Increase in total minimum petroleum sources

According to Director General of the MoIT's Domestic Market Department Phan Van Chinh, in 2024, based on the business results of 2023 and total registered capacity of petroleum traders, the MoIT has considered the total minimum allocation of petroleum sources for 2024 of nearly 28.42 million cu.m/tonne.

Minister of Industry and Trade Nguyen Hong Dien chairs the meeting on the solutions to ensure adequate supply of petroleum in 2024

Tran Ngoc Nam, Deputy General Director of the Vietnam National Petroleum Group (Petrolimex), in 2024, the MoIT will allocate 1.5 million m3/tonne for the Group, a 12 percent increase compared to the Group's sales output in 2023.

Based on the MoIT’s assignment, Petrolimex will strictly implement and closely follow the targets as well as regulations on minimum inventory limits.

Regarding the assigned minimum quota, Deputy General Director of the Military Petroleum Corporation (MIPECORP) Tran Phu Binh said the corporation’s quota in 2024 increases by 30 percent compared to 2023; therefore, MIPECORP will be determined to implement the assigned plan.

Backup plans needed

Faced with unpredictable developments in the world and domestic economies, along with forecasts that domestic petroleum demand will increase, Minister Dien analyzed and said that the scenarios for operation of the petroleum business system must not be on an annual, but on monthly and quarterly basis, and will be flexibly adjusted.

The minister affirmed that the common task of the ministries, sectors, localities, and associations is that there must not be shortages and disruptions of petroleum supplies in any scenarios.

To ensure adequate and timely supply of petroleum for production and consumption, Minister Dien requested the petroleum leading wholesalers, distributors, and retailers to strictly follow the regulations of current laws.

They are also urged to comply with the directions of the Government, ministries and localities on the application of management software to ensure objectivity and transparency, issuance of electronic invoices in petroleum businesses according to the Government’s Decree and the guidance from the Ministry of Finance.

In addition, they have to strictly implement the total minimum allocated petroleum resources, with monthly and quarterly implementation plans. From practical activities, they need to proactively propose mechanisms or specific solutions to be able to effectively cope with unusual developments in the world petroleum market.

Minister Dien also requested the Ministry of Finance, the State Bank of Vietnam, relevant ministries, sectors and localities to strengthen close coordination with the MoIT in the management and operation of petroleum business system, and in regular inspection and handling of violations according to regulations.

The minister also asked member units of the MoIT to intensify the inspection and monitoring of the observance of the laws and directions from the Government and the MoIT of petroleum traders in the business system.