Vietnam's New Industry Minister Tackles Energy Security and Export Reform
Le Manh Hung has been appointed as Vietnam's Minister of Industry and Trade for the 2026-2031 term, facing challenges in energy supply and export structure. The country's domestic fuel demand is projected to exceed 28 million cubic meters/tons by 2026, necessitating urgent reforms to ensure energy security and enhance export value.
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Le Manh Hung was appointed Minister of Industry and Trade in Vietnam on April 8, 2026. The domestic fuel demand is projected to reach over 28 million cubic meters/tons in 2026, with 70 percent of supply sourced from local refineries.
Electricity demand is expected to grow by 14 percent in 2026, exacerbated by delays in LNG and offshore wind projects. Vietnam's trade surplus is declining, with deficits recorded in early 2026 highlighting reliance on imported raw materials.
Experts advocate for a shift in trade policy to enhance domestic value-added and reduce import dependence. Modernizing energy infrastructure and developing renewable sources are critical for long-term economic stability.
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