Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan had an exchange with the press about the content of ensuring gasoline and oil supply and price stabilization.
Deputy Minister, in the context of the serious escalation of war in the Middle East region, what plans does the Ministry of Industry and Trade have to ensure the supply and demand of essential goods, especially for energy items such as gasoline, oil, gas...?
- Faced with the complicated developments in the Middle East region, the Ministry of Industry and Trade quickly "activated" response scenarios within the framework of Plan 1081/BCT-KHTC.
First, ensuring energy security and gasoline and oil supply, because this is the "blood vessel" of the economy.
Second, market supervision and regulation of supply and demand of essential goods, especially in the context of high logistics costs due to transportation risks, there may be hoarding and speculation.
Third, focusing on early warning and flexible response in the supply chain, the Ministry closely coordinates with Vietnamese trade representative agencies abroad to continuously update market fluctuations, helping import-export businesses proactively change transport routes or payment methods. At the same time, the Ministry has had a flexible and close inter-sectoral coordination mechanism, such as coordinating with the Ministry of Finance to manage gasoline and oil prices according to market mechanisms but with state management.
In particular, recently the Prime Minister established a Task Force to ensure energy security in the face of complex developments in the Middle East, including not only the supply of gasoline and oil but also other types of energy. The Ministry of Industry and Trade is the standing agency of this Task Force, so the Ministry will have a quick report, daily to the Task Force to serve the management work in the very complex context as it is today.
At the gasoline and oil price adjustment period on March 5, gasoline and oil prices increased sharply. Please tell us specifically about ensuring domestic gasoline and oil supply, in the face of these fluctuations?
- This is an important pillar to implement Plan 1081 (Ministry of Industry and Trade's Plan on solutions to implement Government Resolutions) to ensure energy security and gasoline and oil supply. As I said, this is the "blood vessel" of the economy, therefore, to avoid supply disruptions due to international transportation risks, it is necessary to diversify import sources, not to be too dependent on a geographical area.
We are also promoting key enterprises to strengthen the signing of long-term contracts with partners in Southeast Asia, Australia and the United States to compensate if the route through the Middle East is interrupted; at the same time, key enterprises must seriously maintain circulating reserves according to regulations, ready to respond in a situation where world supply is tightened. In addition, to maintain domestic production stability, factories prioritize regulating goods sources for the domestic market.
Mr. Deputy Minister, along with ensuring the supply of goods, the Government requests market stabilization, price control of essential goods... How are these tasks implemented by the Ministry of Industry and Trade to contribute to ensuring major balances of the economy and controlling inflation?
- Ensuring supply in parallel with market stabilization and controlling prices of essential goods is a continuous task of the Ministry of Industry and Trade, in order to contribute to maintaining major balances of the economy and controlling inflation.
According to the assigned functions, the Ministry of Industry and Trade always closely coordinates with industry associations, localities and businesses that are members of the Domestic Market Management Team to closely monitor supply and demand developments, especially for essential and sensitive items such as gasoline, oil, electricity, gas, iron and steel... Through this, promptly propose and implement appropriate solutions when the market shows signs of fluctuation.
In case abnormalities arise, the Domestic Market Management Team will organize a specialized meeting to assess the situation and unify management measures, ensuring that there is no shortage of goods, sudden price increases or chain reactions to the general price level.
Regarding price management, according to the assignment in the Price Law and guiding documents, the Ministry of Industry and Trade closely coordinates with the Ministry of Finance in managing the prices of important commodities such as electricity and gasoline and oil according to the market mechanism with state management, ensuring harmony of interests between the State, businesses and consumers. At the same time, the Ministry closely monitors the developments of gas, iron and steel prices and other important input materials to proactively propose stabilization measures when necessary.
Through inter-sectoral coordination mechanisms, practical forecasting and flexible management, the Ministry of Industry and Trade contributes to effectively controlling inflationary pressure, pushing costs, stabilizing market sentiment, thereby supporting macroeconomic stability and creating a foundation for sustainable growth.
Thank you very much, Deputy Minister!
