LPG storage tanks supplying customers

On March 2, PVGas Trading – the trading arm of Vietnam Gas Corporation (PV Gas) issued an urgent force majeure notice to its customers in southern Vietnam, citing two primary causes behind the disruption.

The first stems from an official force majeure declaration by the company’s international supplier following the collapse of a loading bridge at the NGL Juaymah facility on February 23. The incident has disrupted contracted shipments of propane and butane.

As a result, all LPG cargoes scheduled to arrive at the Thi Vai and Diem Dien refrigerated terminals from March 10 have been postponed.

The second factor relates to escalating armed conflict in the Middle East, which has affected the transit of refrigerated LPG vessels through the Strait of Hormuz. As of 3 p.m. on March 2, 2026, at least two very large crude carriers had reportedly been struck by missiles while passing through the strategic waterway. In addition, several NGL/LPG production facilities operated by suppliers in the region have come under attack and sustained significant damage.

For safety reasons, all very large gas carriers transporting refrigerated LPG from the Middle East under delivery commitments scheduled from the second half of March through the end of April 2026 currently have no confirmed delivery plans to PV Gas Trading.

Given these force majeure circumstances, PV Gas Trading said it would adjust its imported LPG delivery schedule through March 10, 2026, and is currently unable to arrange imported supply for customers beyond that date.

The company stressed that the situation was beyond its control.

PV Gas Trading is working with partners to secure alternative supply sources at the earliest possible time. However, it is facing significant challenges as the broader East Asian market is experiencing tight supply conditions. Some countries, including Thailand, have reportedly activated emergency measures, including temporary bans on fuel exports.

In the interim, the company has urged customers to adjust their consumption plans or seek alternative supply sources while awaiting feasible solutions.

At last week’s Singapore Airshow 2026, Vietnam emerged as a focal point in conversations about Asia’s next aviation growth frontier.

Two aircraft manufacturers, business jet provider Dassault Aviation and the world’s largest turboprop manufacturer ATR, arrived with a shared message: Vietnam’s aviation market is expanding rapidly, but its next phase of development will depend on filling structural gaps rather than adding more capacity on already crowded routes.

Aircraft makers urge out-the-box thinking

Vietnam’s business aviation market remains small by regional standards, but Dassault Aviation sees clear momentum building. According to Carlos Brana, executive vice president for Civil Aircraft at Dassault, the growth trajectory mirrors patterns seen previously in other emerging Asian economies.

“Vietnam’s business aviation market is still young, but it is developing quickly,” Brana said. “Vietnam’s strong economic expansion, underpinned by industrialisation and deeper integration into global supply chains, is creating new mobility needs for companies operating across borders. As enterprises scale up, the limitations of scheduled airline networks become more apparent.”

The fundamental value proposition, he stressed, is time efficiency. Direct point-to-point travel between secondary cities can eliminate multiple stopovers, enabling companies to reach destinations that are poorly served or not served at all.

While Vietnam’s fleet of business jets remains modest compared with markets such as Singapore, Thailand or Indonesia, Dassault expects steady growth over the next 5-10 years as economic activity becomes more geographically dispersed.

Vietnam’s ongoing airport expansion is often cited as a constraint, but Dassault argues that business aviation is well-suited to operate within existing infrastructure. Business jets can operate from airports closer to final destinations, reinforcing their time-saving advantage. In many countries, including France, smaller airports rely heavily on business aviation to sustain operations, an experience Vietnam could replicate as its regional airport network expands.

While business aviation addresses a niche segment, ATR sees a much larger structural gap in Vietnam’s aviation ecosystem: the near absence of regional turboprop operations. Despite rapid traffic growth, turboprops – typically a hybrid aircraft engine that uses a gas turbine to drive a propeller – account for about 2 per cent of Vietnam’s commercial fleet.

Jean-Pierre Clercin, managing director and head of Asia-Pacific at ATR, said, “Vietnam’s aviation growth has concentrated on long-haul and high-density routes, north-south travel and international connectivity within ASEAN and beyond. For those markets, jets are the most efficient solution.”

