Legal Issues on Petrol and Oil Trading Activities – Experience from Singapore, China and Lessons for Vietnam

Abstract

Abstract With the ultimate aim of ensuring national energy security, Vietnam government issued Decree No. 83/2014/ND-CP dated September 3th, 2014 regulating petrolium and oil trading which later was amended by Decree No. 95/2021/ND-CP. The implementation of various decrees has significantly transformed the domestic petroleum market, enabling petrol and oil businesses to operate largely on market mechanisms under state oversight, with domestic gasoline prices flexibly and promptly adjusted in line with global trends as per government directives and legal provisions. The Ministry of Industry and Trade is presently seeking feedback on the draft Decree that proposes amendments and supplements to several articles of Decree No. 83/2014/ND-CP and Decree No. 95/2021/ND-CP. In this context, the authors concentrate on evaluating certain deficiencies in petrol trading activities highlighted in the Draft Decree, encompassing aspects like petrol and oil trading entities, retail pricing, and the petrol stabilization fund. Additionally, a comparative analysis with the regulatory frameworks of Singapore and China on these issues is conducted, aiming to offer suggestions for enhancements in Vietnam’s approach.