Prime Minister Pham Minh Chinh chaired a meeting with the Energy Security Task Force on March 10, 2026 (Photo: VOV)

At the meeting, the task force presented scenarios to stabilize and manage the petroleum market in March while preparing plans for the coming months. Participants emphasized the need to study the development of a national energy reserve and formulate strategies to reduce dependence on primary energy imports while promoting domestic energy transition.

Speaking at the meeting, Prime Minister Pham Minh Chinh called for diversifying crude oil supply sources and implementing the outcomes of his recent phone talks with leaders of Gulf countries to strengthen supply, ensuring that about 30% of Vietnam’s petroleum comes from imports. He asked the Ministry of Industry and Trade to develop supply scenarios, adjust fuel prices in a timely and effective manner, and strictly address hoarding and price manipulation.

Prime Minister Pham Minh Chinh speaks at the meeting (Photo: VOV)

The Prime Minister also approved the Ministry’s proposal to use the Petrol Price Stabilization Fund in accordance with regulations, effective from Wednesday. The Ministry of Finance was requested to urgently submit a plan to reduce the environmental protection tax on petroleum products to zero and report to the Government by Thursday.

The Prime Minister also called for expanding the use of E10 biofuel and launched a nationwide campaign to save energy and promote green energy use in order to reduce emissions.

He encouraged stronger public communication promoting the use of Vietnamese goods, the transition to electric and clean-fuel vehicles, and greater use of public transportation to save fuel in the transport sector.

The Ministry of Industry and Trade was tasked with studying the implementation of a national oil reserve program and developing a strategy for energy self-reliance, while the Ministry of Finance will allocate contingency funds to ensure national energy security.