That strategy has delivered impressive results, but it has also concentrated traffic heavily at a small number of airports. ATR research shows that roughly 90 per cent of Vietnam’s air traffic flows through just 10 airports, placing increasing pressure on major hubs.

“Smaller cities and secondary regions are growing economically, and residents increasingly aspire to move faster and more efficiently, not only by road but by air,” he added.

Turboprops, designed for short stage lengths and thinner routes, are well-suited to this next phase. ATR aircraft typically operate most efficiently on flights of around one hour, routes that are often unviable for jets due to cost structures.

Currently, Vietnam has approximately 22 operational civil airports. Of these, about 11 are international airports, and 11 are domestic airports. According to Vietnam’s national airport plan, Vietnam aims to expand its airport network to as many as 33 airports by 2030. Most recently, the Long Thanh International Airport, which underwent technical opening in late 2025, is expected to begin commercial operations in mid-2026.

ATR argues that the development of regional aviation is not just about domestic connectivity. Short-haul international routes linking Vietnam with neighbouring countries also offer strong opportunities, thanks to turboprop aircraft.

“The need for a thinner, more granular network will become unavoidable. This would help ease congestion at major hubs while making better use of investments in regional airports,” Clercin said.

“Policy support will be critical. Simplifying regulations for smaller airlines, reducing entry barriers and offering incentives such as lower airport fees on secondary routes could encourage new regional carriers to emerge. If the operating environment supports profitability, new regional airlines will follow,” he added.

In addition, the government has shown a proactive stance in facilitating regional aviation, even though the ecosystem remains at an early stage.

Despite serving different market segments, Dassault and ATR identify similar challenges when engaging with Vietnam. For Dassault, the main hurdle is familiarity. “In emerging markets, companies may be unfamiliar with aircraft ownership, operating costs and maintenance obligations,” Brana said, noting parallels with China’s early business aviation market.

ATR, meanwhile, points to competition for attention. With airlines focused on wide-body orders and international expansion, regional opportunities can be overlooked. “The key is finding entrepreneurs willing to build dedicated regional airlines,” Clercin said. “Regional aviation requires a different mindset.”

From a policy perspective in Vietnam, the revised Law on Civil Aviation, set to take effect in 2026, is expected to create a more enabling legal framework, widening the scope for private-sector participation in investment, operations and the development of aviation infrastructure.

Looking back at 2025, how would you assess the journey the finance sector has gone through?

In 2025, despite numerous challenges, under the sound leadership of Party General Secretary To Lam, the Politburo, the Party Central Committee, and the National Assembly, and also under the drastic direction of the government and the prime minister, our country has reaped comprehensive outcomes across all sectors.

Minister of Finance Nguyen Van Thang

Within this overall success, the financial sector made important contributions with many notable achievements.

The entire sector upheld solidarity, responsibility, and creativity, ensuring the smooth operation of the newly reorganised apparatus while fully delivering on tasks related to state finance and budget management, investment, and socioeconomic development.

Requirements were increasingly demanding, while the organisational structure was undergoing consolidation and streamlining. In response, the Ministry of Finance (MoF) thoroughly implemented the principles of discipline, accountability, efficiency, and acceleration, rolling out tasks in a coordinated manner across all areas.

The ministry advised the Politburo on issuing a resolution on private sector development; submitted 28 laws and resolutions for approval; proposed 86 decrees and resolutions to the government; and issued 144 circulars, accounting for around one-quarter of all legal normative documents approved nationwide during the year.

These regulations not only addressed economic obstructions but also established legal frameworks for emerging and complex areas such as science and technology development, innovation, and digital transformation; the establishment of an international financial centre; and the formation of new financial markets and products, including digital assets.

Fiscal policy was managed in a targeted expansionary manner, closely and effectively coordinated with monetary and other macroeconomic policies to stabilise the macroeconomy, control inflation, safeguard major economic balances, and lay a solid foundation for growth.

