Under a decision effective Wednesday, Prime Minister Pham Minh Chinh approved the creation of the task force headed by Deputy Prime Minister Bui Thanh Son. Acting Minister of Industry and Trade Le Manh Hung will serve as standing deputy head.

Members include representatives from the Government Office and leaders of ministries such as Industry and Trade, Finance, Construction, Agriculture and Environment, and Foreign Affairs.

Executives from major state-owned energy companies will also participate, including Petrovietnam, Vietnam Electricity (EVN), mining group Vinacomin, and biggest gasoline retailer Petrolimex.

The task force will assist the Prime Minister in directing and coordinating ministries and agencies to implement measures ensuring national energy security, particularly as global energy markets face sharp volatility due to geopolitical tensions.

It will monitor, assess and forecast energy supply and demand, and recommend timely measures to ensure sufficient gasoline supply for production activities and consumer demand.

The group will also study and advise the Government on policy mechanisms to address bottlenecks in the energy supply chain, while preparing contingency scenarios to respond to shocks from international markets and prevent supply disruptions.

The Ministry of Industry and Trade will act as the standing agency of the task force, responsible for supporting coordination activities, drafting operational rules and work plans, and submitting regular reports to the task force head.

Middle East tensions pressure energy supply

The task force was set up as military tensions in the Middle East have escalated rapidly, triggering volatility in global energy markets.

After the United States and Israel launched attacks on Iran last weekend, Tehran retaliated with strikes on several energy facilities in the region and announced a blockade of the Strait of Hormuz, a key oil shipping route through which roughly 20% of globally traded crude passes.

The development has raised concerns about potential disruptions to global energy supply chains. Initial impacts have already emerged in Vietnam. PV Gas Trading, a gas trading unit of PV Gas - a subsidiary of state-owned Petrovietnam, recently declared a force majeure situation that could affect LPG supply to domestic partners.

According to the company, its international supplier faced a double disruption after a jetty at Saudi Aramco’s NGL Juaymah facility collapsed, while two very large gas carriers (VLGCs) transporting LPG were hit by missiles while passing through the Strait of Hormuz. As a result, shipments scheduled to arrive at the Thi Vai and Diem Dien refrigerated LPG terminals from March 10, 2026 have been temporarily delayed.

Oil prices surge, inflation pressure rises

The Middle East conflict has also pushed up oil and gas prices on international markets, adding pressure on energy-importing economies including Vietnam.

According to a March 4 report by VinaCapital, global oil prices have risen about 30% since the start of the year, largely due to geopolitical risks and concerns over potential supply disruptions from the Middle East.

The increase could push Vietnam’s consumer price index (CPI) from around 2.5% currently to nearly 4% in the coming months, intensifying inflationary pressure. Higher energy prices could also affect economic growth, as Vietnam remains a net energy importer, with energy imports equivalent to more than 1% of GDP annually.

Against that backdrop, the establishment of the energy security task force is seen as a proactive move by the Government to closely monitor global energy market developments and introduce timely responses to minimize impacts on the domestic economy.