Vietnam proposes centralizing petroleum price stabilization fund

The Ministry of Industry and Trade has proposed centralizing the petroleum price stabilization fund by transferring balances from individual wholesale merchants to a single account at the State Treasury. Under the current system, the fund is managed through separate accounts held by wholesale petroleum traders.

According to the draft decree, active wholesale merchants must finalize their fund balances immediately before the decree takes effect. All positive balances must be transferred to an account opened by the Ministry of Finance at the State Treasury. This requirement also applies to merchants who have had their licenses revoked or have ceased petroleum operations but still hold outstanding fund obligations.

The proposal includes a requirement for independent audits of the fund's balances within 12 months of the decree's implementation. If audits reveal higher actual balances than reported, companies must pay the difference; if balances are lower, the reported figures will stand. Conversely, if companies have overpaid or have negative balances, the Ministry of Finance will coordinate with the Ministry of Industry and Trade to facilitate refunds. Once the reconciliation process is complete, the Ministry of Finance will hand over the management of the State Treasury account to the Ministry of Industry and Trade.