Acting Minister of Industry and Trade Le Manh Hung works with BSR on ensuring energy security in the new phase

The delegation from the Ministry included leaders of several units: the Oil, Gas and Coal Department; the Department of Planning, Finance and Enterprise Management; the Agency for Domestic Market Surveillance and Development; the Ministry Office; the Newspaper of Industry and Trade; as well as representatives from the Quang Ngai Department of Industry and Trade.

On the enterprise side, participants included Le Xuan Huyen, Deputy Director in charge of the executive board of Vietnam National Industry - Energy Group (Petrovietnam); Bui Ngoc Duong, Secretary of the Party Committee and Chairman of the Board of Directors of BSR; and Nguyen Viet Thang, Deputy Secretary of the Party Committee and General Director of BSR.

Overview of the working session.

BSR Deputy Party Secretary and Director Nguyen Viet Thang presents the company’s production and business performance results.

Regarding biofuels, the refinery has resumed production since the beginning of the year, currently operating at around 75% capacity and expected to ramp up to 100% in the near term to serve biofuel blending. The E100 and E10 blending systems have been largely completed and are ready for operation.

At the meeting, Le Xuan Huyen noted that from the onset of market disruptions, Petrovietnam had proactively conducted early forecasts, developed response scenarios, and promptly reported to the Government. The group has since implemented three key measures in a coordinated manner: adjusting tax policies appropriately, granting greater autonomy in sourcing and importing crude oil, and tightening export controls to prioritize domestic supply.

Le Xuan Huyen, Deputy Director in charge of Petrovietnam’s executive board, delivers remarks at the meeting.

Thanks to these measures, crude oil supply has been basically secured, enabling the Dung Quat Refinery to maintain continuous operations and even postpone its maintenance shutdown plan from early April to May, avoiding production disruptions. However, challenges remain, particularly in securing additional imported crude oil.

Tran Huu Linh, Director of the Agency for Domestic Market Surveillance and Development, delivers remarks at the meeting.

Ensuring energy security through three core pillars

Delivering his directive remarks, Acting Minister Le Manh Hung stressed that ensuring national energy security requires meeting three core conditions: sufficient energy supply, uninterrupted supply chains, and affordability for both people and businesses.

Acting Minister of Industry and Trade Le Manh Hung delivers directive remarks at the meeting.

He noted that under the leadership of the Politburo, the Central Executive Committee, the Government, and the Prime Minister, along with coordinated efforts by ministries, sectors, and major enterprises, Vietnam has managed to ensure adequate domestic fuel supply. The Government has also implemented timely tax and fee measures to stabilize fuel prices. Coordination between the Ministry of Industry and Trade and the Ministry of Finance in utilizing the Petroleum Price Stabilization Fund has helped maintain domestic prices lower than the global average and lower than most neighboring countries sharing land borders.

On behalf of the Ministry and the Task Force, Acting Minister Le Manh Hung commended the responsibility and capacity demonstrated by Petrovietnam and BSR in contributing to national energy security.

However, he emphasized that the current context presents unprecedented challenges. The second plenum of the 14th Central Committee has underscored a strong determination to achieve double-digit economic growth. Therefore, it is imperative to enhance awareness and capacity for managing volatility, continuously update situational assessments, and refine response scenarios at all levels, from national to sectoral and enterprise levels.

The Acting Minister reaffirmed that the overarching objective is to firmly ensure national energy security and assigned specific tasks to enterprises and relevant units under the Ministry. For BSR, this includes continuing to apply technological solutions in corporate governance, promptly reporting key operational indicators to support regulatory scenarios, and ensuring high-capacity operations while maintaining absolute safety within operational and design limits. The company is also required to diversify feedstock sources, particularly domestic supplies, strengthen connectivity among units within and beyond the group, and move towards an integrated value chain management model. Together with Petrolimex and other key distributors, efforts should be made to reorganize the supply chain in a more synchronized and efficient manner.

He also underscored that enterprises must share responsibility with the economy in a targeted manner, ensuring that benefits are directly transmitted to the market and end consumers rather than remaining within intermediary stages such as transportation or distribution. Priority should be given to solutions that reduce retail prices and adjust discount mechanisms appropriately, thereby providing tangible support to people and businesses.

For units under the Ministry, he called for close coordination with enterprises to update and develop proposals on reserves, including both crude oil and refined products, ensuring alignment with regulatory and energy security requirements in the new context. He also urged the prompt review and incorporation of feedback from the meeting to refine policy frameworks in the process of amending the Petroleum Law, as well as strengthening coordination with the Ministry of Science and Technology to review and adjust technical standards related to petroleum products, particularly indicators such as oxygen, ethanol, and olefins. Efforts should also be made to finalize the revised decree on petroleum business.

The Acting Minister further instructed market surveillance forces to closely monitor developments, promptly detect and address emerging issues, and accelerate the rollout of E10 gasoline while ensuring strict control throughout the implementation process.

Selected images from the activities of Acting Minister of Industry and Trade Le Manh Hung and the working delegation:

The Acting Minister works at the Dung Quat Ethanol Plant.