Vietnam has faced severe oil price fluctuations since early March after the government raised retail prices three times within one week. As a result, many consumers have begun looking for alternatives, such as electric vehicles.
According to the latest report from Cốc Cốc Research, between 1–12 March, Vietnamese people actively searched for fuel-related information, with nearly 7 million searches for the terms "gasoline" and "diesel," reflecting concerns over soaring energy prices.
Regarding search trends, from 1–4 March, oil prices were relatively stable, and interest in EVs remained moderate. On 5 March, following a new price adjustment, searches for "gasoline" surged 164% and "diesel" rose 40%. On 7 March, after the next price hike, searches increased another 95% for gasoline and 47% for diesel. On 9 March, searches peaked with an 81% rise for gasoline and 71% for diesel.
Meanwhile, searches for electric vehicles rose alongside fuel prices, especially between 9–11 March, when concerns over fuel vehicle costs were highest. This led to nearly a threefold increase in EV-related searches compared to early March, totaling more than 512,000 queries. A Cốc Cốc representative noted that this rapid surge in EV searches over a short period indicates that some Vietnamese consumers are seriously considering changing their modes of transportation.
According to an announcement by the Vietnamese Ministry of Industry and Trade effective from 23:45 on 10 March, the government raised prices for several fuel types, including:
RON95-III gasoline increased by 2,080 dong per liter to 29,120 dong per liter.
E5 RON92 gasoline increased by 1,350 dong per liter to 26,570 dong per liter.
0.05S diesel increased by 480 dong per liter to 30,710 dong per liter.
Mazut fuel oil increased by 3,380 dong per kilogram to 24,700 dong.
Meanwhile, kerosene was the only fuel type with a price reduction of 2,710 dong per liter, lowering the price to 32,380 dong.
This price adjustment follows Government Resolution No. 36, which permits state agencies to immediately adjust retail prices if the global reference oil price rises by 7% or more.
Although the government decided to use money from the Fuel Price Stabilisation Fund for the first time in over three years to mitigate the impact of rising prices, the subsidy rates were 4,000 dong per liter or kilogram for RON95-III gasoline, kerosene, and fuel oil, and 5,000 dong per liter for diesel.
However, this measure only reduces the price shock and does not cap oil prices as in the past, reflecting the Vietnamese government’s trend toward letting oil prices more closely reflect global market costs.
. Source:Vietnamnews,Vietnamnet
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