Middle East tensions and Vietnam's fuel supply: what the Ministry of Industry and Trade says about future oil and gasoline supply

Recently, at the Government's regular press briefing in March 2026, the Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, provided information related to the issue of gasoline and oil supply. In response to questions from journalists about domestic gasoline and oil supply in April, especially for production and business activities amid the ongoing conflict in the Middle East, the Deputy Minister said that the military conflict in the Middle East since February 28 has continued to escalate, causing numerous consequences, particularly for the supply of gasoline and oil as well as energy supply. 'The scale and impact to date have surpassed the oil shocks of the 1970s that disrupted the world economy at that time,' he stated. In light of the situation, from early March 2026, the Politburo and Government directed the Ministry of Industry and Trade to develop two gasoline and oil management scenarios: a scenario under four weeks (in March) and a longer scenario (which could extend to the end of April). Regarding the supply-demand and price management, the Ministry of Industry and Trade pledged to implement according to five principles: strictly following the directives of the Politburo, the Government, and the Prime Minister; ensuring energy security and gasoline and oil supply; updating world market price developments to adjust gasoline and oil prices in line with actual developments; assessing impacts on people and sectors affected, and assessing impacts on the implementation of the 'dual objective' policy; ensuring price stability that harmonizes the interests of the State, enterprises, and consumers. In practice, the Ministry has advised the Government to issue two resolutions (Resolution No. 36 and No. 55) on energy management. It has also coordinated with the Ministry of Finance to propose that the Government issue a budget advance to the Stabilization Fund for gasoline and oil to continue price stabilization. As a result, gasoline and oil supply by the end of March saw a 10% rise in production. The Dung Quat oil refinery has secured feedstock through April and May. The Nghi Son refinery has secured feedstock through April. Notably in March, importers of gasoline and oil products imported about 3.2 million cubic meters, while domestic stockpiles are currently high at about 2.6–2.8 million cubic meters. The Ministry affirmed that domestic gasoline and oil supply is sufficient for production and consumption through the end of April 2026 and is actively managing and developing scenarios for subsequent months. Regarding solutions, the Ministry has implemented a range of measures: continue expanding domestic production; diversify energy supply and import sources; develop additional renewable energy sources such as E5 biofuel; strengthen storage and risk management including national and commercial reserves; enhance the application of technology, data analysis, forecasting, and market operation.