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Tuesday, June 25, 2024

Ministry wants lending conditions eased for fuel companies

By Minh Anh

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HCMC – Minister of Industry and Trade Nguyen Hong Dien has asked banks to facilitate gasoline imports for suppliers and retailers by easing lending conditions and raising credit limits.

Speaking at a conference on fuel supply for the domestic market, chairman of the Vietnam Petroleum Association Bui Ngoc Bao said the country is adequately supplied with fuel despite technical issues at the Nghi Son Refinery and Petrochemical LLC in early 2023.

However, it remained challenging for fuel companies to ensure adequate supply for the country due to financial issues, he added.

Though credit was available, tight lending conditions prevented them from taking out loans, especially for non-state enterprises.

Thus, Dien has told the banking sector to support fuel firms.

He also proposed the Commission for Management of State Capital at Enterprises and the Vietnam Oil and Gas Group direct oil refineries to secure enough fuel supply for the domestic market as committed. If oil refineries suspend operations, they must promptly notify relevant authorities and fuel suppliers in advance.

Meanwhile, suppliers were requested to closely monitor market developments to ensure the market was well supplied.

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