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Vietnam is reducing its dependence on imported oil thanks to increased domestic exploitation, but if new fields are not developed promptly, will we face the risk of having to return to complete dependence on foreign supplies in the future?
In the context of world oil prices continuously fluctuating due to geopolitical conflicts and risks in the Strait of Hormuz, information about Vietnam's crude oil imports decreasing while domestic exploitation output increasing has become a positive signal for national energy security.
This is not only a story about oil and gas output but also reflects the ability to self-resource raw materials for oil refineries, reduce import pressure and improve the energy trade balance.
Picture of Vietnam's crude oil supply
Trend Indicator
Crude oil imports Decrease
Domestic exploitation increased
Supply autonomy ratio Improved
Energy Security More Aggressive
Risks from international markets Reduced
Why is this an interesting signal?
For many years, Vietnam has witnessed the natural decline of many large oil fields such as Bach Ho, Rong or Su Tu Den. This forces oil refineries to increase crude oil imports from the Middle East, the US, West Africa and many other regions.
However, increased exploitation at existing mines and new projects is helping domestic supply improve significantly.eh.
Benefits include:
✅ Reduce dependence on international supplies
✅ Reduce the impact when world oil prices suddenly increase
✅ Support stable operations for Dung Quat Oil Refinery
✅ Increase budget revenue from oil and gas
✅ Strengthen national energy security
Impact on Vietnam's economy
When crude oil imports decrease, the amount of foreign currency spent on energy also decreases.
Hypothetical example
If imports are reduced by 1 million barrels of oil
Average oil price is 70 USD per barrel
The amount of foreign currency saved is equivalent to approx
1,820,000,000,000 VND
This number shows that every percentage increase in domestic mining output brings great economic value.
The role of oil refineries
Currently, the two largest oil refining centers in the country include:
Dung Quat Oil Refinery
Nghi Son Refinery and Petrochemical Factory
These two facilities supply most of the petroleum to the domestic market.
When domestic oil sources increase, the ability to be proactive in input materials will be higher, reducing the risk of supply chain disruption.
Compare two scenarios
Criteria Import dependence Increase domestic exploitation
Geopolitical risk High Lower
Shipping costs High Lower
Proactive Limited supply Better
USD exchange rate impact Larger Smaller
Energy security Vulnerable More stable
⚠️ However, there are still many challenges
Not all positive signals mean that Vietnam has complete oil and gas independence.
Experts warn
Many traditional oil fields are declining in output
The cost of offshore exploitation is increasingly high
Projects mIt requires huge investment capital
Green energy transition creates long-term pressure on the oil and gas industry
Therefore, promoting new exploration projects, improving oil recovery coefficient and applying modern exploitation technology is still an important task.
In the context of world instability
As many countries worry about the risk of supply disruption from the Middle East, increasing domestic mining output has strategic significance that goes beyond mere economic factors.
That is the ability to maintain production, transportation, electricity and industrial operations even when the global energy market fluctuates strongly.
The most notable thing is not how much oil imports have decreased, but the fact that Vietnam is gradually regaining the ability to be proactive with one of the most important strategic resources of the economy.
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