Nghi Son plays a pivotal role

Representatives from the Ministry of Industry and Trade included leaders of the Oil and Coal Department, the Planning, Finance and Enterprise Management Department, the Domestic Market Management and Development Agency, the Ministry Office, and the Newspaper of Industry and Trade. Thanh Hoa province was represented by Mai Xuan Liem, Standing Vice Chairman of the provincial People’s Committee, along with leaders from the provincial Department of Industry and Trade.

Reporting at the session, Kazutaka Yamato, Director of Nghi Son Refinery and Petrochemical LLC, said the plant currently supplies around 40% of Vietnam’s petroleum product demand, playing a critical role in maintaining stable domestic supply. In response to geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz, the refinery is urgently seeking alternative crude oil sources while maintaining operations at full capacity.

At the meeting, Le Xuan Huyen, Deputy Director in charge of the executive board of Petrovietnam, outlined plans to secure crude oil supply for NSRP in the coming period. The group will coordinate with relevant units to diversify sourcing from multiple markets to avoid supply disruptions.

Acting Minister directs key solutions

After hearing reports, Acting Minister Le Manh Hung acknowledged and highly appreciated the efforts of Petrovietnam and NSRP in maintaining fuel supply despite significant challenges. He noted that, according to international organizations, the current situation may represent the most severe crisis since the 1970s, directly affecting Southeast Asia, with Vietnam particularly exposed due to its status as a net energy importer.

Vietnam imports around 70% of its crude oil and petroleum products, much of it linked to the Middle East, making it essential to enhance risk awareness and management.

The Acting Minister requested that Petrovietnam and NSRP conduct a comprehensive review after one month of response measures to draw lessons for risk management. He emphasized the need to adjust technological configurations to process intermediate feedstocks, adopt flexible governance mechanisms with stronger decentralization for faster decision-making, and fully calculate conditions to ensure secure crude supply, including contingency plans. He also called for optimization of technology, increased output, product restructuring to improve efficiency, and close coordination with distributors to avoid disruptions in delivery.

For Petrovietnam, he urged coordination with shareholders to address crude supply in accordance with the 2022 Petroleum Law and Resolution No. 36/NQ-CP dated March 6, 2026. In addition, standards and quality requirements should be reviewed and adjusted to suit the current context of potential shortages.​

The Acting Minister also asked Thanh Hoa authorities to continue directing the Department of Industry and Trade and market surveillance forces to strictly monitor the distribution system and individual fuel retail outlets, preventing hoarding and profiteering. At the same time, he stressed the need to promote energy conservation, targeting a reduction of 1 - 1.5% in energy intensity per GDP unit by 2030, and to accelerate energy transition efforts, aiming for at least 30% electrification to reduce dependence on fossil fuels.

Le Manh Hung assigned the Oil and Coal Department to take the lead in monitoring and updating developments for regulatory response, while supporting NSRP in working with international partners to secure crude oil supplies from the Middle East. Notably, he underscored that the proposal to reduce import tariffs on intermediate feedstocks to 0% is justified and should be advanced in the upcoming decree.

In the long term, he called for the development of a comprehensive national energy reserve strategy.