Vietnam's Prime Minister has told the Ministry of Industry and Trade (MOIT) to submit its draft decree on petroleum trading, which will replace Decree 83/2014, to the government no later than November 10, 2026. The instruction came in document No. 10747/VPCP-CN, sent by the Government Office to the trade minister on October 21, according to the government's news portal Báo Chính phủ and Vietnam+. The text is still a draft and has not been adopted.

The ministry must work with the ministries of finance, justice, construction and public security and the Government Inspectorate to finalise the draft, gather comments on it and on the ministry's submission No. 8153/TTr-BCT of October 8, and respond to them in full. The trade minister is personally accountable for its quality and timing.

What the draft must deliver

According to Báo Chính phủ, the draft must restructure and reduce the number of key petroleum traders (the wholesalers licensed to import or source fuel) on a feasible roadmap that does not disrupt the market; cut unnecessary middlemen and circular trading to lower distribution costs; reform price management on market principles while the state keeps control of price components and stabilisation tools; and close loopholes identified by inspections.

On pricing, MOIT says the state would no longer announce a periodic base price as it does today. Key traders and distributors would set and publish retail prices in their own networks using a formula laid down in the decree, then declare each change to regulators for monitoring. The draft keeps rules that still work and revises those that have proved inadequate.

Timeline

  • September 3, 2014: Decree 83/2014 on petroleum trading issued, later amended.
  • September 17, 2026: Notice No. 488/TB-VPCP sets out the Prime Minister's directions.
  • October 8, 2026: MOIT files submission No. 8153/TTr-BCT.
  • October 21, 2026: Government Office issues document No. 10747/VPCP-CN.
  • By November 10, 2026: deadline to submit the final draft.

KBVN+ earlier reported on VCCI's objections to a proposed 40-station requirement for key traders.

Oil price backdrop

The push comes as global crude climbs. Vietnam+ reported that as of the afternoon of October 21, Vietnam time, Brent futures were up USD 1.32 (1.2%) at USD 110.11 a barrel and US WTI was up USD 1.18 (1.2%) at USD 99, near five-month highs, on attacks on ships in the Middle East and stalled diplomacy over the Iran-related conflict. Maritime tracker Kpler recorded at least 18 attacks on vessels in two weeks. The same document orders MOIT to prepare plans to keep fuel supplied in all circumstances. None of the sources estimate how the draft or world prices will affect Vietnamese pump prices.

What comes next

MOIT has until before November 10 to file the finished draft, and its content may still change before the government decides. For motorists and fuel retailers, the points to watch are self-set prices based on a formula and the plan to cut the number of key traders. Follow updates in our Business section.