HANOI — Vietnam’s gig economy workers are facing severe financial strain as diesel prices more than double following disruptions to global oil supplies caused by Iran’s blockade of the Strait of Hormuz, according to analysts and local reports.
The Southeast Asian nation, which relies heavily on imported fuel, has seen pump prices jump to record highs this week. Motorcycle taxi drivers, delivery workers, and other informal laborers report spending up to 60% of daily earnings on fuel alone.
“This crisis exposes Vietnam’s vulnerability to global energy shocks,” said a Hanoi-based economist who requested anonymity due to government sensitivities. “The informal workforce lacks the safety nets to absorb these price spikes.”
Government data shows diesel imports accounted for 42% of Vietnam’s total petroleum consumption last year. Analysts note the country has limited strategic reserves compared to regional neighbors like Thailand.
With no immediate resolution to the Hormuz blockade, economists warn the crisis could push Vietnam’s inflation above 8% by year-end, potentially triggering broader economic instability.