Vietnam plans to expand its crude oil storage capacity, with Prime Minister Pham Minh Chinh urging the construction of a national reserve facility in Nghi Son and similar projects elsewhere to strengthen energy security.
The construction of a crude oil reserve storage in Nghi Son in the central province of Thanh Hoa rests on solid political, legal, practical and planning foundations, so the focus must be on advancing the project rather than any delay or retreat, Prime Minister Pham Minh Chinh told a meeting of standing government members in Hanoi on April 1.
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Prime Minister Pham Minh Chinh seen at a government meeting in Hanoi on April 1, 2026. Photo by Vietnam Government Portal |
The project will follow the master plan on national petrol and gas storage and supply infrastructure for 2021-2030, with a vision to 2050. It addresses an urgent need for energy infrastructure while holding strategic importance for economic development and national energy security.
As fuel demand is rising and supply is still heavily relying on global markets, proactively building crude oil reserves will help Vietnam mitigate risks from volatile fluctuations.
At the same time, the Nghi Son facility will also boost the efficiency of the Nghi Son refinery and petrochemical plant, optimise the supply chain, and create momentum for economic growth in the north central region and nationwide.
