According to the Ministry of Finance, the figures represent rises of 45 per cent in volume and 78 per cent in value compared with the same period last year.
In contrast, crude oil imports fell 15 per cent year on year to more than 3.1 million tonnes, with a total value of nearly USD 1.7 billion.
In March alone, Vietnam imported 1.19 million tonnes of fuel, equivalent to USD 1.455 billion, up nearly 13 per cent in volume and more than 94 per cent in value compared with February.
Staff assisting with refuelling (Photo: Manh Quan).
Speaking at a meeting on April 10, Minister of Industry and Trade Le Manh Hung said ongoing tensions in the Middle East have triggered the most significant energy security crisis to date, particularly affecting fuel supply.
He noted that Vietnam currently meets around 70 per cent of its fuel demand domestically through the Dung Quat refinery and the Nghi Son refinery and petrochemical complex. The remaining 30 per cent depends on imports, mainly from ASEAN countries and crude oil sourced from the Middle East.
However, maintaining both national reserves and minimum commercial stock levels remains challenging, he added.
Authorities have developed response scenarios, including a baseline case where the conflict ends within four weeks and a contingency plan for a prolonged crisis. According to the minister, current developments align with the latter scenario, prompting the Ministry of Industry and Trade to implement multiple measures.
On policy, the government has established a task force on energy security and is advancing resolutions on market regulation mechanisms and fuel taxation, alongside ensuring adequate domestic supply.
In the event of a prolonged conflict, domestic refineries have been instructed to maintain high capacity, adjust output to prioritise energy products over non energy items, and increase fuel production.
Additional measures include price stabilisation tools such as the fuel price stabilisation fund, as well as promoting energy transition and conservation.
For the longer term, the minister stressed the need to update the national energy strategy and planning framework, aiming to reduce the share of imported primary energy from 43.9 per cent in 2026 to 30 per cent by 2030. He also called for greater flexibility and autonomy for the government and prime minister in managing the sector.