Administrative reform continued to accelerate, with public services modernised to improve the business and investment climate and create maximum convenience for citizens and enterprises.

At the same time, the financial sector implemented various measures to unlock resources for development investment and successfully upgraded the stock market, expanding market scale and attracting foreign capital linked to science and technology development. These results added bright highlights to Vietnam’s fiscal landscape in the final year of the term and created strong confidence heading into a new development phase.

State budget revenue was a particular bright spot in 2025. Could you elaborate?

State budget revenues last year reached the highest level ever. Total revenues amounted to approximately $106.6 billion, exceeding the estimate by 35.53 per cent, despite the implementation of large-scale tax and fee exemptions, reductions, and deferrals worth nearly $10 billion to support businesses and households.

This performance reflects the resilience and recovery capacity of the economy, as well as the effectiveness of revenue management, base broadening, and revenue nurturing, alongside positive impacts from digital transformation in public finance.

More importantly, the revenue structure has become increasingly sustainable, driven mainly by production and business activities. This provides a critical foundation for safeguarding national financial security and creating fiscal space for development objectives in the coming years.

On the expenditure side, the state budget prioritised development investment. The PM assigned a record public investment plan exceeding $44 billion for 2025, helping to crowd in private investment and open new growth spaces. Cumulative expenditure for the year is estimated at $97 billion, equivalent to 94.1 per cent of the budget estimate.

Higher revenues and spending savings were mobilised, for example, to fund boarding schools for students in remote and disadvantaged areas, cover costs arising from organisational restructuring from central to local levels, promptly address disaster recovery, and meet other urgent needs.

Ultimately, these figures all serve a single objective: putting people at the centre, safeguarding social welfare, and advancing sustainable development.

There has also been an unprecedented organisational restructuring in the financial sector. How did this affect governance and operations?

The consolidation and merger of agencies was a major decision with long-term strategic significance. Initial implementation inevitably posed challenges, as the new apparatus had to operate while being refined, amid an expanding workload.

However, thanks to close guidance from the Party, state, government, and prime minister, and the strong sense of responsibility across the sector, the new organisational structure quickly stabilised and operated smoothly, without disrupting financial and budgetary management.

Over the longer term, organisational restructuring and streamlining will enable the finance sector to enhance its effectiveness and efficiency, while strengthening coherence and unity in policy advice and the management of fiscal-budgetary policy, investment, and socioeconomic development. This also represents a critical preparatory step for the sector to meet higher development demands in the coming period, as the economy continues to expand in scale and complexity.

The financial sector has been tasked with implementing multiple major Party resolutions that require substantial resources. How will the MoF balance development goals with fiscal discipline?

The simultaneous rollout of multiple major Party resolutions within a single period places exceptionally high demands on the management of public finance and the state budget. At the same time, it presents a critical opportunity for the MoF to fundamentally reshape its approach to resource allocation, towards greater efficiency, sustainability, and clear strategic focus.

The ministry adheres to the principle of aligning budget management with medium- and long-term development goals, maintaining fiscal discipline and public debt safety while retaining flexibility to prioritise strategic tasks identified by the Party.

The MoF will continue to restructure the state budget by increasing the share of development investment, rigorously curbing recurrent expenditure, and enhancing the efficiency of every unit of public capital. In this framework, the state budget will act as catalytic capital, concentrating on strategic areas, thereby crowding in and mobilising maximum social resources, particularly from the private sector, foreign investors, and other legitimate funding sources.

In parallel, the financial sector will further refine the fiscal and budgetary institutional framework towards greater transparency and disclosure, strengthen decentralisation and delegation, and develop financial markets in a more synchronised manner to diversify funding channels for the economy, easing pressure on the state budget. Revenue administration will also be intensified through broadening the tax base, preventing revenue leakage, and nurturing sustainable sources of income, thereby creating fiscal space for the effective implementation of the Party’s and state’s major policy priorities.

Entering the first year of the 2026-2030 term, what are the sector’s key priorities to realise the goals set by the 14th National Party Congress?

