The U.S. and Israel’s attacks on Iran starting from 28 February 2026 and Iran’s subsequent retaliation have lifted global oil and gas prices, heightened the risk of disruption in the Strait of Hormuz and increased investor risk aversion.
In the assumed context of escalated and prolonged tension, credit impacts for Vietnam are transmitted mainly through higher energy and logistics costs, rising inflation and FX pressures, and potentially tighter financing conditions, rather than direct trade route disruption. These forces are credit negative for downstream oil and gas companies, fuel- and energy-intensive businesses, export-oriented firms, and highly leveraged sectors, with outcomes hinging on the duration of global energy supply disruption
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