Oil Price in Viet Nam — Brent & WTI Crude Today

Vietnam is a modest crude producer from offshore fields in the South China Sea and a growing refining market. It imports additional grades from the Middle East, pricing term crude relative to Brent and Dubai.

Classified here as a small domestic producer, Viet Nam trades against the Dubai/Oman average and Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Viet Nam settles at.

Viet Nam produces crude, but not at a volume that influences the global balance. Domestic output softens the import bill without insulating the country from the benchmark, because unsold barrels always have an export alternative — refiners price against what the crude could fetch abroad, not what it cost to lift.

Asian refiners buy most of their crude on Dubai/Oman-linked term contracts from Gulf producers, and top up with Brent-linked Atlantic Basin cargoes when the Brent–Dubai spread makes that arbitrage work.

Viet Nam refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars, so buyers in Viet Nam face two prices at once: the Brent price and the VND exchange rate. A weakening VND raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 25,400 VND per USD.