On the morning of March 24, the Department of Domestic Market Management and Development under the Ministry of Industry and Trade said that domestic fuel prices are still significantly lower than in many countries in the region. Supply remains secure, and the distribution system continues to operate smoothly without disruptions.
According to the Department of Domestic Market Management and Development, the global context poses significant risks as disruptions in the Strait of Hormuz are causing major fluctuations in the global energy market.
Citing data from the International Energy Agency (IEA) as of March 22, the ministry said that around 20 percent of global oil and gas supply is currently affected, equivalent to about 11 million barrels of oil per day and 140 billion cubic meters of gas disrupted. Crude oil prices have surpassed US$100 per barrel, putting direct pressure on inflation and import costs. As a net importer of fuel, Vietnam is significantly impacted.
However, the Ministry of Industry and Trade noted that domestic management has been proactive, timely and well-coordinated. Fuel supply has been largely secured by maintaining continuous operation of the distribution system, while directing key suppliers and distributors to prevent supply disruptions.
Regarding price management, the ministry is closely monitoring global market developments and flexibly using the fuel price stabilization fund alongside tax and fee tools to limit sharp fluctuations, thereby helping control inflation and stabilize the macroeconomy.
Authorities also noted that Vietnam has not had to impose strict administrative measures such as price caps or widespread fuel purchase limits, while still maintaining stable supply and relatively low prices compared to many countries in the region.
According to the ministry, fuel prices in Cambodia are around VND35,600 (US$1.35) per liter for gasoline and VND44,200 (US$1.67) per liter for diesel. In China, RON95 gasoline is about VND34,600 (US$1.3) per liter and diesel about VND31,600 (US$1.2) per liter. In Laos, RON95 gasoline is around VND47,600 (US$1.8) per liter and diesel is about VND41,100 (US$1.56) per liter.
The ministry said maintaining lower prices while ensuring supply demonstrates the effectiveness of a flexible management mechanism that combines market tools with stabilization measures.
It added that policies are being reviewed and refined to facilitate businesses in diversifying import sources, thereby strengthening supply amid global market volatility.
In the short term, priority should remain on ensuring supply, managing prices flexibly, and maintaining market stability. Over the longer term, Vietnam needs to build up strategic reserves, improve energy efficiency, and accelerate renewable energy development to reduce import dependence and strengthen resilience to geopolitical shocks.
