HANOI: Prime Minister Pham Minh Chinh has said that ensuring an uninterrupted supply of petroleum products must remain a top priority, while calling for swift steps to enhance the country’s energy self-reliance, including the immediate development of a strategic petroleum reserve in Nghi Son Commune, Thanh Hoa Province.
He made the remarks on Thursday (March 26) during a working session with a national energy security task force, which reviewed response measures amid increasingly complex developments stemming from the ongoing military conflict in the Middle East.
The PM said that Vietnam has thus far largely maintained control of the situation.
He noted that response measures have been implemented in a timely, flexible and effective manner, with domestic crude oil and fuel supplies broadly secured to meet production, business and consumption needs.
Looking ahead, he tasked the Government Office with finalising draft documents and resolutions related to fuel taxes and fees, urging cabinet members to provide prompt feedback to expedite decision-making.
PM Chinh instructed the Ministry of Industry and Trade (MoIT) to ensure adequate crude oil imports in the coming months, while closely monitoring and forecasting both domestic and global fuel markets.
The ministry was also asked to develop and regularly update supply scenarios to respond to potential adverse fluctuations in the global market.
At the same time, the MoIT must direct the safe and stable operation of domestic refineries, optimise capacity utilisation and increase processing output, while avoiding the export of raw materials.
It was also told to ensure that key petroleum traders maintain sufficient supply for the domestic market, accelerate the roadmap for biofuel deployment and coordinate with the Ministry of Finance to manage fuel prices in a flexible and timely manner.
The PM also urged the MoIT to work with international partners to begin construction of a strategic petroleum storage facility in Thanh Hoa Province's Nghi Son Commune, and to report on their progress.
In conjunction with the MoIT, the Ministry of Finance was assigned to manage fuel prices in line with daily market movements and in accordance with legal regulations.
It was also asked to coordinate with relevant agencies to assess the impact of global uncertainties and propose extending the implementation of the Government’s Decree 72/2026/NĐ-CP through June.
The State Bank of Vietnam was directed to instruct credit institutions to continue providing favourable conditions for petroleum businesses, including interest rate support, access to loans and foreign currency, enabling them to secure capital for imports, reserves and operations in compliance with regulations.
Meanwhile, the Ministry of Science and Technology was tasked with promptly addressing issues related to standards and technical regulations.
It was also asked to continue facilitating customs clearance and quality certification for imported fuel shipments in order to shorten licensing timelines and bring products to market as quickly as possible, thus ensuring a stable supply.
The ministry will also study and assess potential adjustments to technical standards, including appropriate oxygen content levels in E5 and E10 biofuels, ensuring compliance with safety, environmental and technical requirements.
One major task set out for the Ministry of Construction is to expedite the appraisal and approval of maritime safety plans for ports receiving oil tankers larger than their original design capacity but operating under appropriate load reductions, particularly in Quang Ninh and HCM City, to facilitate faster import handling.
The Ministry of Foreign Affairs was asked to step up energy diplomacy efforts and strengthen engagement with international partners.
Major State-owned groups, including Petrovietnam, EVN, TKV and Petrolimex, along with Vietnam Airlines, were instructed to coordinate closely with ministries and agencies to manage supply sources and develop contingency plans and production strategies to ensure stability.
In the longer term, the Government leader called on the MoIT to work with relevant agencies to diversify energy supply sources and strengthen national energy autonomy.
He also urged further restructuring of petroleum distribution systems, an increase of national energy reserves and stronger efforts to promote the energy transition and the efficient use of energy resources. - Vietnam News/ANN
