Iran war drives energy costs higher, putting pressure on Vietnam's economic growth

Golden Ten Data reported on April 4 that according to data released by Vietnam's national statistics bureau, Vietnam's economy has slowed compared to the previous quarter due to heavy reliance on Middle Eastern oil imports, which is putting pressure on economic growth. In the first quarter, Vietnam’s GDP grew by 7.83%, lower than the 8.46% in the fourth quarter of last year. The Vietnamese government has set a growth target of no less than 10% this year, but this target is currently under pressure. Over 80% of Vietnam's crude oil is imported from the Middle East, and transportation of Middle Eastern oil has been hampered due to the war in Iran. Rising fuel prices have forced Vietnam Airlines to scale back operations and prompted authorities to introduce cost-control measures, including cutting fuel taxes, subsidizing prices through government-controlled funds, and encouraging remote work to reduce consumption.