Vietnamese Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to present a draft decree revising petroleum trading regulations by November 10, 2026. This directive, issued on October 21, aims to improve fuel distribution and market transparency while bolstering supply security.
The ministry is tasked with collaborating with relevant government departments to finalize these proposed regulations. The reforms are set to reduce the number of major petroleum traders and enhance their capacity to secure supplies and maintain reserves. Additionally, they will clarify responsibilities for preventing fuel shortages.
To streamline the distribution network, the government intends to eliminate unnecessary intermediaries and cut operating costs. These changes are designed to foster a more efficient and transparent petroleum market, minimizing disruptions during the transition.
A significant aspect of the reform is fuel pricing. Under the proposed framework, petroleum businesses would be able to set and announce retail prices within their networks based on a government-established pricing formula. This would replace the existing system of periodically published benchmark fuel prices.
Traders would need to declare price adjustments and notify relevant authorities, who would oversee compliance and market developments. The government aims to balance state supervision with allowing prices to respond more directly to market conditions.
The draft regulations also propose safeguards against speculation, market manipulation, and unjustified price hikes. Authorities would retain intervention tools to stabilize the market and protect consumers when necessary.
Furthermore, the Ministry of Industry and Trade has been instructed to devise plans ensuring adequate petroleum supplies under all conditions, coordinating with other agencies to prevent disruptions. These measures are intended to strengthen Vietnam’s petroleum regulatory framework while transitioning to a more market-oriented system under state management.