On April 10, at the group discussion session of the National Assembly on the socio-economic situation, Minister of Industry and Trade Le Manh Hung said that the forecast for 2026, the demand for gasoline and oil is more than 28 million m3/ton. The average monthly consumption of gasoline and oil is about 2.35 million m3/ton.
We control about 70% from the two Dung Quat oil refineries (more than 30%) and Nghi Son (about 40%), and 30% we rely on imports. Imports are mainly from ASEAN countries, but these countries also have to buy crude oil from the Middle East. Thus, including both importing crude oil and including gasoline and oil, we have to import up to 70% and depend on the Middle East," Mr. Le Manh Hung informed.
On that basis, Vietnam has developed a number of scenarios. Including the basic scenario when the conflict ends within 4 weeks, the "4 weeks plus 2" scenario and the contingency scenario when conflict occurs more than 4 weeks. To date, it is basically happening according to the "4 weeks plus 2" scenario. Based on such a scenario, Vietnam has synchronously implemented many groups of solutions.
The government has established a working group on energy security, reporting to all levels to pass a series of resolutions related to operating mechanisms and tax rates for gasoline and oil products.
Along with that is ensuring sufficient domestic supply, increasing the number of days of circulation reserves to ensure compliance with the requirements of Decree 95/2021 and having reserves if conflicts continue to prolong.
The Ministry of Industry and Trade has directed 2 domestic oil refineries to ensure high capacity and restructure products to increase energy products and reduce non-energy products. From there, increase domestic gasoline and oil production.
At the same time, restore and put into operation ethanol plants and condensate processing plants in Quang Ngai and Dong Nai with 100% capacity. We can be more self-reliant by about 14% if we use E10 gasoline nationwide. We also implement tax adjustments to diversify supply sources from other regions outside ASEAN.
Another solution mentioned by Minister Le Manh Hung is to organize the implementation of management and control of the distribution system. With 26 key traders, 265 distribution traders and 17,200 gas stations, the Minister affirmed that supply has been ensured smoothly, without interruption. The Ministry of Industry and Trade also simultaneously controls hoarding and speculation.
The Minister said that there have been solutions to stabilize gasoline and oil prices, avoiding affecting the general price level and CPI index, such as using the 5,600 billion VND price stabilization fund to maintain price stability; energy conversion and energy use and saving.
The final solution is energy conversion and energy saving. He cited the current number of electric vehicles, especially cars, which has increased by over 200,000 vehicles.
To date, the handling of the impacts of the crisis has yielded results, raising the number of days of reserves from 15 days to about 26 days and continuing to increase further, maintaining the stable operation of production facilities and stable domestic supply, without breakdowns.
Next is the result of maintaining gasoline and oil prices (especially diesel oil) at a lower level than the world average (world average is about 1.3 USD/liter of gasoline).
Minister Le Manh Hung affirmed that we ensure supply and maintain market stability while other countries have many difficulties.
Regarding long-term solutions to ensure national energy security, the Minister of Industry and Trade said that this is a very big issue, requiring updating the national energy strategy as well as energy planning to ensure that the primary energy import rate is reduced from 43.9% in 2026 to 30% in 2030.
