Military tensions escalate in the Middle East, increasing risks to the global energy market, putting pressure on gasoline and oil prices and logistics costs. In response, the Ministry of Industry and Trade said it has activated response scenarios to ensure energy supply, stabilize the market, and control domestic inflation.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that immediately after the Government issued Resolutions 01 and 23 on socio-economic development tasks for 2026, the Ministry of Industry and Trade developed Plan 1081 to synchronously implement assigned tasks, aiming to both promote growth and ensure market stability in the context of a world economy with many potential risks.
According to Deputy Minister Tan, when building the operating scenarios for 2026, the Ministry of Industry and Trade took into account the possibility of geopolitical shocks that could affect the energy market and global supply chains. Therefore, as soon as tensions in the Middle East escalated, the response scenarios within the framework of Plan 1081 were activated.
The focus of current solutions is to ensure energy security and maintain a stable supply of gasoline and oil for the economy. At the same time, the Ministry of Industry and Trade strengthens market surveillance and regulates supply and demand of essential goods in the context of rising logistics costs and international transport risks, in order to prevent possible speculation or hoarding when the market fluctuates.
Alongside that, the Ministry of Industry and Trade increases early warnings and enhances the flexible response capability of the supply chain. Vietnamese trade representative offices abroad are required to continuously update market developments to provide timely information to import-export enterprises, helping them proactively adjust transportation routes or payment methods when necessary.
Notably, in the face of complex developments in the global energy market, the Prime Minister decided to establish a Working Group on energy security. The Ministry of Industry and Trade is the standing agency of this working group and will implement a daily rapid reporting regime to serve management work in the context of fast-changing and unpredictable developments.
Regarding gasoline price movements, Mr. Nguyen Sinh Nhat Tan said that the operating period on March 5 recorded a fairly strong increase in domestic gasoline products, directly reflecting the upward trend of world oil and finished gasoline product prices.
In that context, ensuring domestic gasoline supply is a top priority. The Ministry of Industry and Trade is urging key enterprises to proactively diversify import sources to limit the risk of dependence on one geographical region. Enterprises are encouraged to increase signing of long-term contracts with partners in Southeast Asia, Australia, and the US to supplement supply in case transport routes through the Middle East are disrupted.
"The Ministry is requiring key traders to strictly maintain the prescribed circulating gasoline reserves, thereby creating a buffer to respond if the world market has abnormal fluctuations. Meanwhile, domestic refineries maintain stable production and prioritize allocating goods to the domestic market to ensure supply," said the Deputy Minister of Industry and Trade, adding that they are focusing on directing market stabilization and price control of essential goods to help maintain the major balances of the economy.
Mr. Tan further informed that the Ministry is closely coordinating with industry associations, localities, and enterprises to closely monitor supply and demand developments, especially for sensitive items such as gasoline, electricity, gas, and steel. In case of abnormal factors, the Domestic Market Steering Team will hold ad hoc thematic meetings to assess the situation and agree on management measures, ensuring no shortage or sudden price increase that could cause a chain reaction to the general price level.
Theo Dương Hưng (Tiền Phong)
