Vietnam is set to implement new petroleum trading regulations by November 10, 2026, as Prime Minister Lê Minh Hưng has tasked the Ministry of Industry and Trade with drafting a decree to overhaul the nation’s fuel distribution system. This initiative aims to enhance market transparency, ensure energy security, and streamline operations by reducing inefficiencies within the sector.
The directive, issued on October 21, requires the Ministry to work closely with other government departments to finalize the proposed reforms. A crucial aspect of the overhaul is the reduction of major petroleum traders, which will strengthen their capacity to secure and maintain supply reserves, thereby preventing fuel shortages.
Under the new framework, businesses in the petroleum sector will be allowed to set and announce their retail prices based on a government-established pricing formula, replacing the current benchmark pricing system. This move is designed to allow prices to better reflect market conditions while maintaining state oversight to prevent market manipulation and unjustified price hikes.
The government also aims to eliminate superfluous intermediaries in the distribution network, thus reducing operating costs and creating a more efficient market. These changes are intended to facilitate a smoother transition to a market-oriented system, albeit under continued state supervision.
Additionally, the Ministry of Industry and Trade is tasked with developing strategies to guarantee uninterrupted petroleum supplies and coordinate with other agencies to avert potential disruptions. These efforts are part of a broader strategy to bolster Vietnam’s petroleum regulatory framework and safeguard the nation’s energy security.