Vietnam’s Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to draft new petroleum trading regulations by November 10, 2026. This initiative is part of a broader effort to enhance fuel distribution, bolster supply security, and increase market transparency in the country.
The directive, issued on October 21, requires the ministry to work closely with other government departments to finalize the regulation proposals. The planned reforms aim to streamline the petroleum distribution network by reducing the number of major traders and removing unnecessary intermediaries, thereby cutting operating costs. Additionally, the reforms will focus on strengthening the capacity of traders to secure and maintain fuel reserves while setting clearer responsibilities to prevent shortages.
A significant component of the proposed changes involves allowing petroleum businesses to set and announce retail prices within their networks using a government-established pricing formula. This framework would replace the current system of periodically published benchmark prices, aligning fuel costs more directly with market conditions while maintaining state oversight.
The proposed regulations also intend to introduce measures to prevent market manipulation, speculation, and unjustified price hikes. Authorities would retain the ability to intervene when necessary to stabilize the market and protect consumers.
In parallel, the Ministry of Industry and Trade has been tasked with developing plans to ensure adequate petroleum supplies under all circumstances, coordinating with other agencies to minimize disruptions.
Ultimately, the proposed decree seeks to fortify Vietnam’s petroleum regulatory framework, enhance distribution efficiency, and safeguard national energy security, while transitioning towards a market-oriented system under state management.