The Government established a Working Group to ensure energy security

The working group to ensure energy security was established according to the decision signed by Prime Minister Pham Minh Chinh on March 4. Deputy Prime Minister Bui Thanh Son was assigned to be the team leader and Acting Minister of Industry and Trade Le Manh Hung was the permanent deputy team leader. The working group has leaders of ministries and energy corporations participating.

The working group is responsible for monitoring and coordinating between agencies to ensure national energy security in the face of complicated developments from the conflict in the Middle East region. They must promptly remove them to ensure adequate supply of petroleum for production, business and consumption. At the same time, this agency needs to research and propose to the Prime Minister solutions, mechanisms and policies to respond to the new situation.

Energy security is understood as ensuring a stable, reasonably priced and sustainable supply of electricity, petroleum, gas and coal. At the first meeting of the Working Group this afternoon, Deputy Prime Minister Bui Thanh Son assigned the Ministry of Industry and Trade to coordinate with the Government Office to develop the Working Group’s operating regulations.

The Ministry of Foreign Affairs is responsible for monitoring and updating energy policy responses of countries, and working with ministries and agencies to discuss with partners to diversify energy import sources. According to the Deputy Prime Minister, Vietnam must have a very specific plan to ensure national energy security, including calculating plans to increase the capacity of hydroelectric and coal power plants, diversify coal import sources, and maximize the use of domestic fuel sources…

On the same day, Prime Minister Pham Minh Chinh met with ministries and branches on monetary and fiscal policies. The Prime Minister and ministries assessed the situation in the region and the world, which is changing very quickly and complicatedly, especially in terms of political instability, conflicts and policy changes of major countries.

Vietnam is still a developing country, its economy is in transition, and it is highly open. Therefore, external impacts and developments will cause disruptions in supply chains, increasing transportation prices and logistics costs. Meanwhile, energy supply is facing difficulties, causing production costs to increase, affecting production, business, and people.

The Prime Minister asked ministries and localities to firmly grasp the situation, stay calm, but not be subjective with all developments. Agencies need to have appropriate and feasible solutions to promote the country’s competitive advantages and potential and minimize negative points.

“The goal is to maintain macroeconomic stability, control inflation, strive for growth from 10%, ensure major balances and public debt safety, and proactively and flexibly respond to all situations,” he said.

Government leaders requested the State Bank to continue to manage interest rates, exchange rates, foreign exchange reserves, and proactive credit growth in accordance with the actual situation. At the same time, this agency needs to soon establish a national gold trading floor, increase digital transformation in the banking sector, and disburse preferential credit packages for social housing and other fields.

The Ministry of Finance is assigned to promote public investment, tax exemptions, develop capital and bond markets, and reduce dependence on bank credit. At the same time, the operator will continue to reform procedures, accelerate site clearance, support businesses, expand markets, and stimulate consumer demand. The Government also focuses on restructuring green energy, developing safe real estate, expanding social housing, attracting foreign investment, and improving capital use efficiency.