He said that when conflict erupted in the Middle East, Thailand swiftly introduced policy responses to mitigate negative impacts and stabilise the macroeconomy.
Measures included suspending fuel exports, freezing petrol prices for 15 days to ease cost-of-living pressures, using the oil fund to subsidise retailers, seeking additional fuel sources, and maintaining government-regulated port and service fees to stabilise production costs and electricity prices. Authorities also encouraged civil servants to work remotely to reduce energy consumption, he noted.
These timely and clearly oriented policies helped stabilise the country’s macroeconomic situation, he asserted.
Phuc noted that the current energy crisis is becoming a catalyst for a comprehensive restructuring of global supply systems. In the short term, countries will prioritise energy autonomy and emergency response capacity rather than solely cost optimisation. Immediate measures may include diversifying supply sources and adopting more flexible fuel strategies, including the temporary return to coal or greater use of biofuels.
In the long term, the global energy market will likely be reshaped around the principle that “security is a competitive advantage”. Energy supply chains will shift from sourcing from the cheapest locations to those that are the safest and greenest. After the 2026 crisis, renewable energy could become a strategy for energy autonomy, with solar, wind and hydropower helping countries avoid maritime chokepoints such as the Strait of Hormuz and the Strait of Malacca.
Drawing lessons from the crisis and Middle East developments, Phuc suggested that Vietnam should pursue breakthrough measures across four key areas.
First, institutional reforms are needed to unlock resources for LNG-fired power and offshore wind projects. LNG power is seen as a baseload replacement for coal but still faces regulatory obstacles, particularly in power purchase agreements. Vietnam should also promptly issue policy frameworks for selecting investors and planning marine spatial use to harness its vast offshore wind potential and reduce reliance on imported fuels.
Second, the country should accelerate nuclear power development and battery energy storage systems (BESS). The 2026 crisis exposed risks associated with reliance on a single energy source. Following the intergovernmental agreement with Russia to build the Ninh Thuan I Nuclear Power Plant, Phuc said expediting the project is essential as competition in the sector is expected to intensify. At the same time, Vietnam needs appropriate pricing mechanisms to support electricity storage services to effectively absorb renewable energy, which already accounts for about 47 per cent of installed system capacity.
Third, Vietnam should upgrade its power grid, strengthen regional grid connectivity and expand petroleum reserves. Investment in smart grids and advanced dispatch systems will help transmit solar and wind power from the central and southern regions to the north. The country should also expand national crude oil reserves to ensure at least 90 days of supply in the event of major global disruptions.
Fourth, policy responses must remain flexible. The establishment of a task force on energy security under Decision No. 385/QD-TTg dated March 4, 2026 was a sound step, but a rapid price-response mechanism is needed to prevent localised fuel shortages during sharp global price fluctuations.
Phuc also suggested promoting electricity savings across society, shifting from voluntary appeals to economic incentives and regulatory measures, such as rooftop solar self-consumption policies, to turn each household into a small energy producer.