return icon

Trade Ministry proposes to loosen barriers for foreign players in oil and petrol trade

Once the proposal of the Ministry of Industry and Trade (MoIT) is approved, the petrol and oil trading scene may see more foreign players.


In its newest draft, the MoIT would raise the foreign ownership limit in petrol and oil trading companies significantly


The MoIT has submitted the draft decree which will replace Decree No.83/2014/ND-CP on petrol and oil trading. Accordingly, the highlight of the proposal is the authorisation for foreign investors to own up to 35 per cent stake in Vietnamese oil and petrol trading companies.

“Petrol and oil trading is a conditional business sector where domestic companies hold a dominant market share. The amended regulations in the upcoming decree will open more opportunities for foreign investors,” said Tran Duy Dong, director of the Domestic Market Department under the MoIT.

As of now, a number of foreign names are present in Vietnam, including JX Nippon Oil & Energy which owns an 8 per cent stake in Petrolimex and Idemisu Q8 (the joint venture between Kuwait International Petroleum and Idemitsu Kosan) – which are the only foreign enterprises allowed to trade oil and petrol in Vietnam.

Idemitsu Q8 opened its first petrol station in 2017 at Thang Long Industrial Park. So far, it has four stations, one less than its target for this year.

Previously, Total Group from France had been trading in Vietnam since 1990 but under the franchise model only.

A representative of a foreign-invested company which contributed capital to a joint venture exploiting oil in Vietnam, affirmed that difficulties in administrative procedures along with complex investment conditions are hampering foreign players in this sector.

JX Nippon Oil & Energy previously showed interest in increasing its holding in Petrolimex to 20 per cent and Idemitsu Q8 also shared plans to expand its station system to other cities and provinces. In addition, PV Oil is also looking to raise its foreign ownership rate to 35 per cent.

The amended decree is expected to help these enterprises realise their plans. VIR

The Hai

Foreign investors expected to own 35 percent of stake in VN petrol and oil firms

Foreign investors expected to own 35 percent of stake in VN petrol and oil firms

The Ministry of Industry and Trade (MoIT) has proposed the Government to allow petrol and oil businesses to transfer stakes to foreign investors, but not exceeding 35 per cent.  


HCM City faces shortage of teachers at all levels

The Ho Chi Minh City People’s Committee has held a press conference to provide information about socioeconomic issues and epidemic prevention and control in the city.

Female People's Army officer works at EU Training Mission in Africa

Of the seven officers of the Vietnam People’s Army sent by the President to international missions, Lieutenant Colonel Vu Thi Lien is the first officer performing duties at the European Union Training Mission in Central African Republic (EUTM RCA).


Minister requests fruitful cooperation in defence industry with other countries

Vietnamese cyber users advised to be cautious about ChatGPT registration

ChatGPT has recently been so popular in various fields. Since there are limits in ChatGPT registration from Vietnam, Internet users here are warned to be careful to proceed with the process to avoid being scammed.

2-3 more submarine fiber cable routes needed for Vietnam

The Vietnam Internet Association’s (VIA) Secretary General Vu The Binh said Vietnam needs at least two or three more submarine fiber cable routes in the next five years to serve mounting demand.

Vietnam still approves use of Covid antibody treatment

Vietnam still approves use of Covid antibody treatment Evusheld as it is still effective against subvariants circulating in the Southeast Asian country.

Former Coast Guard generals accused of embezzling $2.1 million

The crime allegedly started in 2019 when the Vietnam Coast Guard’s Department of Technology was allocated VNĐ150 billion (US$6.3 million) to purchase equipment.

Transport Ministry told to disburse VND94 trillion in 2023

The Government has tasked the Ministry of Transport with disbursing nearly VND94.2 trillion of public investment in 2023, up 1.7-fold against the 2022 figure and 2.2-fold versus 2021.

Banks pumped VND800 trillion into real estate in 2022

As of December 31, 2022, the outstanding loans provided to the real estate sector had reached VND800 trillion, while the figure was VND700 trillion by the end of 2021, said the Ministry of Construction, citing SBV’s (State Bank of Vietnam) figures.

Finance Ministry suggests taxing land and buildings separately

The Ministry of Finance has proposed developing a new property tax law to separate the tax on land from that on buildings.

Vietnamese movies earn over VND350 billion during Tet

Vietnamese-made films tallied more than VND350 billion in ticket sales in the first nine days of the Lunar New Year, between January 22 and January 30, according to the independent analytical website Box Office Vietnam.

Nguyen Trong Hieu's music video in finals of German Eurovision Song Contest

In a landmark moment for Vietnamese music, Nguyen Trong Hieu, winner of Vietnam Idol 2015, has announced that his latest music video has made it to the final eight in the German Eurovision Song Contest (ESC).

Vietnam's tourism revenue reaches VND46 trillion in January

Vietnam’s tourism industry generated around VND46 trillion in revenue this January, with a surge in domestic and international tourist numbers, according to the Vietnam National Administration of Tourism.

Vietnamese consume nearly 60 tons of gold in 2022

Vietnamese consumers bought 59.1 tons of gold, representing a year-on-year increase of 37 percent, the fastest increase in Southeast Asia, according to the World Gold Council.