Vietnam Strengthens Energy Diplomacy Amid Global Uncertainty

At a recent diplomatic conference in Hanoi, Petrovietnam President Le Manh Cuong emphasized the importance of energy diplomacy in ensuring Vietnam's energy security. With global economic and geopolitical developments becoming increasingly unpredictable, energy has become a strategic issue directly linked to national independence and self-reliance.

Cuong noted that achieving Vietnam's goal of double-digit economic growth requires a stable, secure, and sustainable energy supply more than ever before. Petrovietnam views safeguarding national energy security as both a business responsibility and a political mission entrusted by the Party, the State, and the people.

The company has implemented measures to increase domestic oil and gas reserves and production, with 2025 marking a significant milestone as domestic crude oil output returned to growth after 11 consecutive years of decline. However, domestic crude oil production currently meets only around 35-40% of demand, with the remaining 60-65% imported for petroleum refining.

Cuong proposed the establishment of a national strategic energy reserve system and suggested exploring government-to-government cooperation mechanisms to encourage partner countries to store crude oil and petroleum products in Vietnam. He also called on the Ministry of Foreign Affairs to further strengthen the role of energy diplomacy by expanding cooperation with international partners, enhancing mechanisms for strategic information sharing and coordination, and supporting businesses in responding to global uncertainties.