Prime Minister Pham Minh Chinh has ordered the immediate construction of a strategic petroleum reserve in Nghi Son, Thanh Hoa province, as part of broader efforts to safeguard Vietnam’s energy security amid increasingly complex global developments.

The directive was issued during a working session on March 26 with the government’s energy security task force, convened to assess responses to the evolving situation stemming from military conflict in the Middle East.

The Prime Minister stressed that under all circumstances, Vietnam must ensure uninterrupted fuel supply, avoid disruptions to production and business activities, and maintain social stability.

He called for strict oversight of petroleum trading activities, emphasizing that hoarding, price manipulation, speculation, and market distortion must be firmly prohibited. Relevant agencies were instructed to intensify efforts to combat cross-border smuggling and impose deterrent penalties on violations.

The Ministry of Industry and Trade was tasked with securing crude oil imports for the coming months, while closely monitoring and forecasting both domestic and global fuel markets to develop and update response scenarios.

The ministry was also directed to instruct Petrovietnam and related entities to maintain safe and stable operations at refineries, optimize capacity, and increase output, while refraining from exporting raw materials. Key petroleum distributors must ensure sufficient supply for the domestic market.

In addition, the Prime Minister urged faster implementation of biofuel development in line with Resolution No. 36.

A key priority is the immediate coordination with international partners to launch the construction of the strategic fuel reserve in Nghi Son, following recent high-level discussions between Vietnam and partner countries.

The Ministry of Finance was assigned to coordinate fuel price management in line with daily market fluctuations and legal regulations, while expediting amendments to Decree 80 on petroleum trading under a streamlined process.

It will also assess and propose extending the application of Decree No. 72/2026 through June 2026, given ongoing global uncertainties and challenges in fuel transportation, to ensure stable domestic supply.

The State Bank of Vietnam was instructed to direct credit institutions to facilitate access to financing, including preferential interest rates and foreign currency, enabling petroleum businesses to import, store, and distribute fuel in compliance with regulations.

Meanwhile, the Ministry of Construction was asked to urgently review and approve maritime safety plans to allow ports, particularly in Quang Ninh and Ho Chi Minh City, to receive larger oil tankers with adjusted loads, thereby expediting import processes.

The Ministry of Foreign Affairs will continue promoting energy diplomacy to strengthen international cooperation.

Major state-owned corporations, including Petrovietnam, EVN, TKV, Petrolimex, and Vietnam Airlines, were requested to proactively coordinate with relevant agencies, develop contingency plans, and secure supply sources.

Looking ahead, the Prime Minister called for comprehensive solutions to enhance Vietnam’s long-term energy autonomy. These include diversifying supply sources, restructuring petroleum distribution systems, expanding national energy reserves, accelerating the energy transition, and promoting efficient energy use.

Tran Thuong