HCMC – Deputy Prime Minister Le Minh Khai has directed the Ministry of Industry and Trade to explore the feasibility of creating a fuel trading exchange, according to a recent directive from the Government Office.
The directive, outlined in Official Dispatch No. 5124, calls for a review of media reports and expert opinions highlighting the need for a transparent fuel trading platform. Experts believe such a platform would balance the interests of businesses and enhance market transparency.
Deputy PM Khai emphasized the potential benefits of a fuel trading exchange for Vietnam. He said that a trading platform would make pricing and transaction volumes public, thereby reducing the risk of price manipulation. It would also establish a flexible pricing mechanism and improve fuel distribution and circulation.
The current fuel market, primarily state-controlled but with private sector involvement in retail, is seen as favorable for the establishment of a trading exchange. Recent regulatory changes, allowing retailers to source from multiple suppliers, have laid the foundation for this initiative.
Khai instructed the Ministry of Industry and Trade to collaborate with relevant agencies to consider establishing a fuel trading floor. The goal is to enhance transparency and address market instability.
The ministry is expected to propose suitable implementation measures or, if beyond its authority, report to the prime minister by the end of July.
