The Vietnamese government is set to overhaul its petroleum trading regulations, with Prime Minister Lê Minh Hưng mandating the Ministry of Industry and Trade to draft a new decree by November 10, 2026. This initiative aims to enhance fuel distribution, strengthen supply security, and increase market transparency.
As part of the directive issued on October 21, the ministry is tasked with collaborating with relevant government departments to finalize the proposed regulations. The reforms are intended to reduce the number of major petroleum traders, thereby fortifying their capacity to secure supplies and maintain reserves. Additionally, the regulations seek to establish clear responsibilities to prevent fuel shortages.
Streamlining the distribution network is another focus of the government, which plans to eliminate unnecessary intermediaries and cut operating costs. This approach is designed to create a more efficient and transparent petroleum market, minimizing disruptions during the transition to the new system.
A notable aspect of the reform is its approach to fuel pricing. The proposed framework would permit petroleum businesses to set and announce retail prices within their distribution networks based on a government-established pricing formula, replacing the current system of periodically published benchmark prices. Traders will be required to declare price adjustments and inform the relevant authorities, who will monitor compliance and market developments. While prices would be more responsive to market conditions, state supervision would remain intact.
The draft regulations also propose measures to guard against speculation, market manipulation, and unjustified price hikes. Authorities would retain the capability to intervene when necessary to stabilize the market and protect consumers.
Furthermore, the Ministry of Industry and Trade has been charged with developing plans to ensure a steady petroleum supply under all circumstances and coordinating with other agencies to avert disruptions. These proposed changes aim to bolster Vietnam’s petroleum regulatory framework, enhance distribution efficiency, and secure national energy security while progressing towards a more market-oriented system under state oversight.