"Dr Nguyen Minh Phong, former head of the Economic Research Division at the Hanoi Institute for Socio-Economic Development Studies, said the recent confirmation of Southeast Asia’s largest offshore oil discovery in two decades - at the Hai Su Vang field off Vietnam’s coast - marked a “turning point” for the country’s energy security after years of declining crude output. "It will help reverse the continuous downward trend in Vietnam's oil production, which has fallen from 360,000 barrels per day to around 120,000 barrels per day in recent times," said Dr Nguyen. Nguyen noted that the discovery will bolster Vietnam’s crude oil self-sufficiency, reduce reliance on imported materials, and potentially increase export capacity. "Vietnamese oil is generally considered to be of good quality. Therefore, it helps increase government revenue, boost trade turnover, and enhance Vietnam's position in the regional and global oil landscape," he said. Despite the domestic impact, Nguyen emphasised that the discovery will not affect global oil markets, as “Vietnam's potential production is very small, accounting for less than 1 percent of the world's reserves.” Nguyen added that Vietnam is also investing in a diversified energy portfolio, including hydropower, renewable energy, and, eventually, nuclear sources, to achieve long-term self-sufficiency. "The most important thing in this is, firstly, to master energy technology to maintain domestic energy sources and exploit their potential, and secondly, to implement economic measures to ensure a balance of interests and avoid being placed under political pressure from powerful groups," he concluded. The Hai Su Vang field lies offshore southern Vietnam and is operated by US firm Murphy Oil Corporation alongside PetroVietnam. "