Vietnam has a wide range of domestic energy sources such as crude oil, coal, natural gas and hydroelectricity, which have played an important role in economic development for decades.

In the 2016 - 2020 period, Vietnam’s crude oil production reached 61.24 million tons. The oil was supplied to the Dung Quat Oil Refinery and exported to countries such as Japan, South Korea, Malaysia, Thailand, China, and Australia.

Even though the average price of oil is unlikely to reach US$100 a barrel in 2022, it may hover above the break-even price of exploitation in Vietnam, which is around $60 per barrel. 

The Ministry of Industry and Trade (MoIT) has requested relevant stakeholders to prioritise the use of domestic oil and gas products as Vietnam’s oil refineries are facing a risk of halting due to high inventories during the COVID-19 pandemic.

At the end of April and early May, the Truong Sa 571 vessel headed out to the Truong Sa (Spratly) archipelago and the DK1 platform carrying officers and soldiers from the mainland. 

Block 114 is located in Song Hong Basin, offshore Vietnam’s northern continental shelf, about 65km from Quang Tri province, and 86km from Da Nang city in the central region.

The Ministry of Industry and Trade (MoIT) has proposed the Government to allow petrol and oil businesses to transfer stakes to foreign investors, but not exceeding 35 per cent.