Vietnam is set to revise its petroleum trading regulations in a bid to enhance fuel distribution, improve supply security, and boost market transparency. Prime Minister Lê Minh Hưng has tasked the Ministry of Industry and Trade with drafting a new decree by November 10, 2026, to address these issues. The directive, issued on October 21, 2023, calls for collaboration with relevant government departments to finalize the proposed regulations.
The planned reforms aim to streamline Vietnam’s petroleum distribution network by reducing the number of major traders and eliminating unnecessary intermediaries. This is expected to lower operating costs and create a more efficient and transparent market. The government intends to support traders in securing supplies and maintaining reserves while clearly defining their responsibilities to prevent fuel shortages.
A significant component of the reform is the shift in fuel pricing strategy. The draft framework suggests that petroleum businesses would be allowed to set and announce retail prices within their distribution networks based on a government-established pricing formula. This would replace the existing system of periodically published benchmark prices. Traders would need to report price changes and keep authorities informed, allowing the government to maintain oversight while enabling market-driven price adjustments.
The proposed decree also aims to introduce measures against market manipulation, speculation, and unwarranted price increases. Authorities would retain the ability to intervene as necessary to stabilize the market and protect consumers. Additionally, the Ministry of Industry and Trade has been instructed to develop contingency plans to ensure adequate petroleum supplies under any circumstances, coordinating with other agencies to prevent disruptions.
Overall, the initiative seeks to bolster Vietnam’s petroleum regulatory framework, improve distribution efficiency, and safeguard national energy security while gradually moving towards a market-oriented system under state supervision.