Vietnam sets up energy security task force amid Middle East conflict

Prime Minister Pham Minh Chinh signed Decision No. 385 creating the task force, which will help coordinate ministries and agencies to ensure stable energy supply and respond to developments that could affect the country’s fuel market.

Deputy Prime Minister Bui Thanh Son will head the task force, with Acting Minister of Industry and Trade Le Manh Hung serving as standing deputy head.

Members include officials from several ministries, including finance, construction, agriculture and environment, and foreign affairs, as well as leaders of major state energy companies such as Vietnam Electricity, Vietnam National Coal and Mineral Industries Group, and Vietnam National Petroleum Group.

The task force will monitor developments, assess risks, and coordinate measures to ensure adequate supplies of petrol and other fuels for production, business activities, and consumer demand.

It will also study and propose policy measures and response options to address potential disruptions to energy supply and report issues beyond its authority to the prime minister.

On Wednesday, PM Chinh chaired a meeting with ministries and agencies to assess global developments that could affect Vietnam, particularly the conflict in the Middle East and other regions.

The Middle Eastern region has seen escalating military exchanges between the United States, Israel, and Iran in recent days.

He instructed the foreign ministry to prepare a report for the Communist Party of Vietnam’s Politburo and Secretariat assessing the conflict’s potential impact on Vietnam and proposing response scenarios.

Chinh said the situation could affect Vietnam’s macroeconomic stability, including inflation and growth, as well as energy security, logistics costs due to higher prices, possible supply chain disruptions, and the safety of Vietnamese citizens overseas.

He called for flexible policy responses, including ensuring sufficient energy supply, preventing hoarding or price manipulation in fuel markets, and stabilizing petrol prices.