The Southeast Asian nation charts a meticulous course to enhance its strategic stockpiles and logistical networks for petroleum products and natural gas, aiming to fortify energy security amid fluctuating global dynamics.
The Ministry of Industry and Trade (MoIT) plans to allocate at least 5.5 million cubic meters of petroleum to 36 key petroleum traders in the fourth quarter of 2022. Key petroleum traders have been assigned by the MoIT to acquire 20.72 million cubic meters. By the end of the third quarter, they had fulfilled 83 per cent of the plan.
Minister of Industry and Trade Nguyen Hong Dien has said that under the plan, 34 petroleum wholesalers are to import 500,000 cubic meters in October. At the end of September and in mid-October there were more than 3 million cubic meters on hand, with November imports to meet supply until the middle of the month. There is clearly no shortage, but sales are difficult.
With many gasoline stations in Ho Chi Minh City temporarily suspending sales, the city’s People’s Committee proposed on October 10 that the Ministry of Finance recalculate cost levels and base prices and at the same time review premiums on importing petroleum and oil products and taxes.
Despite there being hundreds of petroleum distributors and 36 key petroleum importers, there is still a shortage of gasoline in the market. Minister of Finance Ho Duc Phoc has offered suggestions on ensuring supply and stabilizing prices.
The Vietnam Oil and Gas Group (PetroVietnam) has proposed that the government invest in a refinery and petrochemical complex and a national reserve of crude oil and petroleum products at the Long Son Petroleum Industrial Park in southern Ba Ria-Vung Tau province with total investment of $17-18.5 billion. Completion is expected in 2027.
