On 30 April 2026, ASEAN Economic Ministers convened a Special AECC Meeting on the Middle East situation to discuss its impacts on regional growth, energy security, supply chains, logistics, inflation, and MSMEs. Ministers stressed the importance of maintaining trade flows, maritime security, and avoiding unnecessary trade restrictions. ASEAN also highlighted the need to strengthen energy and supply chain resilience, enhance coordination, and utilise existing ASEAN cooperation frameworks to safeguard regional macroeconomic stability.

On 30 April 2026, the Special ASEAN Economic Community Council (AECC) Meeting on the situation in the Middle East was convened virtually under the chairmanship of the Secretary of Trade and Industry of the Philippines. The Meeting was attended by ASEAN Economic Ministers, the ASEAN Secretariat, and relevant agencies and organisations. The Vietnamese delegation was led by H.E. Mr. Nguyen Sinh Nhat Tan, Vice Minister of Industry and Trade, with the participation of representatives from units under the Ministry of Industry and Trade and the Ministry of Foreign Affairs.

At the Meeting, ASEAN Economic Ministers exchanged views on recent developments in the Middle East and their far-reaching economic implications for regional economic growth, global energy markets, supply chain disruptions, food security, transport and logistics, tourism, as well as the direct impacts on production, business activities, and people’s livelihoods, particularly micro, small and medium enterprises (MSMEs). Member States expressed deep concern over the increasing risks arising from supply disruptions along strategic shipping routes, particularly the Strait of Hormuz, through which approximately one quarter of global oil and liquefied natural gas (LNG) shipments transit, with more than 80 per cent destined for Asian markets. These developments pose serious risks to global energy security, contribute to sharp volatility in oil and LNG prices, and significantly increase transportation, insurance, and logistics costs, thereby exerting substantial pressure on inflation, exchange rates, and global financial conditions, with adverse implications for regional macroeconomic stability.

The Meeting received updates and presentations from the ASEAN Secretariat, the Economic Research Institute for ASEAN and East Asia (ERIA), the Asian Development Bank (ADB), and the ASEAN Business Advisory Council (ASEAN-BAC) on the regional and global economic outlook in the context of the Middle East crisis. These organisations noted that the conflict was affecting ASEAN through multiple channels, including energy, trade, logistics, and finance, thereby increasing risks to economic growth and inflation. In this regard, the Ministers took note of the analyses, assessments, and recommendations put forward by ERIA, ASEAN-BAC, and ADB, particularly recommendations on strengthening ASEAN’s energy resilience, exploring a regional oil stockpiling mechanism, enhancing supply chain resilience, diversifying sources of supply and production inputs, and promoting closer coordination and information sharing within ASEAN.

Against the backdrop of current global uncertainties, the Ministers underscored the importance of maintaining smooth trade flows, ensuring maritime security and safety, and upholding freedom of navigation along strategic shipping routes in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982). The Ministers also stressed the need to refrain from imposing unnecessary non-tariff measures, especially on essential goods and production inputs, in order to maintain market stability and support businesses, particularly MSMEs.
Speaking at the Meeting, Vice Minister Nguyen Sinh Nhat Tan shared Viet Nam’s concerns regarding the broad economic impacts arising from the situation in the Middle East, particularly on global energy markets, food security, supply chains, transport and logistics networks, tourism, as well as the spillover effects on regional macroeconomic stability, transportation and production costs, logistics expenses, and pressures on inflation, exchange rates, and global financial conditions. The Vice Minister also informed the Meeting of several domestic policies and measures adopted by Viet Nam to respond to external uncertainties, while reaffirming Viet Nam’s commitment to working closely with other ASEAN Member States to translate shared commitments into concrete actions, strengthen the region’s preparedness, and promote a more sustainable and resilient energy future for ASEAN.

Following the discussions, the Ministers reaffirmed the need to closely monitor regional and global economic developments, enhance information sharing, strengthen policy coordination, and effectively utilise existing ASEAN economic cooperation frameworks, including ASEAN+1 FTAs and the ASEAN Petroleum Security Agreement (APSA), in order to maintain macroeconomic stability, reinforce market confidence, and improve the region’s resilience against external shocks. The Meeting also agreed to continue monitoring developments, strengthen cross-sectoral coordination, and report outcomes to ASEAN Leaders at the upcoming 48th ASEAN Summit in May 2026.

Source: Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam