Reporting at a government meeting on 3/6, ministries stated that electricity and petroleum supplies were secured during the first five months of the year, despite global volatility, severe heat, and an unprecedented surge in energy demand.

Prime Minister Le Minh Hung instructed the Ministry of Industry and Trade to continue implementing measures to ensure the supply of electricity and petroleum. The Ministry must accelerate progress, bringing key energy projects online quickly, and addressing difficulties faced by stalled wind and solar power projects.

In late May, national electricity consumption, particularly in the northern region, again broke records for both capacity and output due to prolonged severe heat. At one point, the country's peak electricity consumption capacity reached 58,326 MW, an increase of about 6% compared to the 2025 record.

Earlier, at a meeting in late May, Acting Permanent Deputy Prime Minister Pham Gia Tuc noted that increasing power generation is essential to meet two-digit GDP growth targets. Concurrently, the demand for electricity for scientific and technological development and data centers is growing, requiring clean energy sources.

However, some key energy and electricity projects are behind schedule or not progressing as planned, risking their timely completion. According to Minister of Industry and Trade Le Manh Hung, many projects will not meet the operational timeline for the period from now until 2030 as per the master plan, significantly impacting electricity supply capacity and national energy security. The Ministry recommended promptly reviewing and amending the revised Power Master Plan VIII to ensure feasibility, and creating a list of urgent power projects for immediate implementation.

To ensure sufficient electricity for production and two-digit growth this year, the Ministry of Finance, at the meeting, suggested that the Ministry of Industry and Trade proactively develop scenarios for regulating power sources. The Ministry also advised careful consideration when adjusting electricity prices, alongside service prices in sectors like education and healthcare this year, to avoid a cumulative impact on overall price levels.

Prime Minister Le Minh Hung speaks at a government meeting, 2/6. Photo: VGP

During the first five months of the year, the macroeconomic situation showed many positive signs. The industrial production index for the first five months increased by over 9%, the highest for the same period since 2021. Within this, processing and manufacturing rose by nearly 9.5%. Total retail sales of goods and consumer service revenue increased by over 11%, the highest since 2024. International visitors reached nearly 11 million, an unprecedented number.

Registered foreign direct investment (FDI) is estimated at over 24 billion USD, an increase of over 33%, while disbursed capital rose by 9.6%. Many large-scale projects by Samsung, SK (South Korea), and BYD (China) have been licensed in Thai Nguyen, Nghe An, Tay Ninh, among other locations. Total import-export turnover for the first five months is estimated at 445.12 billion USD, an all-time high.

To achieve this year's two-digit growth target, Prime Minister Le Minh Hung urged ministries, sectors, and localities to develop more detailed macroeconomic management scenarios for each case, industry, sector, and region. Agencies must prepare policy solutions with specific dosages to create a "shock absorber" against external impacts.

The State Bank of Vietnam was directed to accelerate credit allocation for key national projects and to research mechanisms for providing capital for the rental housing segment, in addition to social housing.

The Ministry of Finance will continue to implement measures for tax, fee, and charge exemptions, reductions, and extensions to support people and businesses in reducing costs and increasing resources for production and business. The Ministry is tasked with submitting a project on stock market development and mobilizing investment funds, promoting the equitization of state-owned enterprises, and resolving issues for major projects in June.

The Ministry of Agriculture and Environment will soon finalize the orientation for amending the Land Law for submission to competent authorities. In the infrastructure sector, the Ministry of Construction will continue to promote the development of social housing and rental housing, and accelerate the progress of key projects such as Long Thanh Airport, Gia Binh Airport, the expressway system, railways, and facilities for APEC 2027.

Phuong Dung