In a proactive move to mitigate the impacts of global energy volatility, Vietnam has successfully mobilized approximately four million barrels of oil from its international partners. This initiative aims to provide a short-term supply boost, according to Prime Minister Pham Minh Chinh, highlighting the government’s commitment to stabilizing market sentiment and ensuring public life remains unaffected amid rising fuel prices.
During a crucial meeting on Monday, which was co-chaired by National Assembly Chairman Tran Thanh Man and PM Chinh, the current challenges in both global and domestic energy markets were addressed. Man emphasized the importance of collaboration with foreign leaders to secure stable energy supplies, acknowledging the difficulties posed by fluctuating prices adding pressure to the economy.
PM Chinh reaffirmed that the government is engaged in continuous discussions and directives to tackle the ongoing situation. “Vietnam has already secured about four million barrels of oil from partners to ensure near-term supply,” he noted, indicating a proactive strategy to cushion the domestic market against potential supply shocks.
People line up to buy gasoline at a gas station in Hanoi, 7:10 pm, March 9, 2026. Photo by The Investor/Thai Ha.
To further support the industry, the government announced a significant reduction in preferential import taxes for various gasoline products and raw materials. Effective from March 9, the import tax on unleaded motor gasoline has been decreased from 10% to 0%, applying to unblended gasoline and ethanol blends categorized under HS code 2710.12.
This tax reduction extends to essential gasoline blending materials, such as naphtha and reformate, which will also benefit from a tax drop to 0%. Additionally, the import tax for other fuel types, including diesel, fuel oil, aviation fuel, and kerosene, will see reductions from 7% to 0%, a move welcomed by many businesses within the sector.
The decree, identified as Decree 72, encompasses adjustments to the taxation of petrochemical raw materials as well. For example, taxes on xylene, condensate, and p-xylene are being slashed from 3% to 0%, while other cyclic hydrocarbons will experience a decrease in tax rates from 2% to 0%.
This tax policy is effective until April 30th; however, it may be extended if fuel market conditions remain unstable. The Ministry of Industry and Trade is authorized to propose any necessary extensions to ensure socio-economic stability, reflecting the government’s flexibility and responsiveness to evolving market conditions.