The Standing Committee has ordered a review of new regulations to allow fuel distributors to trade with each other. — VNA/VNS Photo

HÀ NỘI — The Standing Committee of the Government of Việt Nam has tasked the Ministry of Industry and Trade with thoroughly reviewing and finalising new regulations to permit petroleum distributors to buy and sell fuel from one another, ensuring compliance with the law and alignment with market principles.

This directive was outlined in the Standing Committee’s conclusions on feedback and explanations from Cabinet members regarding the draft decree replacing Decree 83/2014 on petroleum trading and its related amendments.

In terms of price management, the Government emphasised that pricing principles must adhere to legal regulations on pricing and follow market mechanisms. State intervention will only apply in cases of abnormal fluctuations or complex market conditions.

On the matter of fuel reserves, the Government agreed to maintain the current regulations, under which key traders are responsible for maintaining a 20-day supply as part of their circulation reserves. Distributors, however, are not subject to this storage obligation.

A key requirement highlighted in the conclusions is the need to accelerate digitalisation in the fuel trading sector. The entire system must be digitised by April 30.

Any traders or businesses failing to meet obligations on e-invoicing — particularly the use of electronic invoices generated from cash registers connected to tax authorities — will be deemed ineligible for business operations and risk having their licences revoked. This move aims to enhance transparency and management efficiency, and allow for stronger supervision and enforcement.

The Ministry of Industry and Trade will continue to oversee the management and use of the petrol price stabilisation fund in accordance with the Law on Prices. The fund must be managed transparently and efficiently, with no overlap in state management functions. — VNS