Vietnam to draft new decree on petroleum business by November 2026

The Vietnamese Government Office has issued a directive to the Ministry of Industry and Trade to finalize a draft decree replacing Decree No. 83/2014/ND-CP regarding petroleum business. The draft must be submitted to the Government before November 10, 2026.

The new regulations aim to restructure the market by reducing the number of major petroleum traders while enhancing sourcing, storage capacity, and supply security. The directive emphasizes cutting unnecessary intermediaries to eliminate circular trading and reduce circulation costs, creating a more streamlined and transparent distribution system.

Furthermore, the decree seeks to reform price management mechanisms based on market principles under State supervision. This includes ensuring the State has sufficient tools to regulate and stabilize prices to prevent speculation, manipulation, or unreasonable price hikes. The Ministry of Industry and Trade is also tasked with working with the Ministry of Public Security and the Government Inspectorate to address policy loopholes identified in previous inspections to prevent loss or waste.