On April 8, Le Manh Hung was approved by the National Assembly as Minister of Industry and Trade for the 2026-2031 term, stepping into a role defined by mounting pressure on both energy supply and the structure of Vietnam’s external trade.
His appointment comes as Vietnam enters a new development phase, targeting double-digit economic growth built on macroeconomic stability and sustainable drivers. In this context, ensuring sufficient energy for production and daily life while upgrading export quality has become a central challenge.
Ensuring fuel and electricity for growth
Minister of Industry and Trade Le Manh Hung. Photo: Bao Cong Thuong
According to Nguyen Tien Thoa, Chairman of the Vietnam Valuation Association, safeguarding national energy security - especially electricity and petroleum - must be treated as a top priority.
Energy supply, he noted, is not only essential for economic activity but also forms the backbone of long-term development, closely tied to national defense and security.
Vietnam’s domestic fuel demand reached an estimated 26.2 million cubic meters/tons in 2025 and is projected to exceed 28 million in 2026. Currently, around 70 percent of supply is produced domestically by the Dung Quat and Nghi Son refineries, while the remaining 30 percent depends on imports.
In the context of ongoing tensions in the Middle East, securing crude oil supply for domestic refineries and diversifying import markets has become increasingly complex.
Electricity supply presents another layer of risk. Even before peak summer, power consumption in 2026 has repeatedly hit record highs. While plants are operating flexibly to meet demand, delays in major LNG and offshore wind projects under the national power plan are raising concerns about future supply shortages.
Nguyen Tien Thoa warned that the electricity sector is facing persistent supply-demand tension. Power generation capacity has not kept pace with rising demand, while hydropower remains weather-dependent and fuel supply constraints persist. Electricity demand is expected to grow by around 14 percent in 2026.
Infrastructure challenges also loom, particularly the imbalance between the rapid expansion of renewable energy and the slower development of transmission systems. During peak hours in hot seasons, grid overloads are becoming more frequent, posing risks to system safety.
Financial sustainability is another concern. Electricity prices have yet to fully reflect actual costs, affecting the long-term viability of power generation and supply.
Experts stress the need to develop a more self-reliant energy system, balancing supply and demand under all scenarios while accelerating renewable energy, liquefied natural gas and even nuclear research. Modernizing transmission and storage infrastructure is also seen as critical.
From fast growth to sustainable trade
Energy development must be given top priority to meet the demand for economic growth of over 10 percent in the coming period. Photo: Hoang Giam
Beyond energy, Vietnam’s trade sector is facing structural challenges as global protectionism rises, creating headwinds for export-oriented industries.
According to Nguyen Bich Lam, former head of the General Statistics Office, Vietnam’s international trade has expanded rapidly in scale but has struggled to retain net value for the domestic economy.
This is reflected in a declining trade surplus - from US$28.3 billion in 2023 to US$24.77 billion in 2024 and just over US$20 billion in 2025. In the first quarter of 2026, the country recorded a trade deficit of US$3.64 billion.
At a structural level, the trend highlights heavy dependence on imported raw materials, particularly in manufacturing sectors. While rising imports help sustain production in the short term, they expose deeper vulnerabilities in the economy’s external trade model.
Notably, the domestic sector continues to run persistent trade deficits, while the surplus is largely driven by foreign-invested enterprises. This imbalance underscores the limited strength of Vietnam’s internal economic base.
Nguyen Bich Lam emphasized that trade policy must now shift toward increasing domestic value-added, strengthening the role of private enterprises and developing industries capable of retaining higher value.
Reducing dependence on imported inputs, building domestic supply chains and advancing supporting industries are no longer optional but essential for improving the quality of trade growth.
In this new phase, export performance should be measured not only by scale but by value retention, sustainability and resilience of the trade balance.
Vietnam’s trade strategy, he argued, must evolve from “fast growth” to “strong and sustainable” development, positioning the country more firmly within global value chains.
Unlocking investment for clean energy
FDI enterprises account for a large share of the total import-export turnover structure. Photo: TL
As Vietnam’s demand for electricity - particularly clean energy - continues to rise, attracting investment has become a critical priority.
Bui Van Thinh, Chairman of the Binh Thuan Wind and Solar Power Association, noted that both domestic private investors and foreign partners will play a key role in expanding power capacity.
The boom in renewable energy between 2018 and 2021 helped position Vietnam as a regional leader. Building on that momentum will require more consistent and transparent policies to improve the investment environment.
Such reforms are seen as vital not only for ensuring sufficient clean electricity in the short term but also for strengthening national energy security over the long term.
Vietnamnet.vn
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