The energy security task force was formed following a decision signed by Prime Minister Pham Minh Chinh on 4/3. Deputy Prime Minister Bui Thanh Son was appointed as the head, with Acting Minister of Industry and Trade Le Manh Hung serving as the standing deputy head. The task force comprises leaders from various ministries, sectors, and energy groups.

The task force is responsible for monitoring and coordinating among agencies to ensure national energy security amid the complex situation in the Middle East. It must promptly address challenges to guarantee a sufficient supply of petrol and oil for production, business, and consumption. Additionally, the body will research and propose solutions, mechanisms, and policies to the Prime Minister to respond to the evolving situation.

Dung Quat refinery. Photo: BSR

Dung Quat refinery. Photo: BSR

Energy security involves ensuring a stable, reasonably priced, and sustainable supply of electricity, petrol, gas, and coal. At the task force's first session this afternoon, Deputy Prime Minister Bui Thanh Son instructed the Ministry of Industry and Trade to collaborate with the Government Office in developing the task force's operating regulations.

The Ministry of Foreign Affairs is tasked with monitoring and updating policy responses on energy from other countries. It will also work with ministries and agencies to engage partners to diversify energy import sources. According to the Deputy Prime Minister, Vietnam must develop concrete plans to ensure national energy security, including calculating options to increase the capacity of hydropower and coal-fired power plants, diversifying coal import sources, and maximizing the use of domestic fuels.

On the same day, Prime Minister Pham Minh Chinh convened a meeting with ministries and sectors to discuss monetary and fiscal policies. The Prime Minister and participating agencies assessed that regional and global situations are changing rapidly and complexly, particularly concerning political instability, conflicts, and policy shifts by major countries.

As a developing country with a transitioning and highly open economy, Vietnam is vulnerable to external impacts. These impacts can lead to disruptions in supply chains, increased transport costs, and higher logistics expenses. Concurrently, difficulties in energy supply drive up production costs, affecting businesses and citizens.

Prime Minister Pham Minh Chinh meets with ministries and sectors, 5/3. Photo: VGP

Prime Minister Pham Minh Chinh meets with ministries and sectors, 5/3. Photo: VGP

The Prime Minister urged ministries and localities to thoroughly grasp the situation, remain calm, and avoid complacency regarding all developments. Agencies need to implement suitable and feasible solutions to leverage the country's competitive advantages and potential, while minimizing negative aspects.

"The goal is to maintain macroeconomic stability, control inflation, strive for 10% growth, ensure major balances and public debt safety, while proactively and flexibly responding to all situations," he stated.

The government leader requested the State Bank of Vietnam to continue managing interest rates, exchange rates, foreign exchange reserves, and credit growth proactively and in line with actual conditions. Furthermore, the agency needs to establish a national gold exchange soon, enhance digital transformation in the banking sector, and disburse preferential credit packages for social housing and other areas.

The Ministry of Finance is tasked with boosting public investment, implementing tax exemptions and reductions, developing capital and bond markets, and reducing reliance on bank credit. Concurrently, the ministry will continue administrative reforms, accelerate site clearance, support businesses, expand markets, and stimulate consumer demand. The government is also focusing on green energy restructuring, safe real estate development, expanding social housing, attracting foreign investment, and enhancing capital utilization efficiency.

Phuong Dung