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Prime Minister Pham Minh Chinh on March 10 chaired a meeting with ministries, agencies and the energy security task force to discuss measures to ensure proactive energy supply for socio-economic development, particularly in pursuit of double-digit growth targets, amid the impact of Middle East tensions on global energy supply chains.
At the meeting, participants analysed and assessed developments in the Middle East conflict, as well as its potential impact on global energy supplies, particularly crude oil. They also discussed forecasts for global oil prices in the coming period, outlined possible scenarios that may arise, and proposed response measures to help mitigate risks and ensure energy security.
The PM said timely, flexible and effective responses have helped minimise the negative impact of developments in the Middle East and fluctuations in the global petroleum market on the Vietnamese economy, as well as on domestic production, business activities and consumer demand.
Affirming the determination to ensure that energy shortages do not occur under any circumstances, the leader said the Government had promptly established its energy security task force. He noted that he has held discussions with international leaders, while the Government has issued urgent directives to respond in a timely manner. Ministries, sectors and major state-owned groups have actively implemented measures within their respective mandates, including stepping up energy diplomacy and promoting domestic fuel production and supply.
In the time to come, the PM called for further diversification of crude oil supply sources, including the immediate implementation of agreements reached during his recent phone talks with the leaders of Kuwait, Qatar and the United Arab Emirates to increase crude oil supply for domestic refining. Authorities were also instructed to proactively seek additional sources of crude oil and petroleum imports to ensure supply for production, consumption and reserves.
He urged ministries and relevant agencies to maintain close coordination in regulating petrol prices in accordance with existing rules, closely tracking global price movements in order to take timely, flexible and effective adjustment measures. It is also necessary to strictly prevent hoarding, speculative stockpiling and bulk purchases ahead of anticipated price increases.
Regarding price stabilisation measures, the PM agreed in principle with the Ministry of Industry and Trade (MoIT)’s proposal to use the petrol price stabilisation fund in accordance with existing regulations. Deputy PM Bui Thanh Son was assigned to make a decision on the matter on March 10. The Ministry of Finance was also tasked with promptly proposing a plan to reduce the environmental protection tax on petroleum products to 0% and report to the Government by March 12.
PM Chinh further called for stronger efforts to promote the energy transition and the use of E10 biofuel in line with Government resolutions, while launching campaigns to encourage energy conservation, the use of green energy and emissions reduction. Public awareness campaigns should also encourage people to switch to electric and clean-energy vehicles, increase fuel efficiency in transport, and promote greater use of public transportation.
He also stressed the need to ensure adequate fuel supply for key national projects, particularly those serving the APEC Economic Leaders' Week in 2027. The MoIT was instructed to direct relevant units and power producers to develop operational scenarios to ensure stable energy supply.
The Ministry of Public Security was assigned to coordinate with the Ministry of Industry and Trade to strengthen inspections and strictly handle violations such as hoarding or price manipulation in the fuel market.
The ministry was also tasked with studying the implementation of a national oil reserve programme and formulating a long-term strategy to strengthen the country’s energy self-reliance. Meanwhile, the Ministry of Finance will allocate funding for these initiatives from contingency budget sources to ensure national energy security.
