Vietnam's oil stockpiles rise to about 26 days from 15 as energy security measures are stepped up

Vietnam’s energy ministry said the country’s fuel reserves have increased from the equivalent of 15 days of consumption to about 26 days, with further increases planned to help secure domestic supply amid the worst energy-supply disruption in recent memory.

In a briefing on April 10, 2026, Energy Minister Le Manh Hung said ongoing tensions in the Middle East have tightened global energy availability, affecting Vietnam as well.

Supply exposure and reserve requirements

Hung said Vietnam controls about 70% of its refining capacity, with Dung Quat accounting for more than 30% and Nghi Son about 40%, while the remaining 30% is imported. He added that imports—mainly from ASEAN—are still linked to Middle East crude demand, leaving Vietnam dependent on Middle East supply when considering both crude and refined products.

Under Decree 95/2021, which amends Decree 83/2014 on gasoline and fuel trading, the mandatory fuel stockpile is set at a minimum of 20 days of domestic consumption.

Government directives and scenario planning

To address challenges in stockpiling both in quantity and in the types of fuel held, the Politburo, the Secretariat, the Government, and the Prime Minister issued directives prioritizing energy security.

Hung described energy security as resting on three pillars: securing supply, ensuring no disruption during crises, and guaranteeing access for people and businesses.

He said several scenarios were developed, including a base case in which the conflict ends within four weeks, a “4 weeks plus 2” scenario, and a contingency plan if the conflict lasts longer than four weeks. He stated that current developments largely align with the “4 weeks plus 2” scenario and that coordinated measures have been implemented accordingly.

Policy measures and steps to raise domestic output

The Government has formed an Energy Security Task Force, reported to relevant authorities, and passed resolutions on operating mechanisms and tax policies for fuel. Hung said measures have also been taken to increase reserve days to meet Decree 95/2021 and to prepare for contingencies if the conflict continues.

The Ministry of Industry and Trade directed two domestic refineries to maintain high operating capacity and restructure products to maximize energy outputs and reduce non-energy products, aiming to increase domestic fuel production.

Hung said ethanol and condensate-processing plants in Quang Ngai and Dong Nai are being brought back to 100% capacity. He added that using these facilities nationwide for E10 could increase domestic supply by about 14%. He also said taxes were adjusted to diversify supply sources beyond ASEAN.

Distribution management and price stabilization

Authorities said supply remains stable and uninterrupted, supported by management of the distribution system. Hung cited 26 principal traders, 265 distributors, and 17,200 service stations, alongside steps to curb hoarding and speculation.

Price-stability measures include the use of a 5.6 trillion VND stabilization fund to help keep prices steady. The ministry also pointed to energy transition and energy efficiency efforts as part of the broader response.

Outcomes and broader context

Hung said proactive measures have already increased reserve days from 15 to about 26 and will continue to rise, while maintaining stable operation of domestic production facilities and uninterrupted supply.

He also said Vietnam’s diesel prices have remained lower than the world average, and domestic gasoline prices are lower than those in several neighboring countries, including Laos, Cambodia, China, and Thailand.

Hung cited supply disruptions abroad, saying Laos has closed about 50% of petrol stations, Cambodia about 35%, and the Philippines has declared a state of emergency.

Looking ahead, Hung said Vietnam will update its national energy strategy and energy planning to reduce dependence on primary energy imports from about 43.9% in 2026 to 30% by 2030. He added that Parliament should support flexible, proactive governance, including resolutions related to environmental protection tax, value-added tax, and excise tax on gasoline, oil, and aviation fuels.

Longer-term, energy transition and energy efficiency remain priorities, with the number of electricity-powered vehicles in Vietnam surpassing 200,000.