The first crude oil reservoir was discovered by Mobil Oil Corporation (my former employer) in the 1970s, under the auspices of the Republic of Vietnam (VNCH) (mo dau Bach Ho, White Tiger). After 1975, this was developed by, via a joint venture with, the Soviet/Russia. The natural resources are there, and that's independent of any area in disputed waters as a result of the Spratly Islands (Hoang Sa/Truong Sa; ref. also the Paracels)
https://www.eia.gov/international/analysis/country/VNM
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