Vietnamese 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, aims to enhance fuel distribution, ensure supply security, and increase transparency in the petroleum market.
The proposed reforms seek to consolidate the number of major petroleum traders, bolstering their capacity to secure supplies and maintain reserves. Additionally, the reforms plan to clarify responsibilities to prevent fuel shortages. Streamlining the distribution network by eliminating unnecessary intermediaries and reducing costs is also a key focus, targeting a more efficient and transparent market with minimal disruptions during the transition.
A significant change in the draft regulations involves fuel pricing. The new framework would allow petroleum businesses to set and announce retail prices within their networks based on a government-established pricing formula, replacing the current system of periodically published benchmark prices. Traders would be required to declare any price changes and notify authorities, who would ensure compliance and monitor market developments. This aims to balance state supervision with market-responsive pricing.
To safeguard against market manipulation and unjustified price increases, the regulations propose measures to prevent speculation. Authorities would maintain the ability to intervene when necessary to stabilize the market and protect consumers. The Ministry of Industry and Trade has also been tasked with developing plans to ensure consistent petroleum supplies and coordinate with other agencies to avoid disruptions.
The overall goal of these proposed regulations is to strengthen Vietnam’s petroleum regulatory framework, enhance distribution efficiency, and safeguard national energy security while transitioning to a more market-oriented system under state management.