On June 26, 2026, the Vietnam Petroleum Institute (VPI), a subsidiary of the Vietnam National Industry – Energy Group (Petrovietnam), held a working session with the Japan International Cooperation Agency (JICA) to exchange experience and promote cooperation in research, surveys, and the development of a crude oil stockpiling strategy, contributing to the enhancement of national energy security.
ÔngMr. Okamura Kenji, Deputy Director General of the Energy and Mining Group, Infrastructure Management Department at JICA Headquarters, commended the efforts of the Vietnamese Government in responding to recent regional energy fluctuations, particularly amid increasing geopolitical risks and supply disruptions.
Sharing Japan’s experience in developing and operating its crude oil stockpiling system, Mr. Okamura Kenji noted that Japan maintains reserves equivalent to approximately 250 days of consumption, supported by a network of 15 storage facilities distributed nationwide. The system integrates government-managed reserves, private sector holdings, and international cooperative arrangements. It operates under a robust legal framework that clearly stipulates stockpiling obligations for enterprises and outlines government coordination mechanisms in emergency situations. Drawing on this practical experience, JICA expressed its interest in collaborating with VPI experts to propose solutions for improving the legal framework, developing a master plan, expanding storage infrastructure, and strengthening management capacity.
Mr. Nguyen Van Tu, General Director of the Vietnam Petroleum Institute stated that the VPI is currently undertaking the “National Energy Stockpiling Strategy” project, which covers a broad scope across multiple energy sectors, including oil and gas, coal, and new energy sources. In the course of developing the strategy, VPI has referred to international practices, among which Japan’s model is considered one of the most effective and suitable for Vietnam’s conditions. Therefore, technical support, knowledge sharing, and data provision from Japan are of significant importance to the successful completion of the project.
The two sides also engaged in in-depth discussions on key technical issues, including the composition of reserves (crude oil and petroleum products), target stockpiling days, financial mechanisms, the role of the private sector, and operational models for the stockpiling system. VPI and JICA agreed to establish dedicated working groups in areas such as policy, technical matters, and finance to enhance coordination efficiency.
Concluding the meeting, Mr. Nguyen Van Tu affirmed VPI’s readiness to actively participate in cooperation programs with JICA and expressed his expectation that Japanese experts would be deployed at an early stage to support the formulation of the strategy. This cooperation is expected to provide a critical foundation for Vietnam to progressively develop a comprehensive crude oil stockpiling system, thereby strengthening long-term national energy security.
NEWS