Data from Vietnam Customs show that in 2025, the country imported around 9.9 million tonnes of refined oil products worth more than US$6.8 billion. Diesel accounted for the largest share, followed by petrol and jet fuel. Vietnam’s main suppliers were South Korea, Singapore, China and Malaysia, reflecting its close integration with regional Asian energy trade networks.
At the same time, Vietnam also imported large volumes of crude oil for domestic refining. In the same year, crude imports exceeded 14.1 million tonnes, worth more than US$7.7 billion.
Kuwait was the largest crude supplier, accounting for about 80% of total imports, particularly for the Nghi Son Refinery, which relies heavily on Kuwaiti feedstock.
On March 9, 2026, Vietnamese Prime Minister Pham Minh Chinh held a telephone discussion with Kuwaiti Prime Minister Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah to reaffirm cooperation in ensuring continued crude oil supplies to Vietnam.
Vietnam’s two main refineries — Nghi Son Refinery and Dung Quat Refinery — currently meet around 70% of the country’s total fuel demand.
Even so, Vietnam still needs additional imports to cover domestic demand. Amid continuing volatility in global energy markets, the government has also taken parallel proactive measures. The prime minister said Vietnam had arranged an additional 4 million barrels of oil from international partners to strengthen short-term supply security.
The latest MFN tariff cuts reflect the Vietnamese government’s broader approach to managing energy risks amid global geopolitical uncertainty. The measure not only improves flexibility in sourcing energy from international markets, but also plays an important role in stabilising the domestic energy market, reducing supply risks and supporting long-term energy security.
This is a key factor for sustaining economic activity and industrial development in Vietnam going forward.
The Office of Commercial Affairs in Ho Chi Minh City said the reduction of MFN tariffs on petroleum products to 0% is likely to make the competitive structure of the regional energy and petrochemical markets more flexible.
At a time when global energy prices remain volatile and supply is tight, the measure should improve the agility of oil procurement from world markets, allowing Vietnamese businesses to broaden their import sources. This could help stabilise or even reduce energy costs in Vietnam’s manufacturing and logistics sectors compared with a scenario in which no such measure had been introduced.
In terms of trade structure, the policy may also intensify competition among energy exporters from various regions seeking access to the Vietnamese market, potentially influencing the direction of ASEAN energy trade in the period ahead.
For Thai businesses, especially those operating in energy, petrochemicals and energy-intensive industries, the measure may create both competitive pressure and fresh opportunities. On one hand, opening MFN imports could allow exporters from countries outside free trade agreements to access Vietnam more easily, leading to tougher price competition.
On the other hand, Thai companies with investments or business operations in Vietnam may benefit from more stable energy costs, which could strengthen the competitiveness of production sectors, particularly petrochemicals, plastics, logistics and transport.
Thai operators should therefore closely monitor developments in Vietnam’s energy policy and import tariff measures, while considering adjustments to their energy and raw material sourcing strategies in line with the changing market structure.
They should also explore greater cooperation in energy and petrochemicals within regional supply chains, including making use of ASEAN trade and logistics networks.
If global energy markets remain highly volatile, tariff and trade measures of this kind in Vietnam could become an important mechanism that opens up new business opportunities in the Vietnamese market for regional operators, including Thai companies.