In a move to enhance Vietnam’s petroleum market transparency and efficiency, Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to draft new petroleum trading regulations by November 10, 2026. This directive, issued on October 21, targets improved fuel distribution, bolstered supply security, and a streamlined trading framework.
The proposed reforms aim to refine the petroleum sector by reducing the number of major traders, enhancing their capacity to secure supplies and maintain reserves, and delineating responsibilities to avert fuel shortages. The government also seeks to eliminate unnecessary intermediaries and cut operating costs, fostering a more efficient distribution network.
A significant aspect of the draft decree involves revising the fuel pricing mechanism. Businesses would be empowered to set and announce retail prices within their networks, using a government-established formula, replacing the current benchmark fuel price system. This change aims to align prices more closely with market conditions while maintaining state oversight.
Moreover, the regulations are designed to guard against market manipulation, speculation, and unwarranted price hikes. Authorities would retain the authority to intervene when necessary to stabilize the market and protect consumers. The Ministry of Industry and Trade is also tasked with ensuring adequate petroleum supplies and coordinating with other agencies to prevent disruptions.
This initiative represents a strategic move towards a more market-oriented system under state management, reinforcing Vietnam’s petroleum regulatory framework while safeguarding national energy security.