<div id="readability-page-1">Yun Liu, senior ASEAN economist at HSBC Global Investment Research, told VnEpxress International: &#34;Trade continues to boom, driven by the strong performance in electronics sector. Services also have flourished, led by improving private consumption and increasing tourists.&#34;Q1 growth this year has been the highest in 16 years, as trade rose 23% to US$249.5 billion, according to the General Statistics Office.Strong consumer demand during the Lunar New Year and a record 6.76 million foreign tourist arrivals bolstered growth of 8.18% in the services sector.But the Middle East conflict between the U.S., Israel and Iran, which began at the end of February, threatens to undermine Vietnam’s efforts to achieve 10% growth this year.<table><tbody><tr><td><img src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/04/20/CG2A7306-1776654835-6900-1776654876.jpg/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9dDBSZHIxYWdLVllmb0JkVUQwMDI2ZyZ3PTY4MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="680" height="453" original-src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/04/20/CG2A7306-1776654835-6900-1776654876.jpg/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9dDBSZHIxYWdLVllmb0JkVUQwMDI2ZyZ3PTY4MA"/></td> </tr><tr><td> An employee refills a vehicle at a fuel station in HCMC. Photo by VnExpress/Quynh Tran </td> </tr></tbody></table>The price of the country’s most popular fuel, RON95, is up almost 26%, putting pressure on the government to control inflation.&#34;The biggest downside risk to growth is energy prices staying higher for longer,&#34; Liu warned.&#34;As Vietnam is so dependent on both crude oil and gas imports from the Middle East as well as sensitive to commodity price swings, this may ultimately pose a significant downside risk to global trade and household demand.&#34;The government has made efforts to stabilize the fuel market, allocating VND8 trillion (US$304 million) as an advance to the fuel subsidy fund. Lawmakers have also waived environmental protection tax, value-added tax and special consumption tax on fuel between April 16 and June 30. These waivers are expected to cost the government VND7.3 trillion a month.It has increased the nation’s fuel reserves from 15 to 26 days’ requirements. In the long run the government aims to establish a reserve of at least 90 days’ worth of net imports by 2030.Short-term supply is guaranteed since the country’s two refineries, at Dung Quat and Nghi Son, have sufficient crude stocks to maintain production through April, Minister of Industry and Trade Le Manh Hung said recently.But Liu said further investment in the energy sector is needed to ensure sustainable economic growth.&#34;It is necessary to use some fiscal support to cushion the impact for households and businesses, but in the long term, Vietnam needs a strategy for energy security and energy transformation.&#34;</div>

汇丰

汇丰控股

越南 ETF - VanEck Vectors

HSBH

汇丰报告称，越南第一季度增长率为 7.8%，为 16 年来最高，主要受到强劲贸易和服务业的推动。然而，由于中东冲突导致的高能源价格对经济扩张构成风险。政府正在采取措施稳定燃料价格，包括减税和增加燃料储备。汇丰强调需要进一步投资能源部门以实现可持续增长，并建议提供财政支持以减轻对家庭和企业的影响

Q1 growth lays strong foundation, but high energy prices a threat: HSBC

- 越南第一季度经济增长 8.18%，创 16 年新高，贸易额达 2495 亿美元。  
- 中东冲突威胁越南实现 10% 全年增长目标，能源价格上涨加大风险。  
- 政府采取措施稳定燃油市场，计划 2030 年前建立 90 天的燃油储备。

第一季度的增长奠定了坚实的基础，但高能源价格构成威胁：汇丰