Vietnam has imported more than eight million cubic meters of fuel in the first nine months of the year, with the largest share coming from South Korea.

Replying to calls to cut taxes to pave the way to slash gasoline prices, the Ministry of Finance (MOF) said the highest gasoline price in Vietnam is only 65-80 percent of the price in countries bordering Vietnam.

Domestic enterprises imported a total of 6.26 million tonnes of petroleum products worth 4.95 billion USD in the first seven months of 2023, up 15% year on year in volume and down 13.5% in value.

Vietnam spent nearly US$5 billion importing oil and gasoline products between January and July, up 61% year-on-year.

Vietnam must invest to raise its fuel reserve capacity, said economists and policymakers during a conference discussing how to encourage investment from the private sector in fuel infrastructure and to stabilise fuel supply and demand.

Vietnam needs to seek funds to increase the national reserve of petroleum to deal with urgent situations in the context of fluctuating global markets.

The Economic Committee of the National Assembly yesterday held an explanation session on the fuel market and the state management in this aspect.

Filling stations must sell gasoline at ceiling prices set by the Ministry of Industry and Trade (MOIT), though they are incurring big losses.

The Ministry of Industry and Trade (MOIT) has issued a series of decisions on revoking certificates for petrol distributors.

Hundreds of fuel companies have written to the prime minister saying the current regulations are putting a strain on their operations.