Vietnam’s Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to deliver a draft decree revising petroleum trading regulations by November 10, 2026. This directive, issued on October 21, aims to bolster the nation’s fuel distribution, supply security, and market transparency.
The proposed reforms seek to reduce the number of major petroleum traders, thereby enhancing their capability to secure supplies and maintain reserves efficiently. A significant aspect of these changes involves streamlining the distribution network by eliminating unnecessary intermediaries and cutting operational costs, ultimately fostering a more efficient and transparent petroleum market.
Under the new framework, petroleum businesses would be empowered to determine and announce retail prices within their distribution networks. This pricing autonomy would follow a government-established formula, replacing the current system of periodically published benchmark prices. Businesses would need to declare price adjustments and notify relevant authorities, which would monitor compliance and oversee market developments.
The government aims to maintain regulatory oversight while allowing prices to better respond to market conditions. Additionally, the proposed regulations include measures to prevent speculation, market manipulation, and unjustified price hikes. Authorities would retain intervention tools to stabilize the market and protect consumers.
Furthermore, the Ministry of Industry and Trade has been tasked with ensuring adequate petroleum supplies under all circumstances, coordinating with other agencies to avert disruptions. This comprehensive reform seeks to strengthen Vietnam’s petroleum regulatory framework, enhance distribution efficiency, and secure national energy, while transitioning towards a more market-oriented system under state management.