(Photo: VNA)

80 National Assembly deputies registered to join the session which was broadcast live on TV and radio. Addressing the session, Minister of Industry and Trade Nguyen Hong Dien admitted that petroleum prices have recently spiked dramatically in the global market due to supply disruptions in large crude oil producers. The price hike immediately affected the domestic petroleum market. He said that Vietnam has Nghi Son and Dung Quat oil refineries that supplies 70% of the domestic demand, or up to 21 million tons of petroleum per year. He called for long-term solutions to resolve the issue and an improved reserve plan. Deputy Prime Minister Le Van Thanh said the government will ensure sufficient petroleum supply but the price must be governed in line with market principle and state regulation.

"We need to master domestically produced petroleum sources as 70% shall be met in our plan and another 10 million tons designed in Vung Tau to raise domestic output to 23 million tons. Crude oil product must be cranked up as it has met only half of production need," said Mr. Thanh.

Minister of Natural Resources and Environment Tran Hong Ha emphasized on state regulatory role to prevent land price increase and speculation while ensuring supply and demand balance.

National Assembly Chairman Vuong Dinh Hue spoke at the session: "The first Q&A session of the 15^th National Assembly Standing Committee took place in a democratic manner and attracted voters’ interest. It promptly addressed their concern and presented long-term fundamental solution. Interaction has been well managed despite the hybrid format of online and offline. Ministers have showed their openness in discussion, identify problem causes and absorbed deputies’ opinions to raise governance for national development with issues close to local practices and realities.”

The NA Chairman asked the government and ministries to develop scenario of energy security and price management reflecting world prices and completing provincial land use planning.