HCMC – Prime Minister Le Minh Hung said the Ministry of Industry and Trade will be held responsible for ensuring no shortages of electricity and fuel.
At a Government meeting on April 22, Hung stressed the sector must guarantee fuel and energy supply under all circumstances as part of its core mandate in 2026.
The ministry reported early efforts in 2026 to build on progress from the 2021–2025 period. It is focusing on institutional reforms, industrial production, energy security, and expanding both domestic and international trade.
Government officials acknowledged the sector’s role in proposing policy measures, particularly in the fuel market, amid recent challenges.
Hung said the industry and trade sector plays a central role in achieving key economic targets, including double-digit growth, and must take the lead in addressing bottlenecks affecting production and business activity. He emphasized the need for coordinated action to meet targets set under the Government’s action plan for the 14th National Party Congress, including achieving double-digit economic growth.
He noted that growth targets will depend heavily on the sector’s performance, calling on the ministry to take a leading role in addressing structural issues and supporting business activity.
The prime minister urged the ministry to accelerate implementation of key plans, assigning clear responsibilities and deadlines to departments, state-owned enterprises, and local authorities.
He also called for faster progress on legal reforms, including amendments to laws on petroleum, electricity, and trade, as well as drafting a new law on key industries for submission to the National Assembly.
The ministry was instructed to streamline administrative procedures, decentralize authority to local governments, and reduce regulatory overlaps under the principle that each task should be managed by a single responsible agency.
Authorities were asked to update the national power development plan, accelerate power projects, and improve hydropower operations in coordination with relevant agencies. Plans are also underway to restructure the fuel distribution system, cut intermediary layers, and build national fuel reserves, alongside promoting the use of E10 gasoline.
The Government is also pushing for deeper industrial restructuring, encouraging large-scale projects and stronger linkages between domestic firms and foreign-invested enterprises to integrate Vietnamese companies into global supply chains.
The ministry will work with other agencies to diversify export markets, improve trade efficiency, and prepare for tariff negotiations with the United States. It will also seek to better utilize existing free trade agreements and pursue new ones.
