Vietnam is set to overhaul its petroleum trading regulations by November 10, 2026, as directed by Prime Minister Lê Minh Hưng. This initiative aims to enhance fuel distribution, secure supply chains, and increase market transparency. The Ministry of Industry and Trade has been tasked with drafting the new decree to achieve these objectives.
Issued on October 21, the directive requires the ministry to work closely with other government departments to finalize the proposed regulations. The reforms will focus on reducing the number of major petroleum traders while strengthening their capacity to secure supplies and maintain reserves. This effort is intended to prevent fuel shortages and establish clearer responsibilities within the industry.
Part of the reform includes streamlining the distribution network by eliminating unnecessary intermediaries, thus reducing operating costs. The changes aim to create a more efficient and transparent petroleum market and minimize disruptions during the transition to the new system.
A significant aspect of the draft decree involves changes to fuel pricing. Under the proposed framework, petroleum businesses would have the authority to determine and announce retail prices using a government-established pricing formula. This new approach would replace the current system of periodically published benchmark fuel prices. Traders will be required to declare price adjustments and notify the relevant authorities, who will monitor compliance and oversee market developments.
The government intends to balance state supervision with market-driven pricing. To prevent speculation, market manipulation, and unjustified price hikes, the proposed regulations include safeguards and provide authorities with tools to intervene in the market when necessary, ensuring stability and consumer protection.
Additionally, the Ministry of Industry and Trade has been instructed to devise plans to ensure adequate petroleum supplies under all circumstances, coordinating with other agencies to prevent disruptions. Overall, the new decree is designed to strengthen Vietnam’s petroleum regulatory framework, improve distribution efficiency, and safeguard national energy security while transitioning to a more market-oriented system under state management.