Currently, domestic gasoline and oil supply, although significantly improved thanks to oil refineries such as Dung Quat Refinery and Nghi Son Refinery and Petrochemical Plant, still cannot fully meet consumption demand.
Therefore, the problem posed is to strengthen energy self-sufficiency, while diversifying supply sources to avoid excessive dependence on external markets. One of the directions that many economic experts assess as strategically significant is the development of biofuels, especially biofuels.
Biofuels not only contribute to reducing emissions and protecting the environment, but also help expand domestic energy supplies. Currently, many countries are promoting green transition and reducing carbon emissions, and expanding the use of E10 gasoline can also be considered a suitable step.
However, fluctuations in gasoline and oil prices also entail another risk, every time prices increase, many consumer goods and transportation services tend to increase in price accordingly, even exceeding the actual impact of input costs.
Therefore, strengthening market control is an extremely necessary requirement.
To stabilize market sentiment, the most effective solution is information transparency and resolute handling of violations. At this time, the role and responsibility of functional agencies is needed, proactively inspecting and promptly detecting acts of speculation, hoarding goods, creating artificial scarcity for profit.
At the macro level, economic management needs to coordinate many synchronous policies. Stabilizing the exchange rate and maintaining a reasonable interest rate level is necessary to maintain "calm" for the market.
When gasoline and oil prices increase, businesses are naturally in need of support, but support policies must be applied to the right beneficiaries, businesses in the policy beneficiary group are relieved of cost pressure, thereby limiting the increase in commodity prices and contributing to market stabilization.
If Vietnam proactively diversifies its supply sources, promotes biofuels, strengthens market management and manages the macroeconomy flexibly, it can completely minimize the negative impacts of the global energy crisis.
Implementing effective solutions, external fluctuations will certainly reduce the impact on the domestic market, production and business activities and people's lives will remain stable.
