Accordingly, to ensure the reasonableness and feasibility of the document and to protect the rights and interests of businesses, on the morning of May 14, 2024, the Vietnam Chamber of Commerce and Industry (VCCI) collaborated with the Ministry of Industry and Trade to organize the workshop "Contributing to the Draft Decree on Petroleum Business."

Workshop "Contributing to the Draft Decree on Petroleum Business" Organized by VCCI and the Ministry of Industry and Trade

At the workshop, Mr. Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of VCCI, emphasized that petroleum is an especially important commodity. Managing this sector is challenging not only for Vietnam but for many countries, as it requires balancing numerous interests.

He also pointed out that if petroleum prices are high, it benefits businesses in the sector but negatively impacts other macroeconomic factors. Additionally, since petroleum businesses incur high costs, market instabilities pose significant risks, potentially disrupting supply chains. This reality was witnessed over a year ago.

Mr. Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of VCCI, Shared Information at the Workshop

According to Mr. Tuan, the new Decree on Petroleum Business will not only affect businesses within the sector but will also impact many other industries. Therefore, learning from past instabilities, this revision must ensure transparency, market orientation, sustainability, and maintain market incentives within the Decree.

"To achieve this, the Ministry of Industry and Trade needs to widely solicit opinions from the business community and create incentives for contributors to speak frankly and honestly... thereby identifying the most appropriate points," Mr. Tuan expressed.

Mr. Phan Văn Chinh, Director General of the Domestic Market Department, Ministry of Industry and Trade, Shared Information at the Workshop

Speaking at the workshop, Mr. Phan Văn Chinh, Director General of the Domestic Market Department at the Ministry of Industry and Trade, stated that petroleum is a strategic commodity that requires a specific management mechanism. Therefore, the management approach differs from that of other commodities.

According to Mr. Chinh, the difference is not merely about imposing strict and strong sanctions but also about having policies that encourage businesses to participate in the market with associated national responsibilities and obligations.

"The reason for this is that we used to think that businesses in the petroleum sector made huge profits, that simply selling fuel would bring in money. However, this is not the case. Petroleum is not dependent on supply and demand but on geopolitics—an unpredictable factor," Mr. Chinh explained.

He also asserted that, due to these unique characteristics, a flexible and practical strategy is necessary. This is reflected in the four major issues addressed in this Decree, which inherit content from the previous Decree and include new adjustments to fit the current market.

Delegates' Remarks at the Workshop

Regarding the Draft Decree on Petroleum Business, many participants at the workshop noted that the Draft has inherited the advantages of the current Decree. It amends, supplements, and replaces provisions to suit practical circumstances and the current requirements of business management. Essentially, the regulations are quite clear and address the shortcomings in petroleum business management.

However, alongside these positive aspects, many issues remain. For example, the matters related to the Petroleum Price Stabilization Fund and the fixed costs for retail petroleum businesses in the pricing structure.

Therefore, experts and businesses proposed and recommended solutions to develop and refine the Draft to meet the current market demands for petroleum.

Acknowledging the contributions from experts and businesses in building the Draft, Mr. Phan Văn Chinh expressed his hope for more practical feedback in the future. This will ensure that when the Draft is finalized, issued, and implemented, it will resolve the existing issues in the petroleum market.