The Petrovietnam Gas Corporation (PV GAS) is focusing all its efforts on transporting LNG by rail from the South to the North to meet the fuel needs of industrial and residential consumers, especially amidst shortages caused by super typhoon Yagi, that hit Vietnam on September 7, and its subsequent floods.
Vietnam must invest to raise its fuel reserve capacity, said economists and policymakers during a conference on April 12 discussing how to encourage investment from the private sector in fuel infrastructure and to stabilise fuel supply and demand.
The Ministry of Industry and Trade (MoIT) has sent an urgent dispatch to the Vietnam Oil and Gas Group along with petrol and oil businesses and traders, requesting them to ensure petrol and oil supply amid an output decline at the Nghi Son oil refinery in early January due to a technical incident.
The State Bank of Vietnam (SBV) has issued Document No 1509, asking commercial banks to raise credit limits for a number of fuel firms, particularly those who import extra fuel at the request of the Ministry of Industry and Trade (MoIT).
The Ministry of Industry and Trade has asked authorities of cities and provinces nationwide to step up checks and monitoring of oil and gas trade as the ongoing ups and downs of the global fuel market are having major impacts on the domestic supply and prices.
With current supply capacity, the local shortage of petroleum will be soon resolved, and the supply and demand for the domestic market will be stable, according to Tran Duy Dong, Director of the Domestic Market Department, Ministry of Industry and Trade (MoIT).
