According to reports and opinions presented at the meeting, amid developments in the Middle East and difficulties in the global oil market, the Government and the PM have recently held multiple meetings and issued urgent directives calling for timely, flexible, and effective measures to ensure domestic energy security. The Government leader has also conducted phone calls, sent official letters to leaders of various countries, and worked with foreign ambassadors in Vietnam to seek support in safeguarding energy supplies.
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PM gives green light to advance from state budget for fuel price stabilization fund. |
Following the PM’s directives, ministries, sectors, and relevant agencies have utilized the fuel price stabilization fund and adjusted taxes on fuel products to help stabilize prices. At the same time, major corporations and enterprises have stepped up the production and supply of fuel, coal, electricity, and gas for the economy; promoted energy transition with new products gradually replacing fossil fuels; encouraged energy-saving practices; and strengthened inspections and enforcement against smuggling, hoarding, speculation, and profiteering in the sector.
In his concluding remarks, PM Pham Minh Chinh stressed that the top priority is to ensure no shortages of energy or fuel in any circumstances; minimize negative impacts from the energy crisis on macroeconomic management; and prevent disruptions to supply chains, production, business activities, and people’s consumption.
To achieve these goals, a number of policies have been implemented, including fuel price stabilization measures in accordance with regulations. However, given the rapidly evolving and complex situation, with the possibility of a prolonged crisis, preparations must be made for scenarios in which the stabilization fund may face shortages.
The PM agreed in principle with proposals to advance funds from the state budget (from increased revenue in 2025) to the fuel price stabilization fund. Once the crisis subsides, the fund will be used to reimburse the state budget.
The Ministry of Finance was assigned to take the lead, in coordination with the Government Office and the Ministry of Industry and Trade, to urgently finalize a draft report and seek approval from competent authorities for implementation. The policy is expected to be applied until April 15, with possible extension depending on actual conditions and subsequent reporting.
PM Pham Minh Chinh emphasized that policy management must closely monitor developments, respond promptly, and be grounded in data and real-world conditions, in line with Vietnam’s socialist-oriented market economy. Measures should follow an appropriate roadmap, avoiding abrupt changes or shocks. Fuel market management must ensure price stabilization while also taking into account fuel prices in neighboring countries, both to support people’s livelihoods and business activities and to prevent cross-border smuggling.
The government leader assigned Deputy PM Ho Duc Phoc to continue overseeing matters related to the budget, taxes, fees, and charges, while Deputy PM Bui Thanh Son will directly handle issues related to market management and stabilization, and the Ministry of Industry and Trade’s state management scope. Matters beyond their authority will be reported to the PM for consideration.
Source: VNA