Prime Minister: Immediately use the Gasoline Price Stabilization Fund

At a meeting with the Energy Security Working Group on the evening of March 10, Prime Minister Pham Minh Chinh said that the executive agency had promptly identified the impacts of global energy fluctuations on Vietnam, especially on macroeconomic management.

The main risks pointed out include affecting growth goals, controlling inflation, increasing production and logistics costs. This situation can also give rise to speculation, hoarding, and cross-border smuggling, increasing prices and reducing competition of goods.

The Prime Minister affirmed that the goal is “definitely not to lack energy under any circumstances”. He agreed to use the Gasoline Price Stabilization Fund, effective immediately on March 11.

According to regulations, the stabilization of petroleum prices is carried out through a combination of supply and demand regulation and financial tools, including the Petroleum Price Stabilization Fund. The source for this stabilization fund is set aside through the purchase price, paid by consumers (300 VND per liter) but is managed at the enterprise and the use of the fund is decided by the operator (joint Ministry of Industry and Trade – Finance) at each operating period.

However, from the end of 2023 until now, the Ministry of Finance – Industry and Trade has not set aside or spent the Petroleum Price Stabilization Fund. By the end of the third quarter of 2025, this fund has more than VND 5,617 billion remaining.

He also assigned the Ministry of Finance to immediately propose a plan to adjust the environmental protection tax on gasoline to zero and report to the Government on March 12. Currently, this tax rate is 2,000 VND per liter for gasoline (except ethanol) and 1,000 VND for oil. Bringing this tax to 0 VND will help reduce gasoline prices by 1,000-2,000 VND per liter.

Over the past week, the domestic petroleum market has fluctuated strongly as the conflict in the Middle East escalated from the end of February, leading to concerns about lack of supply. In many localities, people rushed to buy and stock up, causing consumption demand to increase by 50-100% in a short time.

In addition to using the Stabilization Fund and reducing environmental protection taxes, the Prime Minister said that Vietnam needs to continue diversifying crude oil supplies. He requested the Ministry of Industry and Trade, the Ministry of Foreign Affairs, the National Industry and Energy Group (PVN) and agencies to immediately deploy the results of the phone call between the Prime Minister and leaders of Gulf countries. Accordingly, Vietnam buys about 4 million barrels of oil from partners (equivalent to about 7-10 days of use according to the average monthly consumption in 2025). Kuwait and the UAE continue to supply crude oil, while Qatar will fully support Vietnam’s energy needs.

Regarding petroleum imports, the Prime Minister said key businesses must proactively seek sources of supply, increase imports, and ensure reserve levels according to regulations.

The Ministry of Finance and Industry and Trade coordinate and manage gasoline prices closely to daily developments, overcoming hoarding and price increases. These agencies must research and amend the gasoline price management mechanism in the direction that the State does not regulate specific selling prices. Instead, the operator manages by limiting costs and setting profit limits to help businesses be proactive, but still in control, not to increase prices arbitrarily.

The Ministry of Public Security and Industry and Trade jointly inspect and handle acts of hoarding goods, price gouging, and destabilizing the market. The Ministry of Industry and Trade studies the national oil reserve program and develops an energy autonomy strategy.

In addition, the Prime Minister requested to promote the use of E10 biofuel, save energy, use green energy, and encourage conversion to clean, public transportation. He called on people across the country to stay calm and not take advantage or disturb the situation.

Regarding ensuring electricity supply, especially in this year’s dry season, the Ministry of Industry and Trade and related units develop operating scenarios, control reservoirs, and ensure fuel for thermal power. Coal and Mineral Industry Group (TKV) increased coal exploitation, PVN promoted oil and gas exploitation for electricity generation.