Business

PM orders balance of petrol demand, supply for domestic market

Prime Minister Pham Minh Chinh has issued a dispatch requesting joint efforts of ministries, sectors and localities to ensure the balance between supply and demand of petroleum products to meet the needs of the domestic market and support socio-economic recovery and development.
PM orders balance of petrol demand, supply for domestic market ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh has issueda dispatch requesting joint efforts of ministries, sectors and localities to ensurethe balance between supply and demand of petroleum products to meet the needsof the domestic market and support socio-economic recovery and development.

In the February 22 document, he noted that petroleum is a strategic, important andsensitive commodity that easily affects people's psychology and directly impacts macro-economic stability, so it must be managed and operated in ascientific and strict manner, in accordance with legal provisions.

He asked the Ministry of Industry and Trade to coordinatewith relevant ministries and agencies in managing the balance in the petroleum market to avoid shortage in the domestic market; and conductinginspection and check of supply and distribution units as well as trading stationsacross the country in order to promptly detect and resolutely deal with acts ofhoarding petroleum for profit and other violations.

The ministry was required to collaboratewith the Committee for Management of State Capital at Enterprises in workingwith the Vietnam Oil and Gas Group and related agencies and units to determinethe committed output of domestic petrol manufacturing enterprises in the comingtime as a basis for the import of petroleum to meet the market demand.

It should actively cooperate with the Ministry ofInformation and Communications, the Ministry of Finance and relevant agenciesto provide adequate, timely and accurate information on the situation ofpetroleum production, import and distribution, price administration, directionsof the Government and the Prime Minister on this issue, as well as related violationsand handling measures on the mass media.

The Government leader also requested the Ministry of Financeto coordinate with the Ministry of Industry and Trade and relevant agencies in studyingand proposing a plan to adjust the tax policy on environmental protection forpetroleum products, and asked the People's Committees of provinces andcentrally-run cities to closely inspect and supervise the sale of petrol andoil at retail stores in the localities./.
VNA
#Prime Minister Pham Minh Chinh #dispatch #petroleum products #domestic market #Vietnam #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Petrol prices rise by over 400 VND per litre

Petrol prices rise by over 400 VND per litre

Retail petrol prices rose by more than 400 VND per litre from 3pm on January 21 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
Petrol prices up nearly 1,000 VND per litre

Petrol prices up nearly 1,000 VND per litre

Retail petrol prices increased by nearly 1,000 VND per litre from 3pm on February 11 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
Taxes and fees to be cut to curb petrol prices

Taxes and fees to be cut to curb petrol prices

Vietnam will need to cut taxes and fees, in addition to using the petroleum price stabilisation fund if petrol prices keep rising, said a leader from the Ministry of Industry and Trade (MoIT).

See more

ASEAN, China promote cross-border payments

ASEAN, China promote cross-border payments

In the first quarter of 2025, the value of RMB transactions between China and Malaysia reached 102 billion RMB (4 billion USD), up 27% year-on-year, while transactions with Cambodia reached 5 billion RMB (686 million USD), an increase of 45% compared to the same period in 2024.

Vietnamese Ambassador to China Pham Thanh Binh (left) and Chairman of the China Council for the Promotion of International Trade Ren Hongbin. (Photo: VNA)

Vietnam, China eye deepening trade promotion cooperation

The Vietnamese Embassy is ready to act as a bridge in facilitating cooperation between the China Council for the Promotion of International Trade (CCPIT) and Vietnamese partners, as well as in connecting enterprises from both countries, said Ambassador Pham Thanh Binh.

PM Pham Minh Chinh speaks at the meeting. (Photo: VNA)

PM calls for bold, accelerated action in railway development

Prime Minister Pham Minh Chinh has urged ministries, agencies, and localities to act with “greater speed and boldness” to carry out Vietnam’s railway projects at the second meeting of the Steering Committee for key national railway projects in Hanoi on April 26.

Vietnamese Ambassador to Cambodia Nguyen Minh Vu meets with leaders and staff of three rubber companies in Kampong Thom province, Cambodia. (Photo: VNA)

Vietnam, Cambodia deepen investment links in Kampong Thom

Vietnamese Ambassador to Cambodia Nguyen Minh Vu on April 25 paid a working visit to several subsidiaries of the Vietnam Rubber Group (VRG) in Kampong Thom province, and held discussions with provincial leaders to enhance coordination and create more favourable conditions for Vietnamese firms, thereby promoting stronger bilateral investment ties.

Can Tho leaders and Bestway Group executives perform the symbolic launch ceremony for the new project. (Photo: VNA)

Bestway International launches 300 million USD plant in Can Tho city

Once operational, the plant is projected to create over 5,000 direct jobs and generate approximately 500 million USD in annual revenue, primarily through exports. The project is expected to significantly enhance regional employment and economic growth, contributing to Can Tho’s development and the broader Mekong Delta region.

Tra fish processed for export in Dong Thap province (Photo: VNA)

World Bank forecasts Vietnam's GDP growth at 5.8% in 2025

As a trade-oriented economy, with imports and exports representing almost 170% of the GDP, Vietnam is particularly exposed to ongoing shifts in global trade policies. The US remains the largest export destination of Vietnam, accounting for 30% of its total exports, while China makes up 38% of its imports.

Vietnamese Minister of Industry and Trade (MOIT) Nguyen Hong Dien (Photo: VNA)

US calls tariff talks with Vietnam productive

US Trade Representative Jamieson L. Greer and Vietnamese Minister of Industry and Trade (MOIT) Nguyen Hong Dien agreed on the importance of making swift progress towards reciprocal and balanced trade between the US and Vietnam.

The working delegation from the Party Central Committee's Commission for Information, Education and Mass Mobilisation inspects the resettlement area for residents affected by the Ninh Thuan 1 Nuclear Power Plant project. (Photo: VNA)

Ninh Thuan asked to gain public support for nuclear power plant project

Pham Van Hau, Permanent Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Council, stated that recognising the importance of the project, the province has developed specific plans and a roadmap for its implementation. This includes focusing on effective communication efforts to gain high consensus among officials, Party members, and people.