The construction of a crude oil reserve storage in Nghi Son in the central province of Thanh Hoa rests on solid political, legal, practical and planning foundations, so the focus must be on advancing the project rather than any delay or retreat, Prime Minister Pham Minh Chinh told a meeting of standing government members in Hanoi on April 1.
The project will follow the master plan on national petrol and gas storage and supply infrastructure for 2021-2030, with a vision to 2050. It addresses an urgent need for energy infrastructure while holding strategic importance for economic development and national energy security.
As fuel demand is rising and supply is still heavily relying on global markets, proactively building crude oil reserves will help Vietnam mitigate risks from volatile fluctuations. At the same time, the Nghi Son facility will also boost the efficiency of the Nghi Son refinery and petrochemical plant, optimise the supply chain, and create momentum for economic growth in the north central region and nationwide.
After hearing reports and opinions, PM Chinh underscored the need to turn the Politburo and Party General Secretary To Lam’s directions on strategic reserves into action, calling it a critical mission.
He directed the Vietnam National Industry - Energy Group (Petrovietnam) to work closely with relevant agencies and Thanh Hoa province to begin construction immediately, serving both the Nghi Son refinery and petrochemical plant and national reserves. Petrovietnam must race to prepare and submit the project for approval, then proceed with construction, while the provincial People’s Committee will handle site clearance, PM Chinh stressed.
The government leader also requested relevant agencies to promptly perform the assigned tasks and apply regulations for an urgent construction project.
The Ministry of Finance was tasked with finalising the decree guiding the enforcement of the Law on National Reserves, clearing bottlenecks such as the direct exchange of national reserve goods and establishing technical and economic norms for national reserve commodities.
At the same time, relevant agencies must urgently propose necessary mechanisms and policies for inclusion in the National Assembly’s draft resolution to realise the Politburo’s Resolution No. 79-NQ/TW dated January 6, 2026 on developing the state sector, PM Chinh noted.
The Ministry of Industry and Trade must continue directing the study and construction of additional petrol and crude oil storage facilities in Quang Ngai’s Dung Quat and Ho Chi Minh City’s Long Son, and other locations.
Security and safety must be ensured, even in exceptional incidents, while guaranteeing project effectiveness, he said, adding that Petrovietnam should team up with foreign partners to fulfill high-level agreements on petrol storage facilities, thus supporting double-digit economic growth, socio-economic development, national defence - security, and turning Vietnam into a regional energy hub while elevating its standing and reputation.
The meeting agreed on immediate tasks and long-term directions, including a unified model in which enterprises invest in and build storage facilities. State-owned enterprises will initially take the lead, with mechanisms and policies to be refined to lure non-state players. Options for the State to purchase or lease facilities will also be considered on the principle of balancing interests, with the State avoiding roles that private enterprises can do better and faster.
