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Update news vietnam's petrol market
As the domestic petrol prices are also going parallel with the world market, the removal of the petrol price stabilisation fund should be considered.
Under the plan, the focus will also be on developing the petrol stations along new roads and in new urban areas with an appropriate roadmap to reduce the number of small-scale and inefficient stations.
Technology experts say that using e-invoices is necessary to achieve a transparent petroleum distribution market to prevent unofficial products and false statements about petroleum output.
The second draft was revealed on April 1, a few days after the ministry submitted the first draft of the revised Decree on petroleum business.
According to the new proposal, key petroleum businesses can decide their gasoline selling prices while the State authorities only announce the average world petroleum price every 15 days.
Last year many petroleum companies had to pay penalties for fraud they had committed many years before. Some of them owed huge tax debts or were forced to pay tax arrears, while their leaders were prohibited from leaving the country.
A number of petroleum distributors owe trillions of dong in tax, mostly environmental protection tax.
The Ministry of Industry and Trade (MOIT) has proposed transferring its responsibility for petroleum reserve management to the Ministry of Finance (MOF). But MOF says that only MOIT is in the position to undertake the work.
A number of petroleum distributors are in distress: their tax debts are increasing and their leaders have been prohibited from leaving the country.
Whether prices of gasoline in Vietnam are reasonable with regard to income per capita compared to those of other countries around the world remains controversial.
Most of the $11.5 billion required to build the petroleum reserve infrastructure system by 2030 will come from outside the federal budget.