Viet Nam plans to build national crude oil reserve

On Wednesday, Vietnamese Prime Minister Phạm Minh Chính chaired government meeting on preparations for the national crude oil reserve project in Thanh Hóa Province.

The project is aimed at strengthening energy security as fuel demand rises and supply remains dependent on global markets. During the meeting, the Prime Minister had instructed state-owned industry Petrovietnam to immediately begin work on a crude oil storage facility in Nghi Son, which will both supply the local refinery and serve as part of the national reserve.

He also urged the industry to fast-track the project and seek approval while Thanh Hoa authorities were responsible for site clearance under emergency procedures.