As the Prime Minister of Vietnam, Pham Min Chin has assured citizens that there is no shortage of gasoline and that prices are regulated according to regulations. In a telegram on June 23, he emphasized the importance of ensuring domestic fuel supply and avoiding shortages in all circumstances. Despite this, sixteen oil trading companies have returned their licenses this year, bringing the number of gasoline and oil distributors in the market down by about 10%. These distributors purchase fuel from key companies to sell at affiliated retail outlets. According to the Ministry of Industry and Trade, those who returned their licenses did so voluntarily because they did not meet the necessary business conditions.
The total import and domestic purchase of oil in the second quarter was about 6.35 million m3 tons, with consumption reaching approximately 6.3 million m3 tons. The Ministry of Industry and Trade assures that there is enough supply to meet demand for both consumption and production, with management agencies ready to ensure an adequate supply of oil. The Prime Minister has also reviewed electricity prices, medical services, and the food industry to prevent cost-push inflation. To quickly regulate supply and demand in the food sector, the government closely monitors production, input price fluctuations, and demand.
In terms of aviation, the Ministry of Transport is working to stabilize air traffic capacity and balance flight loads. The Prime Minister also emphasized the importance of addressing cases of spreading false information that can disrupt the market. The consumer price index increased by 4.4% in May due to factors such as food and housing prices. While the World Bank has suggested ways to support economic growth, concerns have been raised about how a stronger dollar could impact interest rate cuts on inflation prevention measures.
Overall, Pham Min Chin’s efforts towards maintaining stable energy supplies are commendable while addressing various sectors’ concerns for sustainable economic growth continues to be crucial for Vietnam’s development goals.