Vietnam has formally requested access to Japan's strategic oil reserves, citing regional energy security concerns exacerbated by Middle East instability. On 17/3, Prime Minister Pham Minh Chinh conveyed this proposal to Japanese Ambassador to Vietnam Ito Naoki, seeking appropriate mechanisms for Vietnam to access Japan's planned release of 80 million barrels from its reserves. The prime minister also noted that Vietnam had already sent a letter to Japanese Prime Minister Takaichi, requesting suitable support measures. This request comes as the complex situation in the Middle East and risks to the Strait of Hormuz shipping lanes continue to impact crude oil supplies to Asian nations, including Vietnam and Japan.

During the meeting, Prime Minister Pham Minh Chinh also urged Ambassador Ito Naoki to facilitate the financial and supply restructuring of the Nghi Son Refinery project. This initiative is crucial for ensuring energy security and minimizing adverse effects on businesses from the two countries involved in the project. Furthermore, the prime minister expressed Vietnam's interest in purchasing aviation fuel from Japan's reserves.

Prime Minister Pham Minh Chinh received Japanese Ambassador to Vietnam Ito Naoki on 17/3. *Photo: VGP*

Ambassador Ito Naoki affirmed Japan's commitment to energy cooperation, stating that Japanese agencies are "actively discussing and exchanging" with their Vietnamese counterparts. He pledged to report Prime Minister Chinh's proposals to the Japanese government and relevant bodies, emphasizing support for Vietnam's energy security. Ambassador Naoki also expressed agreement with Prime Minister Chinh's suggestions concerning the diversification of input oil, the restructuring of the Nghi Son Refinery, the provision of aviation fuel, and the advancement of the Block B - O Mon gas project chain.

Vietnam's domestic gasoline and oil market has experienced significant volatility since the Middle East conflict escalated in late February. To ensure market stability, authorities are actively pursuing external supply sources in addition to managing domestic prices and supply-demand. On 9/3, Prime Minister Pham Minh Chinh announced that the government had secured approximately 4 million barrels of oil from various partners to bolster immediate supply. The Ministry of Industry and Trade also confirmed that domestic supply is projected to meet consumption needs until the end of April.

Phuong Dung