On the afternoon of April 4, a regular government press conference in March 2026 took place in Hanoi to provide information on the socio-economic situation in March and the first 3 months of the year.
At the press conference, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan raised solutions to manage prices and ensure domestic gasoline and oil supply.
Deputy Minister Nguyen Sinh Nhat Tan said that the Middle East conflict taking place from February 28 and continuing to escalate to the present time has caused many major consequences for the supply of gasoline and oil.
According to assessments, the scale and level of impact have surpassed the oil shock of the 1970s - a shock that disrupted the economy as well as the energy market, as well as surpassed the impact of the Russia-Ukraine conflict in 2022.
In Vietnam, before the developments of the Middle East conflict, right from the beginning of March 2026, the Politburo, the Government, the Prime Minister, and the Ministry of Industry and Trade have developed a scenario to manage gasoline and oil.
Two operating scenarios have been developed, including a 4-week scenario and a scenario longer than 4 weeks. Currently, we have to implement an extended scenario," Deputy Minister Nguyen Sinh Nhat Tan informed.
The principles for managing supply and demand as well as gasoline and oil prices are: Ensuring energy security - gasoline and oil supply; updating the world price situation to manage domestic prices appropriately; assessing the impact on people, industries that are mainly affected. From there, there are solutions to ensure stable supply and demand, prices harmonize the interests of the state - businesses, people...
In fact, the Ministry of Industry and Trade has advised the Government to issue 2 Resolutions related to gasoline and oil management. Along with that, the Government has issued Resolution No. 69/NQ-CP to implement the advance payment of 8,000 billion VND for the Gasoline and Oil Price Stabilization Fund from the increased central budget revenue in 2025.
To date, the supply of gasoline and oil until March 31st, exploitation output increased by 10% with Dung Quat oil refinery and ensured raw materials for production until April 2026. Nghi Son refinery also ensures raw materials for production until the end of April 2026.
In March, key traders imported 3.2 million m3 of gasoline and oil products, along with current inventories (1.6 - 1.8 million m3), which can ensure gasoline and oil supply until the end of April 2026," the Deputy Minister of Industry and Trade informed and emphasized that the Ministry will continue to develop operating scenarios in the coming time.
The Deputy Minister of Industry and Trade also announced solutions to ensure gasoline and oil supply: Strengthen domestic production capacity; diversify imported energy supply sources; strongly develop alternative energy sources (biofuel); improve reserve capacity and risk management.
Previously, according to the Domestic Market Management and Development Department (Ministry of Industry and Trade), in order to cool down gasoline and oil prices, the Gasoline and Oil Price Stabilization Fund was activated up to 9 times in just one month, with a total estimated expenditure of 5,300 billion VND (about 217 million USD). This is the first time in history that the state budget has been directly advanced to the Fund with a scale of 8,000 billion VND (about 303 million USD).
In parallel with the Price Stabilization Fund, the Government is implementing many simultaneous fiscal tools such as reducing import tax to 0% for some gasoline and oil items from March 9 to April 30, 2026.
Environmental protection tax to 0% for gasoline (excluding ethanol), diesel and aviation fuel from midnight March 26 to April 15. Special consumption tax on gasoline reduced from 8-10% to 0%. Businesses are exempt from value-added tax declaration while still being entitled to input tax deductions.
It is estimated that the total budget revenue reduction is about 7,200 billion VND/month (about 295 million USD). The Government assesses that it is necessary to stabilize prices and reduce cost pressure.
