Vietnam is gearing up for significant changes in its petroleum sector as Prime Minister Lê Minh Hưng has tasked the Ministry of Industry and Trade with revising the nation’s petroleum trading regulations. The new draft decree, set for submission by November 10, 2026, aims to enhance the distribution framework, bolster supply security, and increase market transparency.
Under the directive issued on October 21, the Ministry of Industry and Trade is required to collaborate with relevant government departments to finalize these proposed regulations. Key reforms focus on reducing the number of major petroleum traders, enhancing their ability to secure supplies and maintain reserves, and clearly defining responsibilities to prevent fuel shortages. The overarching goal is to create a more efficient and transparent market by streamlining the distribution network and cutting unnecessary intermediaries, thereby reducing operating costs.
A significant component of the reform involves fuel pricing. The draft framework proposes allowing petroleum businesses to independently determine and announce retail prices within their distribution networks. This would be based on a government-established pricing formula, moving away from the current system of periodically published benchmark fuel prices. Traders would need to declare price adjustments and notify authorities, who would continue to monitor compliance and oversee market developments to ensure that prices align with market conditions.
The proposed regulations also aim to introduce measures against speculation, market manipulation, and unjustified price increases. Authorities would retain the power to intervene in the market when necessary to stabilize conditions and protect consumers. Additionally, the Ministry of Industry and Trade has been instructed to develop plans for ensuring adequate petroleum supplies under all circumstances and to work with other agencies to prevent disruptions.
These regulatory changes are part of Vietnam’s broader strategy to strengthen its petroleum regulatory framework, improve distribution efficiency, and safeguard national energy security while transitioning towards a more market-oriented system under state supervision. The government’s initiative underscores its commitment to adapting the petroleum sector to meet future challenges and ensure a stable supply for the country’s energy needs.