Sputnik reports Vietnam has sufficient fuel reserves through the end of April

Vietnam has sufficient fuel reserves to meet domestic demand through the end of April, the Deputy Minister of Industry and Trade said during a March government briefing, citing continued refinery operations and adequate importer supply.

Supply coverage through end-April

Deputy Minister Nguyen Sinh Nhat Tan stated that domestic fuel supply remains sufficient to cover consumption and production needs through end-April. He said the two domestic refineries, Dung Quat and Nghia Son, have secured feedstock to support continuous production through the same period.

In March, importer companies brought in about 3.2 million cubic meters of fuel. Combined with current stock—estimated at 2.6 to 2.8 million cubic meters—the total supply is sufficient to meet domestic demand throughout April.

Response to global energy market fluctuations

Since late February, tensions in the Middle East have escalated and affected global energy markets, particularly oil and gas supplies. The crisis is assessed to have a greater impact than the 1970s oil shocks, which previously caused widespread disruptions to the global economy.

Vietnam’s domestic energy market has experienced volatility, with fuel prices undergoing 13 adjustments from late February to the present. RON 95-III gasoline is priced at 26,970 dong per liter, while diesel is priced at 44,780 dong per liter.

Contingency planning and market management

Early in March, Vietnam developed energy management plans. The Deputy Minister said authorities prepared for a scenario of a prolonged crisis lasting about four weeks or longer, while continuing to refine plans for subsequent months.

Market management follows the principle of ensuring energy security: authorities closely monitor world price movements and balance impacts across the State, enterprises, and consumers. The measures aim to stabilize the market, control prices, and maintain overall balance among stakeholders.

Price stability compared with regional conditions

Acting Minister of Industry and Trade Le Man Hung said Vietnam has maintained relatively stable prices compared with global benchmarks, while several regional countries have faced energy crises. He cited that in Thailand, gasoline prices exceeded 51,000 dong per liter and diesel was around 47,000 dong per liter. In Laos and Cambodia, many gas stations reportedly had to close, and the Philippines has also reported energy difficulties.

He added that even in developed economies, some firms have advised employees to work from home to reduce travel. Le Man Hung said Vietnam not only secures supply but also keeps prices lower than the world average by about USD 1.3 per liter, compared with many neighboring countries.

Policy measures and next steps

Despite improved supply and price management, the economy faces challenges, including high dependence on imported energy and external volatility, while domestic demand has not fully recovered.

To address these pressures, authorities are implementing coordinated measures, including ensuring supply, restructuring the industry to promote consumption, and maintaining macroeconomic stability. The Government has used the Fuel Price Stabilization Fund and reduced several taxes—environmental tax, VAT, and excise duty—to ease price pressures.

Additional steps include boosting domestic production capacity, diversifying imports, developing energy alternatives such as biofuels, increasing reserves, and improving risk management.

On 4 April, Prime Minister Pham Minh Chinh proposed expanding energy-security cooperation during a meeting with the Kuwaiti ambassador to Vietnam, aiming to address current challenges and support stable production and livelihoods.