Vietnam Seeks Oil Supply Support from Japan and South Korea Amid Global Disruptions

Vietnam's Ministry of Trade announced on March 16 that it has requested assistance from Japan and South Korea to enhance its oil supply channels due to disruptions caused by the conflict in Iran. According to Jin10, the Trade Minister made these requests during an energy security summit held in Tokyo over the weekend. Vietnam operates two refineries that fulfill approximately 70% of the country's fuel needs, with most of the crude oil processed originating from the Middle East. Government customs data indicates that Vietnam imported 14.2 million tons of crude oil last year, marking a 5.3% increase from the previous year.