The MoF will focus on six priority task groups. Firstly, it will effectively implement the resolution of the 14th National Party Congress and advise on the timely issuance of all guiding documents for newly adopted laws and resolutions, targeting completion by the first quarter of 2026 in line with the Party general secretary’s directive, so that Party policies can be brought into practice swiftly and effectively.

Secondly, the MoF will fully institutionalise and implement Party resolutions on developing all economic sectors, accelerate the restructuring of governance and capital at state-owned enterprises, and improve operational and investment efficiency to reinforce the role of the state economy.

At the same time, it will foster the private sector as a key growth engine, expand markets for the collective economy and cooperatives, and engage and deploy foreign investment more effectively, thereby strengthening growth foundations and enhancing economic resilience and competitiveness.

Thirdly, it will continue to pursue a targeted expansionary fiscal policy, closely coordinated with monetary and other macroeconomic policies to support high growth while safeguarding national financial security and macroeconomic stability. Public investment will be restructured for greater efficiency, with resources prioritised for projects that reshape development space and momentum, guided by strict economic efficiency criteria.

Fourthly, we will advance the development of a modern, transparent, and integrated stock market as a primary channel for medium- and long-term capital mobilisation, while attracting international investment funds. It will also refine the legal framework for new economic models and financial products, including the knowledge and circular economies, carbon markets, green bonds, and digital assets.

Fifthly, policies will be regularly reviewed and assessed for effectiveness, with institutional and procedural impediments decisively removed. Integrated, long-term planning will be strengthened alongside regional and sectoral links, comprehensive digitalisation of financial public services, and the streamlining of administrative procedures. This will foster a transparent and competitive environment and help form new growth poles, key economic zones, and special economic zones with regional and global competitiveness.

Sixthly, policy communication will be further intensified through stronger dissemination and enforcement of laws and regulations, building broad consensus among the public and business community, and ensuring close alignment between lawmaking and law enforcement, with greater discipline and accountability in policy implementation.

At a Hanoi workshop on new food safety policies and regulations on February 6, Dau Anh Tuan, deputy secretary general of the Vietnam Chamber of Commerce and Industry (VCCI), said that Resolution No.09/2026/NQ-CP was appreciated by business community for suspending the effect and adjusting the application period of Decree No.46/2026/ND-CP and Resolution 66.13/2026/ND-CP until April 15. This had enabled businesses to escape danger at a time when supply chains faced the risk of disruption.

“The decision to temporarily suspend Decree 46 and Resolution 66 has helped enterprises significantly reduce warehousing and storage costs, while also avoiding the risk of raw material shortages during the peak period serving the 2026 Lunar New Year,” Tuan said.

According to a preliminary survey by four industry associations, before Resolution 09 took effect, around 123,400 tonnes of imported packaged food, raw materials, packaging and food additives were congested at ports and border gates. Previously, nearly 300,000 tonnes of agricultural produce and fresh food had faced similar bottlenecks.

At the workshop, representatives of business associations stressed that Resolution 09 is only a temporary solution. The deadline of April 15 is not far off, while the core shortcomings of the policy framework remain unaddressed.

The business community believes that Decree 46 and Resolution 66 have significantly expanded pre-clearance inspection requirements, leading to overlapping and cumbersome procedures.

According to the Association for Transparent Food (AFT), Decree 46 expands the scope of state inspection in an indiscriminate manner. Aside from imported finished products, raw materials, additives and packaging used for internal production are also subject to pre-clearance inspection, together with conformity declaration requirements.

AFT cited a case in which a shipment imported from India, already holding full organic certification and with a stable export history to Vietnam, was still required to obtain an additional food safety certificate issued by the exporting country’s competent authority, as well as undergo testing at designated domestic laboratories. In practice, many testing laboratories lack clear guidance, while the inspection criteria required by the Ministry of Health are complex and differ from international standards.

