The Strait of Hormuz was blockaded for about six months, with Brent crude prices at one point reaching 118.35 USD per barrel.
Record-breaking heatwaves and the El Nino phenomenon pushed electricity demand to all-time highs, while hydropower generation for the year is projected to be roughly 18.5 billion kWh lower than in 2025.
Of the 177 countries surveyed in the report, 102 (57.6%) faced energy supply difficulties as of November 9, 2026, while 13, including Viet Nam, maintained stability.
One of Viet Nam’s most notable achievements was ensuring an adequate electricity supply in a year of extraordinary challenges.
Total electricity generation and imports in 2026 are estimated at 356.2 billion kWh, up 10.3% year on year.
Peak demand across the national power system reached a record 57,537 MW on June 24, 2026, of which 30,248 MW was in the northern region. No rolling power cuts were needed anywhere in the country.
Commercial electricity consumption rose 9.84% in the first ten months of the year, nearly matching the GDP growth rate for the first time.
On petroleum supplies, an energy security task force was established on March 4, 2026, immediately after the Strait of Hormuz was blockaded.
Viet Nam’s two refineries, Dung Quat and Nghi Son, produced around 12.1 million tonnes of petroleum products in the first nine months, running at 123% and 112% of design capacity respectively.
The Viet Nam National Industry-Energy Group’s oil and condensate output hit 115% of its nine-month target, while its gas deliveries to shore reached 120%.
Crude supplies were diversified from a single grade to more than ten. Viet Nam has so far avoided petroleum shortages without having to tap its national reserves.
Cuts to petroleum taxes and fees amounted to more than 64 trillion VND. As of October 26, retail petrol prices in Viet Nam stood at about 63% of the global average, the lowest of the 16 economies compared.
The average retail electricity price was cut by 2% from November 1.
The year 2026 also saw specific energy-saving targets introduced for the first time, requiring reductions of at least 3% of total national electricity consumption and at least 10% during the peak summer months.
The report warned that ensuring energy security would be difficult in 2027 and even more challenging in 2028, as electricity demand was expected to keep growing by about 10% from an already high base, new baseload power sources would not yet have come online, and El Nino could persist until around June 2027.
The report proposed six sets of medium- and long-term solutions: reducing dependence on imports; expanding energy infrastructure; responding to non-traditional security challenges; refining the institutional framework; advancing science and technology while developing human resources; and strengthening international cooperation.
