Vietnam has secured an additional 3.2 million cubic meters of petroleum products in March, ensuring sufficient supply for domestic consumption through the end of April, according to the Ministry of Industry and Trade.

The update was shared at the Government’s regular press briefing on the afternoon of April 4, where questions focused on energy supply, fuel availability and electricity demand for the upcoming summer.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that the Middle East conflict, which began on February 28 and has since escalated, has significantly impacted global oil supply.

“By current assessments, the scale and severity of its impact have surpassed the oil shocks of the 1970s,” he noted.

In response, since early March, the Politburo, the Government and the Ministry have developed fuel management scenarios. These include short-term plans covering four weeks in March and a longer-term scenario extending through April, which is now being implemented.

Fuel price management follows the Government’s directives, aiming to ensure energy security and stable supply while continuously updating global price developments and assessing impacts on households, production, business and consumption.

Authorities have introduced measures to balance supply and demand, stabilize prices and harmonize the interests of the State, businesses and consumers.

Minister and Chairman of the Government Office Tran Van Son said that immediately after the Middle East conflict broke out, the Prime Minister established a task force to ensure energy security.

Over the past five weeks, the Government and Prime Minister have issued seven resolutions, decisions, directives and official dispatches, along with holding multiple calls with foreign partners and executives of international corporations to secure fuel supply.

The Ministry of Industry and Trade has also advised the Government to issue two resolutions - Resolution 36 and Resolution 55 - on fuel management, and coordinated with the Ministry of Finance to propose advances from the state budget for the fuel price stabilization fund.

Domestic supply has also improved. Fuel production has increased by 30 percent, ensuring feedstock for operations at Dung Quat Refinery through the end of April. The Nghi Son Refinery and Petrochemical Complex is likewise guaranteed sufficient input materials for production through the same period.

Combined with existing inventories, the 3.2 million cubic meters of imported petroleum products in March will ensure stable domestic supply through April.

The ministry is continuing to develop scenarios for the following months, while implementing measures to increase supply, boost domestic production and diversify sources.

It also emphasized the need to accelerate the development of environmentally friendly fuels such as biofuels, enhance commercial reserves, and strengthen the application of technology and risk management.

Electricity supply for 2026 will be ensured

Regarding electricity, Deputy Minister Nguyen Sinh Nhat Tan affirmed that, following directives from Party and Government leaders, especially at the regular Government meeting earlier the same day, the Prime Minister stressed that there must be absolutely no power shortages despite ongoing challenges.

To prepare, the Ministry has approved an operational plan for the national power system, particularly for peak dry-season months, including contingency scenarios to accommodate load growth of more than 14 percent.

In April, electricity demand is expected to grow by over 6.47 percent, with total output for the year projected to reach 350 billion kWh, representing a 7.92 percent increase year-on-year.

Over the first three months, electricity supply has remained stable, with load growth reaching 6.5 percent compared to the same period last year.

Looking ahead, the Ministry will continue to closely monitor forecasts, conduct inspections and prepare supply scenarios. In the first quarter, working groups reviewed all stages from power generation and transmission to primary fuel inputs.

The results show that major corporations and power companies have prepared plans to ensure supply, carried out equipment maintenance, secured sufficient backup materials and strengthened inspections at critical points.

“We are confident that electricity supply for the entire year of 2026 will be ensured,” Tan said.

However, he acknowledged that contingency planning remains challenging, particularly due to unpredictable factors such as El Nino and potential difficulties in fuel supply. Hydropower reservoirs must also balance multiple objectives, requiring strict discipline in water management.

Under the Prime Minister’s directive of “no power shortages,” the Ministry has instructed all units to proactively prepare response plans and prevent any disruption in fuel supply. At the same time, it emphasized the importance of efficient and economical electricity use, along with effective management of hydropower resources.

Tran Thuong