Huynh Quang Tuan from the European Chamber of Commerce in Vietnam said that the level of state inspection under Decree 46 had increased multiple times, from document-based checks to document checks combined with sampling and testing, and even inspections of raw materials and packaging. The process has expanded from two stages to three, while the number of qualified testing facilities has declined.

“The consequence is a sharp increase in customs clearance time. For fruit, vegetables and fresh food, a delay of just nine to ten days can mean the loss of an entire shipment,” he said.

“This causes a paradox: most recent cases involving counterfeit or substandard goods have not originated from imported products, yet imports are currently subject to the heaviest pre-clearance controls.”

In addition to Decree 46, Resolution 66 on product self-declaration registration has also been criticised for generating additional procedures, excluding international testing laboratories, and creating complex and overlapping documentation requirements. This is particularly evident for nutritional products for children under 36 months of age, which must obtain two separate market circulation licences.

In many localities, enforcement has been inconsistent. Valid dossiers have been required to be resubmitted, while regulations on labelling changes and advertising are applied differently, disrupting production plans, product launches and generating substantial additional costs for businesses.

Based on these realities, AFT, and foreign business associations have jointly recommended that the government extend the implementation deadline of Decree 46 to at least June, while allowing the current inspection mechanism to remain in place during the transitional period.

These associations proposed amending Decree 46 to simplify state inspection procedures to a single step, and exempting food additives, processing aids, tools and imported packaging used for internal production from conformity declaration requirements.

Businesses also suggested recognising international certifications such as HACCP, ISO 22000, and FSSC 22000 in place of certificates of eligibility for food safety conditions, to avoid unnecessary barriers and align with international practices.

The associations also proposed classifying product self-declaration registration based on risk levels, reducing overlaps, particularly for children’s products; allowing self-declaration dossiers that remain valid to continue being processed during a 12-month transitional period; and issuing unified nationwide guidance to prevent inconsistent local interpretation.

In the longer term, EuroCham recommended amending the Law on Food Safety first, followed by the issuance of new guiding decrees, maintaining the application of Decree No.15/2018/ND-CP during the transition, and strengthening post-clearance inspection.

Vietnamese businesses diversify amid global trade shifts Domestic companies are increasing diversification across Southeast Asia while expanding into Latin America and other global markets, unlocking new growth opportunities amid a changing global trade landscape.

Vietnam ready to increase purchases of US goods Vietnam is willing to step up imports from the US, with a focus on machinery, equipment, and high technologies.

Seafood exports rise in January Vietnam’s seafood exports reached $874 million in January 2026, up 13 per cent on-year, driven mainly by stronger demand from China, Japan and ASEAN, along with solid growth in basa fish and squid-octopus products.

Why did PPL choose offshore wind (OSW) power logistics as an important step in developing green logistics, and how do you position PPL’s role in Vietnam’s energy transition journey?

Do Hoang Phuong

We believe that the present moment is a strategic opportunity for PPL to venture into the development of green logistics. The opportunity only arises when three factors converge: a clear national direction, emerging market demand, and the readiness of the company’s internal capabilities.

Firstly, Vietnam is stepping up its efforts to realise its renewable energy development goals, of which OSW is a key component in the mid and long term. This has led to a huge demand for highly specialised technical logistics for offshore ventures – an area where domestic supply capacity still has a gap.

Secondly, international developers and contractors in the market are increasingly prioritising logistics partners with on-site deployment capabilities, deep local understanding, and international-compliant operations in terms of safety, quality, and efficiency. They are capable of implementing operational solutions to optimise energy in line with global trends.

Thirdly, PPL has accumulated practical experience through numerous large-scale energy projects while steadily improving its management system, technical workforce, and international safety standards. This has laid a solid foundation for PPL to venture into the OSW power logistics sector in a professional manner. We are ready to compete and affirm our capabilities in the energy logistics industry.

PPL has identified OSW power logistics as not only a new business segment but also a long-term development space closely linked to Vietnam’s energy and industrial strategy for decades to come.

Vietnam is realising its commitments on renewable energy development and emission reduction. Against this backdrop, how do you see the role of logistics?

