Vietnam Economic Times March, 09 2026

Dear readers,

The global economy has been significantly shaken by rising tensions in the Middle East, in particular the “Epic Fury” campaign launched recently by the US and Israel on February 28 against Iran, involving a missile barrage that resulted in the deaths of 49 of Iran’s most senior leaders, including Supreme Leader Ali Khamenei. Iran then responded by attacking several strategic targets and military bases of the US and Israel in the region, plunging the Middle East into a new cycle of violence.

“This week, global economic resilience is being tested yet again by the new conflict in the Middle East,” International Monetary Fund (IMF) Managing Director Kristalina Georgieva told the Asia in 2050 Conference, held on March 5 in the Thai capital Bangkok. “This conflict, if it proves to be more prolonged, has obvious potential to affect global energy prices, market sentiment, growth, and inflation, placing new demands on policymakers.”

Consequently, global economies are concerned about the possibility of rising oil prices, which many experts predict could exceed $100 a barrel, if the conflict in the Middle East continues, especially if Iran closes the Strait of Hormuz, through which 20 per cent of the world’s oil tankers must pass. Oil extraction and export activities in the Gulf - the “gas station” of the world - are at risk of becoming “blocked,” threatening energy supplies in many regions globally.

With an open economy and deep international integration, where exports and imports play a crucial role as key economic growth drivers, Vietnam cannot avoid the turmoil, the immediate consequences of which include a number of flights connecting Vietnam with the Middle East being disrupted, together with rising fuel prices, delays in many import-export supply chains, and increasing logistics costs directly affecting production and business at most enterprises.

At the “Conflict in Iran and its Impact on the Global Economy” forum, organized by Vietnam Economic Times / VnEconomy / Tap chi Kinh te Viet Nam on the afternoon of March 5, former Deputy Foreign Minister Doan Xuan Hung and former Ambassador of Vietnam to Iraq, H.E. Nguyen Quang Khai, analyzed the negative impacts of the military conflict on Vietnam’s economy and the global economy, helping update participants on the situation, not only developments in the conflict and the international reaction but also trade barriers and resulting challenges, while forecasting the difficulties and complexities that global supply chains will face, both in the short and long term.

Our Cover Story in this edition therefore focuses on events in the Middle East and the negative impact on global economic activities, particularly the unfavorable developments in international markets, especially in the energy market (oil and gas), and trade, and the direct consequences for Vietnam’s economy, while also recommending solutions to help businesses proactively adapt to the new situation.

Warmest regards

Dr. CHU VAN LAM
CHAIRMAN OF THE EDITORIAL BOARD