NSRP hosted high-level MoIT delegation led by Deputy Minister Nguyen Sinh Nhat Tan

On the morning of March 25, in Nghi Son, Thanh Hoa, Nghi Son Refinery and Petrochemical LLC (NSRP) held a high-level working session with a delegation from the Ministry of Industry and Trade (MoIT), led by Deputy Minister Nguyen Sinh Nhat Tan.

The meeting brought together key officials from MoIT, including leaders from the Department of Market Management and Domestic Market Development, the Petroleum and Coal Department, the Department of Planning, Finance, and Enterprise Management, as well as the Department of Innovation, Green Transition, and Industry Promotion, among other relevant units.

Representing NSRP, General Director Mr. Kazutaka Yamato, Deputy General Director Mr. Pham Van Chat, and senior managers from key divisions and departments extended a warm welcome to the delegation.

The visit provided the Ministry of Industry and Trade (MoIT) with an in-depth review of NSRP’s operations, focusing on the implementation of Government Decree 83/2014/ND-CP on petroleum trading, as amended by Decrees 95/2021 and 80/2023. The discussions also evaluated NSRP’s strategic role in maintaining a stable petroleum supply for Vietnam through 2025.

Mr. Kazutaka Yamato, General Director of NSRP reports the company’s businessand operations results

At the working session, NSRP General Director Mr. Kazutaka Yamato reaffirmed the company’s commitment to operational excellence, reporting stable and safe performance following the 2023 turnaround, with production reaching up to 120% of optimal capacity. He emphasized NSRP’s focus on optimizing operations, enhancing production capacity, and strengthening domestic supply.

However, NSRP also outlined pressing challenges, particularly regarding domestic product distribution in Q1 and Q2 of 2025, citing weak market demand and high inventory levels. To address these issues, the company called on MoIT to direct Petrovietnam (PVN) and Nghi Son Oil Refinery Products Distribution Branch (PVNDB) and key traders to maximize NSRP product consumption, ensuring cash flow stability and minimizing operational disruptions.

Deputy General Director Mr. Pham Van Chat further detailed NSRP’s key operational concerns, urging MoIT to implement stricter regulations on petroleum imports and storage. He highlighted the impact of low domestic demand in Q1, which forced NSRP to export products, and raised concerns over the continued use of small-sized vessels for product offtake. To improve distribution efficiency, he called for regulatory support in restructuring transportation logistics.

Discussing market inefficiencies, he also stressed the need for a structured roadmap to optimize D10 fuel production, prioritization of Jet A1 for domestic use, and clearer guidance on Euro V standards, MTBE, and Ethanol blending. Additionally, Mr. Chat highlighted energy security risks due to minimal crude oil inventory under the COSA contract and urged MoIT to expedite national reserve storage planning to safeguard refinery operations and long-term supply stability.

Deputy Minister of Industry and Trade Mr. Nguyen Sinh Nhat Tan highlighted NSRP for its strong performance in 2024 and early 2025, ensuring absolute safety in operations while proactively adapting to global energy transition trends. He urged NSRP to further strengthen its efforts, emphasizing the importance of maintaining workplace safety.

MoIT Deputy Minister Nguyen Sinh Nhat Tan speaks at the meeting

He outlined five key priorities for the company in 2025:

First, in operational management, he emphasized the need for NSRP to prepare for accelerated growth and rising fuel demand while remaining vigilant amid global uncertainties. He called for timely reporting to the Ministry to enable swift regulatory support and response.

Second, in market regulation, he encouraged NSRP to expand its distribution network, leveraging its strengths to diversify market reach.

Third, on energy transition, he stressed the importance of assessing the company’s capabilities and market positioning, ensuring a clear understanding of supply and demand forecasts. “Energy transition is critical, failure to adapt will mean falling behind global trends. NSRP must prioritize research and provide timely recommendations on this matter,” he stated.

Fourth, he urged NSRP to take a strategic approach in balancing production expansion and warehouse infrastructure development.

Finally, he highlighted the need for comprehensive market impact assessments, ensuring the company aligns with industry rights and obligations to establish a flexible and sustainable value chain.

Deputy Minister Mr. Tan reaffirmed MoIT’s commitment to supporting NSRP in overcoming challenges, sustaining its achievements, and successfully executing its 2025 objectives. He emphasized the Ministry’s dedication to facilitating NSRP’s alignment with global energy transition trends while ensuring stability in Vietnam’s petroleum market.

The meeting reinforced NSRP’s pivotal role in Vietnam’s energy security while highlighting MoIT’s unwavering support in navigating industry challenges. With a shared vision for innovation, efficiency, and sustainable growth, both sides reaffirmed their commitment to strengthening the petroleum sector, driving energy transition, and ensuring long-term market stability.