Vietnam's domestic crude oil production is expected to decline this decade, increasing reliance on imports as offshore fields mature and global tensions threaten global supplies. The U.S.-Israeli war on Iran and subsequent energy export bans are expected to negatively impact global supply. The country's crude oil imports rose by 5.3% to 14.2 million tons last year, largely from Kuwait. In an effort to boost domestic output, Vietnam plans to offer incentives to international oil companies to invest in its offshore fields. It aims to raise the recoverable reserves by 13 million-17 million tons of crude oil equivalent a year during the 2026-2030 period.