At a working session with the leadership of the Nghi Son Refinery and Petrochemical LLC (NSRP) on March 29 in Thanh Hoa Province, Prime minister Pham Minh Chinh said reliance on a single supplier posed risks, stressing that energy security is linked to sovereignty and stability.
NSRP general director Kazutaka Yamato said the refinery has sought to diversify supply amid global volatility, securing sufficient crude to maintain operations while temporarily halting petrochemical output to prioritise fuel production, which supports about 40 per cent of Vietnam’s petroleum supply.
He thanked the government for facilitating crude supply and called for further support, including financial backing for imports and possible tax relief on input materials to ease cost pressures.
After hearing from investors from Vietnam, Japan and Kuwait, Pham Minh Chinh commended the refinery’s efforts to maintain operations despite challenges.
He said the government has recently engaged with international partners through meetings and communications to secure crude supply, underscoring the urgency for the refinery to broaden its sourcing and reduce dependency.
The prime minister affirmed that ministries will continue working with partners to boost crude supply for domestic production, while urging investors and financial institutions to restructure supply chains, finances and product strategies to improve resilience.
He said such efforts should follow the principle of “harmonised interests, shared risks” to ensure collective responsibility in maintaining national energy security.
Earlier the same day, he inspected a proposed 1 million tonne crude oil storage facility spanning 60 hectares in Hai Binh Ward near the refinery.
Local authorities were instructed to expedite site clearance, while the Ministry of Industry and Trade was tasked with directing the Vietnam National Industry - Energy Group to advance the project and study plans for gas storage in the Nghi Son area.