Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan noted that the ongoing conflict has significantly disrupted global oil and gas supply chains, with impacts surpassing previous oil shocks in scale and intensity. In response, the Politburo, the Government and the Prime Minister directed relevant ministries early in March to prepare two fuel supply scenarios—one for the short term of about four weeks and another for a longer period. The longer-term scenario is currently being implemented.
The escalating Middle East conflict since late February has severely disrupted global fuel and gas supply chains.
The scale and impact of this crisis surpass the 1970s oil shocks that upended the global economy and energy markets, according to Tan.
The Ministry of Industry and Trade has closely followed the guiding principles to ensure energy security, stabilize the domestic fuel market, and balance the interests of the State, businesses and consumers. These include monitoring global price fluctuations, adjusting domestic prices accordingly, and assessing impacts on production, business activities and household consumption.
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A woman fills a motorcycle’s fuel tank as the driver waits to pay at a gas station in Hanoi, March 7, 2026. Photo by VnExpress/Giang Huy |
To support fuel market management, the ministry has advised the Government to issue several resolutions on fuel governance, while coordinating with the Ministry of Finance to propose temporary budget advances for the fuel price stabilization fund.
Regarding supply, as of March 31, output from the Dung Quat Oil Refinery had increased by 10%. Both the Dung Quat and Nghi Son refineries have secured sufficient crude feedstock to maintain production through the end of April.
In addition, importers brought in approximately 3.2 million cubic meters of fuel in March. Combined with current inventories of around 1.6-1.8 million cubic meters, this volume is expected to fully meet domestic demand until the end of April, according to the deputy minister.
The ministry will continue taking measures to strengthen domestic production capacity, diversify energy sources, expand the use of alternative fuels such as E10 biofuel, and improve the storage capacity, he added.
On electricity supply, Tan reaffirmed the Government’s stance of ensuring no power shortages, particularly during the upcoming peak dry season. The national power system operation plan for 2026 has been approved, with contingency measures prepared for periods of high demand.
Electricity demand is projected to grow by over 14% during peak months, while April alone is expected to see a year-on-year increase of about 6.07%. Total power output for 2026 is estimated at 350 billion kWh, up 7.9% from 2025.
Despite challenges such as unpredictable weather patterns and pressure on fuel supply for power generation, authorities remain confident that energy supply will be maintained, supported by close monitoring, system maintenance, and strengthened operational discipline.
The ministry also called for more efficient electricity use to help ensure stable and sustainable energy supply nationwide.
