Viet Nam seeks to diversify oil import sources amid Middle East conflict
- Wednesday - 11/03/2026 15:24
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Prime Minister Pham Minh Chinh (standing) chairs a meeting with the working group to ensure energy security, Ha Noi, March 10, 2026 - Photo: VNA
Addressing a meeting on Tuesday with the Government's Working Group established recently to ensure energy security, Pham emphasized the need to ensure energy supplies under any circumstances.
Currently, oil imports account for 30 percent of domestic demand and up to now, the situation still remains under control.
Pham tasked the Ministry of Finance to coordinate closely with the Ministry of Industry and Trade in monitoring daily oil and petrol price hikes, and proactively adopting measures to address hoarding and price gouging.
The Ministry of Finance was requested to promptly propose a plan to reduce the environmental protection tax on petroleum products to zero percent and report it to the Government on March 12.
Last week, Prime Minister Pham Minh Chinh decided to set up a Working Group to ensure energy security amidst the complex developments of the military conflict in the Middle East.
The Working Group, led by Deputy Prime Minister Bui Thanh Son, is responsible for regularly monitoring, assessing, and forecasting developments in the Middle East and removing difficulties and obstacles in order to ensure an adequate supply of petroleum for production, business activities, and daily consumption needs.
It will also study and propose to the Prime Minister effective policy responses to deal with energy security matters./.