Prime Minister Pham Minh Chinh: Immediately build a crude oil storage facility at Nghi Son and consider other locations.
On the morning of April 1st, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee on the preparation for the implementation of the national crude oil reserve project in Nghi Son (Thanh Hoa). Also attending the meeting were Deputy Prime Ministers, leaders of ministries, government agencies, Thanh Hoa province, and the Vietnam National Energy and Industry Corporation (Petrovietnam).
According to reports and opinions at the conference, the construction of a crude oil storage facility in Nghi Son (Thanh Hoa) contributes to the early realization of the National Petroleum and Gas Reserve and Supply Infrastructure Plan for the period 2021-2030, with a vision to 2050. This is not only an urgent requirement in terms of energy infrastructure but also has strategic significance for economic development and ensuring national energy security.
Given the increasing demand for fuel and the heavy reliance on international markets for supply, proactively stockpiling crude oil will help Vietnam mitigate risks from unpredictable fluctuations. At the same time, the Nghi Son crude oil storage facility will contribute to improving the operational efficiency of the refinery, optimizing the supply chain, and providing impetus for economic development in the North Central region and the entire country.
After listening to the reports and opinions, Prime Minister Pham Minh Chinh delivered a concluding speech, emphasizing the need to concretize the directives of the Politburo and General Secretary To Lam on strategic reserves, stating that this is a very important issue.
Welcoming the urgent research and preparation work of the Ministry of Industry and Trade, Petrovietinam, and Thanh Hoa province, the Prime Minister affirmed that the construction of a crude oil reserve has a full political, legal, practical, and planning basis, so it should only be discussed and not postponed.
The meeting decided on several immediate tasks and outlined long-term objectives; these included unifying the business model for investing in and constructing reserve warehouses, initially assigning this responsibility to state-owned enterprises, perfecting mechanisms and policies to encourage the participation of non-state enterprises; and considering the State's acquisition or lease-purchase of reserve warehouses based on the principle of harmonizing interests, ensuring that the State does not undertake tasks that enterprises can perform well or better.
The Prime Minister instructed Petrovietnam to take the lead and coordinate with relevant agencies and Thanh Hoa province to immediately construct a crude oil storage facility in Nghi Son to directly serve the Nghi Son Refinery and Petrochemical Plant and national reserves. Petrovietnam was instructed to urgently develop the project, submit it to the competent authorities for approval, and begin implementation. The People's Committee of Thanh Hoa province was tasked with land clearance. The relevant agencies were instructed to immediately commence work, applying regulations applicable to emergency construction projects.
The Ministry of Finance continues to finalize the decree guiding the implementation of the Law on National Reserves, addressing several related issues such as the direct exchange of national reserve goods and economic and technical norms for national reserve goods. At the same time, relevant agencies are urgently proposing necessary mechanisms and policies for inclusion in the draft Resolution of the National Assembly on the implementation of Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on the development of the state-owned economy.
The Ministry of Industry and Trade continues to direct, research, and implement the construction of other petroleum and crude oil storage facilities in Dung Quat (Quang Ngai), Long Son (Ho Chi Minh City), and other areas. The Prime Minister emphasized the need to ensure security and safety, including in the event of special incidents, and to ensure the effectiveness of the projects. In the spirit of encouraging further cooperation with foreign partners, Petrovietnam is working with partners to implement the high-level leadership agreement to build petroleum storage facilities, serving double-digit economic growth, socio-economic development, national defense and security, contributing to making Vietnam a regional energy hub, and enhancing the country's position and prestige.
