Speaking on Thursday at a government session on energy security, Pham Minh Chinh said Vietnam has so far maintained control of the situation despite increasingly complex developments linked to the ongoing Middle East conflict.
He noted that response measures have been implemented in a timely and flexible manner, with domestic crude oil and fuel supplies broadly meeting production, business and consumption needs.
The prime minister stressed that ensuring stable petroleum supply must remain a top priority, while calling for immediate steps to enhance energy self-reliance, including the development of a strategic petroleum reserve in Nghi Son commune, Thanh Hoa province.
He tasked the Government Office with finalising draft policies on fuel taxes and fees, urging cabinet members to provide prompt feedback to accelerate decision-making.
The Ministry of Industry and Trade was instructed to ensure adequate crude oil imports in the coming months, while closely monitoring and forecasting domestic and global fuel markets. It was also asked to prepare updated supply scenarios to respond to potential volatility.
At the same time, the ministry must ensure the safe and stable operation of domestic refineries, optimise capacity and increase processing output, while avoiding raw material exports. It was also directed to maintain sufficient domestic supply, accelerate the rollout of biofuels and coordinate with the Ministry of Finance on flexible fuel price management.
The prime minister called for coordination with international partners to begin construction of the strategic petroleum storage facility in Thanh Hoa province and to report on progress.
The Ministry of Finance was assigned to manage fuel prices in line with market movements and to assess the impact of global uncertainties, including proposals to extend the implementation of Decree 72/2026/ND-CP through June.
The State Bank of Vietnam was directed to support petroleum businesses through favourable credit conditions, including access to loans, foreign currency and interest rate support to facilitate imports and reserves.
Meanwhile, the Ministry of Science and Technology was tasked with addressing technical standards and facilitating customs clearance and quality certification for imported fuel to speed up market supply. It will also review technical standards for biofuels such as E5 and E10.
The Ministry of Construction was instructed to expedite approvals for maritime safety plans at ports handling larger oil tankers, particularly in Quang Ninh and HCM City, to improve import efficiency.
The Ministry of Foreign Affairs was asked to strengthen energy diplomacy and international cooperation.
Major state-owned enterprises, including Petrovietnam, EVN, TKV and Petrolimex, along with Vietnam Airlines, were instructed to coordinate closely with authorities to manage supply sources and prepare contingency plans.
In the longer term, the government aims to diversify energy sources, strengthen national energy autonomy, expand reserves and accelerate the transition towards more efficient and sustainable energy use.
