Vietnamese Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to develop a draft decree to reform the nation’s petroleum trading regulations by November 10, 2026. This initiative aims to enhance fuel distribution, boost supply security, and foster market transparency.
The directive, issued on October 21, requires the ministry to collaborate with relevant government departments to finalize these regulations. The proposed reforms are designed to consolidate the number of major petroleum traders, bolster their supply capabilities, and clarify roles in averting fuel shortages. Additionally, the government plans to streamline the distribution network by eliminating unnecessary intermediaries and reducing operational costs, ultimately creating a more efficient and transparent petroleum market.
A significant aspect of the reform involves changes in fuel pricing. Under the new draft framework, petroleum companies would have the authority to set and announce retail prices within their networks, using a government-determined pricing formula. This would replace the current system of periodically published benchmark fuel prices. Traders will be required to declare price adjustments and inform authorities, who will oversee compliance and market trends, ensuring state supervision while allowing prices to reflect market conditions.
The proposed regulations also aim to curb speculation, market manipulation, and unwarranted price hikes. Authorities will retain intervention tools to stabilize the market and protect consumers when necessary. Concurrently, the Ministry of Industry and Trade has been tasked with ensuring a steady petroleum supply under all conditions and coordinating with other agencies to prevent disruptions.
Overall, the draft decree is intended to fortify Vietnam’s petroleum regulatory framework, improve distribution efficiency, and safeguard national energy security while transitioning towards a more market-oriented system under state oversight.