Vietnam's Oil and Gas Industry Reaffirms Role in Driving Marine Economy

Vietnam's oil and gas industry has reaffirmed its role in driving the marine economy by contributing to national energy security, optimizing resources, and creating new growth drivers for Vietnam’s energy industry. The agreements underscore the commitment of Petrovietnam, the Petrovietnam Exploration Production Corporation (PVEP) and their partners to advancing oil and gas exploration, development and production activities. Vietnam’s economy has built a relatively favorable position in the first six months of the year with GDP expanding 8.18% – the highest first-half growth rate in recent years – as key growth drivers have operated in tandem. The continued choice of Vietnam by global buyers as a sourcing destination reflects the country’s growing position in international supply chains. Diversifying crude oil supply sources is considered crucial for Nghi Son Refinery and Petrochemical LLC (NSRP) in ensuring stable feedstock supplies and safeguarding domestic fuel supply, particularly as traditional crude imports from Kuwait have been affected by tensions in the Middle East. Furthermore, as Hanoi continues to strengthen its semiconductor ecosystem, the city is creating a new growth driver for both the capital and the country, enhancing Vietnam's technological capabilities and paving the way for deeper integration into the global semiconductor value chain. QTSC and the Singapore Semiconductor Industry Association (SSIA) signed a memorandum of understanding (MoU) to connect Vietnam's semiconductor ecosystem with Singapore's semiconductor business network and the wider region. Against a backdrop of persistent uncertainty in global commerce, the Government is implementing a broad range of measures to strengthen export growth during the remainder of the year. These include expanding overseas markets through economic diplomacy, maximising the benefits of free trade agreements (FTAs), streamlining administrative procedures, reducing logistics costs, improving access to credit and helping businesses overcome trade barriers. Authorities are also encouraging deeper processing, official cross-border exports and greater market diversification to improve the competitiveness of Vietnamese products. These efforts are part of Vietnam's strategy to deepen its international cooperation and sustain economic growth. Since taking effect, the CPTPP has significantly expanded Vietnam's access to major markets across North America, the EU, and the Asia-Pacific, contributing to strong export growth in key sectors such as textiles and garments, footwear, and agricultural, forestry and fishery products. The agreement has also encouraged greater investment into Vietnam by promoting regional production networks and clearer rules of origin.