Vietnam has identified OSW power as a crucial component in its energy development strategy. To facilitate the goal, logistics plays a key role in successfully implementing large-scale offshore ventures with complex technical conditions and high international safety standards.

In reality, there is a limitation in specialised technical logistics capabilities in the domestic market, particularly in the transportation, loading, unloading, and coordination of super-long and super-heavy components offshore. Thus, the implementation of large-scale energy ventures will face significant challenges.

Against the backdrop, PPL has positioned itself as a trusted logistics partner in the renewable energy value chain. PPL is capable of delivering comprehensive, safe, and efficient logistics solutions for OSW power ventures, along with infrastructure, oil and gas, and other energy initiatives. The company aims to enhance domestic logistics capabilities, helping Vietnam implement large-scale energy initiatives and reaffirm its energy logistics in line with global standards.

What are the core competencies that enable PPL to gradually master project logistics and be ready to venture to playgrounds with high standards like OSW power?

Over the last 10 years, PPL has focused on building the foundation, accumulating capabilities and proving our competency by taking on increasingly complex projects. The company has firmly established three core pillars that have become PPL’s competitive strengths.

The first pillar is the capacity to manage and implement complex logistics projects. Since its early years, PPL did not follow a traditional model but focused on solving highly technical problems that require multi-stakeholder collaboration, risk control, and tight project management. The company has demonstrated its capabilities by engaging in ventures like transporting a 4,000-tonne offshore substation topside, a series of 33 offshore substation topside, nearly 200 wind turbines on the coast of the Central Highlands, along with transportation for airports like terminal 3 at Tan Son Nhat, Long Thanh, and Phu Quoc.

The second pillar is a safety culture and operational discipline. In the offshore energy field, safety is not a motto but a prerequisite. PPL remains steadfast in formulating safety management systems in line with international standards. Safety is considered as a fundamental value in all technical plans and execution decisions.

The third pillar is the comprehensive investment in people, technology, and governance. Instead of pursuing rapid expansion, PPL focuses on building a team of highly skilled engineers, field supervisors, and project managers. This is coupled with applying advanced analytical, simulation, and management tools to boost accuracy and operational efficiency.

PPL contributed to 9.7 million safe working hours at Greater Changhua offshore wind farm 2b&4 (CHW2204)

Could you share PPL’s strategies to enhance internal capacity while expanding international partnerships?

Internally, PPL continues to invest strategically in equipment, vehicles, and infrastructure for technical logistics. At the same time, the company is accelerating process standardisation, digitalising management, and strengthening its capabilities in design and logistics coordination from the early stages of project preparation.

In terms of partnerships, we pursue a long-term collaboration strategy with various experienced and reputable players in the offshore energy power and logistics sectors. In 2025, PPL signed partnerships with several corporations, including CRRC Zhuzhou Institute, PowerChina, COSCO Shipping Logistics, and Urban Logistics. Beyond implementing specific ventures, these partnerships pave the way for PPL to standardise its management systems, strengthen technical capabilities, and align with international benchmarks.

PPL customs clearance and transportation of goods for Nhon Trach 3&4 liquefied natural gas plants

How do you expect PPL to contribute to Vietnam’s logistics over the next five years?

We identify this as a pivotal time for PPL to climb up the development ladder – from accumulating capabilities to affirming position in the energy logistics and industrial infrastructure market. Our goal extends beyond expanding operation to participating deeply and responsibly across the entire project value chain.

PPL aims to be a logistics partner capable of supporting investors and contractors from preparation to construction and project operation, contributing to optimising progress, costs, and safety. Meanwhile, we aspire to contribute to enhancing domestic logistics capabilities, enabling Vietnam to become more proactive in implementing complex, large-scale renewable energy ventures.

In the international market, PPL is ready for long-term partnerships with proven capabilities, operational discipline, and a commitment to continually raising standards. In doing so, the company helps position Vietnamese logistics firms on the regional and global energy logistics map.