The Vietnam National Industry-Energy Group (PVN) and its subsidiaries are allowed to buy, export, and import crude oil and materials for oil and petroleum production.

The Government has
adopted several urgent solutions to ensure energy security amid complex
developments of the military conflict in the Middle East, according to a report
released by the Government News on March 6.

Specifically, the Government requested for the application
of Clause 8, Article 59 of the 2022 Law on Oil and Gas, which specifies
contractors’ obligations.

The Government allowed 
the Vietnam National Industry-Energy Group (PVN) and its subsidiaries to
buy, export, and import crude oil and materials for oil and petroleum
production.

The Government requested the Ministry of Industry and Trade
to proactively take measures to ensure sufficient supply of oil and petroleum
for domestic consumption.

The Government called for utilizing domestic gas for power
generation and increase crude oil output.

The Government requested the Ministry of Finance to
coordinate with the Ministry of Justice and the Ministry of Industry and Trade
and relevant agencies to promptly draft a Decree amending and supplementing
preferential import tariffs for oil and petroleum and submit to the Government
on March 7.

The Government noted that if domestic refineries are unable
to meet the contracted output of oil and petroleum products with petroleum
wholesalers, and if oil and petroleum imports become difficult, causing a
shortage of petroleum supply in the domestic market, the Ministry of Industry
and Trade is tasked with assessing the domestic supply and demand balance of
oil and petroleum products and directing oil and petroleum wholesalers to
utilize their reserves or release oil and petroleum from national reserves, to
compensate for the market shortage.

The Government requested  the Ministry of Industry and Trade and the
Ministry of Science and Technology to urgently take the lead and coordinate
with relevant agencies to research and review standards and regulations for
biofuels, and the conditions for the early implementation of the biofuel
transition roadmap, contributing to reducing the consumption of fossil fuels.

The Government requested  ministries, agencies, and localities to use
energy efficiently and ensure the supply of electricity, oil and petroleum in
all situations.

VGP-Van Nguyen