What are regulations on reporting and disclosing of the Petrol and Oil Price Stabilization Fund in Vietnam?

What are regulations on reporting and disclosing of the Petrol and Oil Price Stabilization Fund in Vietnam?

Article 7 of Circular 103/2021/TT-BTC has regulations on reporting and disclosing of the Petrol and Oil Price Stabilization Fund as follows:

1. Major petroleum traders are responsible for publicly announcing on the enterprise's website or on the mass media the balance of the Petrol and Oil Price Stabilization Fund (estimated amount) before each times when key petroleum traders adjust domestic gasoline and oil prices according to the gasoline price management notice of the Ministry of Industry and Trade; At the same time, publicly announce the situation of appropriations, expenditures, and interest arising on the account balance of the Petrol and Oil Price Stabilization Fund and the Fund balance of the preceding month (before the 15th of every month).

2. Periodically, before the 15th of every month, key petroleum traders are responsible for preparing and sending reports to the Ministry of Finance (Price Management Department) and the Ministry of Industry and Trade (Domestic Market Department) on the implementation of the Petrol and Oil Price Stabilization Fund of the immediately preceding month, including: Petrol and Oil Price Stabilization Fund balance at the beginning of the reporting period; Total output and types of gasoline and oil allocated and spent during the reporting period; Total amount set aside for the Gasoline Price Stabilization Fund in the reporting period; Total amount spent using the Petrol and Oil Price Stabilization Fund in the reporting period; Interest arising on the positive or negative balance of the Gasoline Price Stabilization Fund during the reporting period; Balance of the Petrol and Oil Price Stabilization Fund at the end of the reporting period; At the same time, it is responsible to attach a statement of the Petrol and Oil Price Stabilization Fund account during the reporting period. The key petroleum trader is fully responsible for the accuracy of data and reported information.

Report submission is done by one of the following methods: Send directly to the receiving agency's office; Sent via postal service; Send via fax or email (scanned copy) to:

- The email address for receiving reports of the Ministry of Finance (Price Management Department) is: bcxangdau@mof.gov.vn;

- The email address for receiving reports of the Ministry of Industry and Trade (Domestic Market Department) is: xangdau@moit.gov.vn;

On the basis of information reported by key petroleum traders, every quarter, the Ministry of Finance and the Ministry of Industry and Trade synthesize and publish on the websites of the Ministry of Finance and the Ministry of Industry and Trade the amount of appropriations, the amount of expenses used, the interest incurred and the balance of the Petrol and Oil Price Stabilization Fund of key petroleum traders.

What are regulations on reporting and disclosing of the Petrol and Oil Price Stabilization Fund in Vietnam? (Image from the Internet)

What are regulations on inspection and supervision of implementation of appropriation and expenditure for use of the Petrol and Oil Price Stabilization Fund in Vietnam?

Article 8 of Circular 103/2021/TT-BTC also regulates inspection and supervision of the implementation of appropriation and expenditure for use of the Petrol and Oil Price Stabilization Fund:

1. The method of checking and supervising the implementation of appropriation and expenditure for use of the Petrol and Oil Price Stabilization Fund is carried out through periodic or extraordinary reports of key petroleum traders; or through working and discussing directly with the unit. In case it is necessary to verify and clarify data, the Ministry of Finance (Price Management Department) and the Ministry of Industry and Trade (Domestic Market Department) request petroleum traders to make additional reports. In case of necessity according to state management requirements or the annual information capture plan, the Ministry of Finance (Price Management Department) coordinates with the Ministry of Industry and Trade (Domestic Market Department) to organize work, discuss and check directly at the unit.

2. Results of inspection and supervision are notified so that key petroleum traders can promptly update and adjust data. Difficulties and obstacles that arise in the process of setting aside and spending for use of the Petrol and Oil Price Stabilization Fund are researched, considered and handled to facilitate implementation by key petroleum traders; In case a major petroleum trader is discovered not to comply or not to comply with regulations, it will be considered and handled according to the provisions of Decree No. 95/2021/ND-CP.

Best regards!