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Almost fifty years has passed since the 1973 -1974 oil crisis, the history appears to repeat itself since the world is currently in the grip of an oil shock. Within a few months, fear of oil supply shortage has been looming large which intensifies upward pressure on oil prices[1], causing fuel costs to surge, inflationary pressure to rise, consumer tempers to flare worldwide, and enormous impact to world politics and economics. Vietnam is not an exception. Early studies of March 2022 showed massive burden Vietnam’s economy had to suffer following a sharp increase in petroleum prices.

Though oil crisis is not a new phenomenon, it is even regarded as an integral part of oil market dynamics, its return and severe but asymmetric impact to the world economy; however, requires further investigation. Issues which range from the factors triggering oil shock, the impacts of oil shock on global politics and development, as well as countries’ approach to handle the crisis are topic which draw attention of scholars and practitioners. Besides, from a global scale, the involvement of great powers to the crisis and how to bring today’s energy crisis to an end while countries are still struggling to recover from COVID-19 are also an important question that need addressing.

The main objective of the seminar is that researchers and practitioners can learn and share their understanding about the reasons behind the instability of oil market, the impacts of oil shock to international relations and development, and how countries response to oil crisis. Thereby, participants can discuss and propose relevant policy recommendations for Vietnam in encountering an oil crisis. The roundtable focuses on the following issues:

• The factors behind oil shock;
• The impacts of oil shock on international relations and development;
• Case studies of states’ responses to oil shock;
• The role of great powers in governing oil crisis and energy security; and
• Global governance on energy crisis.