Vietnam’s Ministry of Industry and Trade is advising companies to promote remote work arrangements to lower fuel usage, as the nation faces supply shortages and significant price hikes resulting from the conflict between the U.S., Israel, and Iran.
In a Tuesday announcement, the government noted that Vietnam is particularly vulnerable to this instability because of its significant dependence on Middle Eastern energy imports. Referencing a report from the trade ministry, the government requested that businesses “encourage work-from-home when possible to reduce the need for travel and transportation.”
Data from Petrolimex, the nation’s leading fuel distributor, indicates that fuel costs have spiked since late last month, with gasoline increasing by 32%, diesel by 56%, and kerosene by 80%. On Tuesday, Hanoi petrol stations experienced long queues of vehicles.
Furthermore, the ministry cautioned businesses and citizens against fuel hoarding or speculative activities.
Prime Minister Pham Minh Chinh conducted discussions on Monday with officials from Kuwait, Qatar, and the United Arab Emirates to guarantee supplementary crude oil and fuel shipments. Additionally, the government has eliminated fuel import duties until the end of April to alleviate market strain.
Military actions against Iran ordered by President Donald Trump have led to crude market volatility; prices reached $120 per barrel in the U.S. over the weekend before retreating to slightly above $80 on Monday evening following Trump’s remarks at a Republican event in Florida.
Market prices have leveled off after Trump provided assurances to investors regarding the security of oil tankers in the Strait of Hormuz, a critical transit point for the largely dismantled Iranian regime.
Regional tensions remain high following Iran’s naming of Mojtaba Khamenei as the successor to the supreme leadership, a development that Trump stated he “was not happy” about.
“I don’t believe he can live in peace,” Trump remarked while aboard Air Force One.
On Tuesday, Iran’s Revolutionary Guard threatened to halt all oil exports from the Middle East until U.S. and Israeli military operations conclude. In response, Trump warned that he would strike Iran “20 times harder” should they obstruct exports.
Despite the aggressive posturing from both parties, investors expressed optimism on Tuesday that Trump might soon end the conflict, aiming to prevent the current energy supply disruptions from triggering a global economic crisis.
“I’m hearing they want to talk badly,” Trump stated, noting that the Department of War claims 50 Iranian naval vessels have been destroyed and suggesting that military objectives are nearing completion.
“It’s possible,” Trump said regarding potential negotiations with the new Iranian leadership, though he noted it “depends on what terms, possible, only possible.”
“You know, we sort of don’t have to speak anymore, you know, if you really think about it, but it’s possible,” he added.
‘ Trey Yingst and Reuters contributed to this report.