Chairing a meeting with the national task force on energy security at the Government headquarters in Hanoi, the Prime Minister reviewed measures to secure energy supplies and stabilise the domestic fuel market amid global uncertainties.

Participants at the meeting noted that global energy supply conditions remain challenging, making energy security a top priority. In response to directives from the Government and the Prime Minister, ministries and agencies, particularly the Ministry of Industry and Trade, have implemented measures to stabilise fuel prices and ensure sufficient supply.

The energy security task force has also prepared supply and market scenarios for March and the coming months to better manage potential disruptions.

At the meeting, Prime Minister Pham Minh Chinh warned that fluctuations in global energy markets could affect Vietnam’s macroeconomic management, production costs and transportation, while also creating risks of speculation, hoarding and cross-border smuggling of fuel.

He stressed that rising energy prices could increase production costs and weaken Vietnam’s competitiveness in international markets.

Highlighting the Government’s key objective, the Prime Minister emphasised that Vietnam must guarantee sufficient energy supply in all situations. He praised relevant ministries and agencies for taking timely and effective measures to minimise negative impacts on the economy.

To strengthen supply security, the Prime Minister stressed the need to diversify crude oil sources and implement the outcomes of his recent phone discussions with energy partners such as the United Arab Emirates and Kuwait to increase fuel imports.

The Ministry of Industry and Trade was tasked with developing supply scenarios and improving fuel price management mechanisms, alongside addressing hoarding and price manipulation.

The Prime Minister also called on the public to stay calm and avoid panic buying. He urged people nationwide to work together with the Government to overcome challenges, warning that authorities would strictly handle acts of hoarding, speculation or market manipulation that could disrupt supply and prices.

The Government is also considering policy adjustments to enhance market flexibility. The Ministry of Industry and Trade, in coordination with the Ministry of Finance, was asked to study revisions to regulations governing fuel price management to allow businesses greater flexibility in setting retail prices.

Regarding policy tools, the Prime Minister agreed in principle to proposals to use the fuel price stabilisation fund in accordance with regulations. The Ministry of Finance was also tasked with submitting a plan to reduce the environmental protection tax on petroleum products to zero, with a report due to be finished by March 12.

In the longer term, the Prime Minister highlighted the need to promote energy conservation and accelerate the transition to cleaner energy sources.

He proposed launching a nationwide campaign to save energy, encourage the use of green energy and reduce emissions, as well as promoting the use of public transport and vehicles powered by electricity or clean fuels.

The Ministry of Public Security was assigned to coordinate with the Ministry of Industry and Trade to strengthen inspections and strictly handle violations such as hoarding or price manipulation in the fuel market.

Meanwhile, relevant agencies were instructed to study the development of a national oil reserve programme and formulate a long-term strategy to enhance Vietnam’s energy self-reliance.

Vietnam cuts fuel import tariffs to zero to secure supply

VOV.VN - The Vietnamese government has decided to temporarily reduce Most Favoured Nation (MFN) import tariffs on several petroleum products and refining inputs to 0% in an effort to ensure domestic fuel supply and stabilise the market.