Vietnam asks Japan, South Korea for crude oil aid
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- Vietnam asked Japan and South Korea to help improve its access to crude oil at an energy security summit in Tokyo, Deputy Minister Nguyen Hoang Long said.
- Japan was urged to leverage its large crude oil reserves to assist Vietnam in sourcing and accessing oil to meet domestic needs.
- South Korea was asked to support Vietnam in accessing crude oil sources amid the complex Middle‑East conflict.
- Iran’s oil exports through the Strait of Hormuz have been halted after the U.S. and Israeli attack, pushing up Middle‑East oil and gas prices that affect Asia’s imports.
- Vietnam’s two refineries meet about 70 % of fuel demand, but roughly 87 % of its oil imports come from the Middle East and its national petroleum reserve covers only nine days of net imports.
- Japan holds oil reserves equal to 254 days of consumption, while South Korea holds 208 days, far above Vietnam’s nine‑day buffer.
- ASEAN economic ministers met in the Philippines and warned that a protracted Iran war could pose sustained challenges to the global economic outlook and affect millions in the region.
Why it matters: Vietnam’s nine‑day oil buffer and 87 % reliance on Middle‑East imports mean the request will avert fuel shortages that would jeopardize its 10 % annual GDP growth target and strain its aviation sector, while Japan and South Korea stand to deepen regional energy ties.
