According to preliminary data from the General Department of Customs, domestic enterprises continued to accelerate fuel imports in March.

Total imports of petroleum products exceeded 1.19 million tonnes, valued at US$1.42 billion. Compared to the same month last year, imports rose sharply by 47.16% in volume, equivalent to an increase of 382,000 tonnes, while value surged by 157.7% due to higher global fuel prices.

In addition, businesses spent US$548.2 million to import 805,091 tonnes of crude oil in March. This crude oil serves as input for production at the Dung Quat and Nghi Son refineries.

Cumulatively, in the first quarter, Vietnam imported nearly 6.49 million tonnes of crude oil and petroleum products, with a total value of approximately US$4.59 billion. Compared to the same period last year, imports increased by 7.8% in volume, equivalent to 470,000 tonnes, while value rose by 19.84%.

Of this total, crude oil imports reached 3.12 million tonnes, valued at nearly US$1.66 billion, down 15.44% in volume and 23.85% in value year-on-year.

In contrast, imports of petroleum products climbed to nearly 3.37 million tonnes, with a value of US$2.93 billion. Compared to the same period in 2025, this represents a sharp increase of 44.6% in volume, equivalent to 1.04 million tonnes, and nearly 77.6% in value.

At a recent government press briefing, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated that domestic fuel supply remains secure. Domestic production has increased by 30%, ensuring sufficient feedstock for operations at the Dung Quat refinery through the end of April, while the Nghi Son refinery is also guaranteed input supply for production through the same period.

Notably, in March, key fuel traders imported approximately 3.2 million cubic meters of petroleum products. Combined with existing inventories, this ensures sufficient domestic supply through the end of April.

The Ministry of Industry and Trade is continuing to develop supply scenarios for the coming months while implementing measures such as boosting supply, increasing domestic production, and diversifying sources.

Previously, the ministry noted that Vietnam has emerged as one of the few bright spots in Southeast Asia amid what has been described as the most severe energy crisis in decades.

In a volatile regional context, Vietnam has responded with a multi-layered, flexible, and in-depth stabilization strategy, regarded as one of the most effective models in the region.

The fuel price stabilization fund was activated nine times within a single month, with total disbursements estimated at VND5,300 billion (US$217 million). For the first time in history, the state budget directly advanced VND8,000 billion (US$328 million) into the fund under Decision No. 483 signed by Prime Minister Pham Minh Chinh on March 27.

At the same time, the government deployed multiple fiscal tools. Preferential import tariffs on certain petroleum products were reduced to 0% from March 9 to April 30. Environmental protection tax was cut to 0% for gasoline (excluding ethanol), diesel, and aviation fuel from the evening of March 26 to April 15. The special consumption tax on gasoline was reduced from 8-10% to 0%, while value-added tax declaration requirements were waived, though input VAT deductions remained applicable.

In terms of pricing mechanisms, from March 6, the Ministry of Industry and Trade and the Ministry of Finance were allowed to adjust fuel prices immediately when base prices increased by more than 7%, without waiting for the usual seven-day cycle. By March 19, under Resolution 55, this mechanism became even more flexible, allowing adjustments within one day if fluctuations exceeded 15%, helping to avoid sudden price shocks.

As a result, gasoline prices in Vietnam remain significantly lower than in many countries in the region, while diesel prices are still higher than in some markets such as China and Thailand.

Specifically, gasoline prices in Singapore stand at VND70,328 per liter, Thailand at VND35,468 per liter (with government subsidies), Cambodia at VND35,849 per liter (with subsidies), Laos at VND50,112 per liter, and China at VND34,827 per liter (with price controls). In Vietnam, RON95-III gasoline is priced at VND26,976 per liter (US$1.10/liter).

Similarly, diesel prices are VND86,985 per liter in Singapore, VND38,525 per liter in Thailand (with subsidies), VND49,293 per liter in Cambodia, VND61,632 per liter in Laos, and VND31,733 per liter in China (with price controls), while Vietnam’s diesel price stands at VND44,788 per liter (US$1.83/liter).

Tam An