate for Dung Quat and temporarily limiting crude exports through the third quarter of 2026 to ensure energy security.
Source: Concerned about supply, Dung Quat refinery wants priority in purchasing domestic crude oil.
PVGas advises of LPG supply disruptions
PVGas Trading has notified customers of disruptions to LPG supplies after a jetty collapse at Saudi Aramco’s Juaymah NGL facility on February 23 and the tensions in the Middle East.
All liquefied petroleum gas cargoes scheduled from March 10 to Thi Vai and Diem Dien terminals have been suspended, it says.
March 2
MoIT advises businesses to take proactive measures to ensure fuel supply
Vietnam’s Ministry of Industry and Trade urged businesses to hedge risks and review logistics and insurance arrangements as Middle East tensions escalate following the United States and Israel air strikes on Iran.
The ministry’s import-export department warned that higher fuel and oil prices could raise freight costs, disrupt cargo routes, and create multi-layered impacts on production and trade.
Source: Vietnam trade ministry urges firms to hedge risks as Middle East conflict escalates
Exporters raise concerns regarding shipping costs
Vietnamese exporters expressed concern after the United States and Israel attacked Iran and retaliation targeted Gulf states, raising risks of market volatility and higher transport costs.
Industry representatives said shipments to Dubai pass through the Strait of Hormuz, and any prolonged conflict or blockade could disrupt agricultural exports.
Source: Exporters are concerned about rising sea freight costs.
Shipping and fertiliser stocks could rise on higher input costs
Nguyen Trong Dinh Tam of Thien Viet Securities said the conflict in the Middle East may prompt short-term investor caution in Vietnam’s stock market.
Disruptions near the Strait of Hormuz could tighten the supply of crude oil, supporting oil-linked shares.
He added that higher oil prices and potential container supply constraints could lift shipping and fertiliser stocks if freight rates and input costs increase.
Source: Experts assess the impact of the conflict in Iran on the Vietnamese stock market.
March 1
Tours to the Middle East have been cancelled
Vietnamese travel companies have suspended tours to conflict-affected areas in the Middle East.
Airspace restrictions and security risks disrupted transit through hubs such as Dubai and Abu Dhabi, and Vietnam advised citizens not to travel to Israel and Iran.
February 28
The first airstrike hits Iran at 9.45 am local time or 1.15 pm Vietnam time.