Prime Minister Phạm Minh Chính of Vietnam recently signed a crucial directive aimed at ensuring the stability and continuity of domestic fuel supply. This decision was made in the context of the current complex and volatile global economic situation, with the goal of providing solid energy security for Vietnam’s economic development.

According to the Prime Minister’s Directive No. 99/CĐ-TTg, fuel is positioned as an essential commodity for production, commerce, and consumption. While Vietnam’s domestic economy continues to maintain a positive recovery trend, it still faces numerous challenges. The complexity of the global situation, especially the intensifying strategic competition between major countries, may lead to risks such as supply chain disruptions, price fluctuations, and shortages in goods and services supply.

To address these potential challenges, the Prime Minister has instructed the Ministry of Industry and Trade (MoIT) to take a series of measures:

• Direct gasoline wholesalers to actively ensure and provide adequate oil supply.
• Ensure uninterrupted fuel supply throughout the entire distribution network, from wholesalers, distributors, and agents to retail outlets.
• Maintain normal sales activities, selling products at listed prices, and strictly adhere to the minimum total fuel supply allocation and fuel storage requirements for 2024.

Notably, the minimum total fuel supply allocated to 36 fuel wholesalers for 2024 is 28.43 million cubic meters for various types of fuel. Simultaneously, the Prime Minister also requested relevant departments to actively prepare fuel supply plans for 2025 and future years to avoid supply shortages or interruptions similar to those experienced in 2022.

Furthermore, the directive emphasizes the following key points:

• Regularly monitor global and domestic commodity market trends, as well as natural disaster situations, to develop contingency plans.
• The Ministry of Finance needs to strengthen supervision of fuel wholesalers regarding the management and use of the fuel price stabilization fund.
• The State Bank of Vietnam needs to coordinate with the MoIT to continue supporting fuel wholesalers and distributors in accessing funds.
• The Vietnam Oil and Gas Group (Petrovietnam) and the Vietnam National Petroleum Group (Petrolimex) need to develop scientifically sound plans for production, distribution, storage, monitoring, and retail.
• Impose severe penalties on hoarding, speculation, and cross-border smuggling of fuel.

This series of measures reflects the Vietnamese government’s high regard for energy security and its determination to safeguard domestic economic stability amid complex international circumstances. Through multi-party collaboration and strict regulation, the Vietnamese government hopes to establish a more stable and reliable fuel supply system, providing strong support for the country’s continuous development. For more in-depth analysis on Vietnam’s energy policies and economic development, add Jaycy immediately to get the most cutting-edge Vietnamese economic information!

Key points:

1. Vietnamese Prime Minister signs directive to ensure stable fuel supply.
2. Relevant departments are required to take measures to prevent supply interruptions and price fluctuations.
3. Fuel supply volume for 2024 is clearly set, with requirements to plan for future years in advance.
4. Emphasizes the importance of supervision, financial support, and crackdown on illegal activities.
5. Reflects the Vietnamese government’s high priority on energy security and economic stability.