To ensure the supply of petroleum during the Lunar New Year of 2024 in Vietnam

To ensure the supply of petroleum during the Lunar New Year of 2024 in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

On January 24, 2024, the Prime Minister issued Official Telegram 09/CD-TTg on ensuring an adequate supply of petroleum for production, business, and consumption during the Lunar New Year of 2024 and the following period.

To ensure the supply of petroleum during the Lunar New Year of 2024 in Vietnam

To continue effectively implementing tasks and solutions to ensure an adequate supply of petroleum for production, business, and consumption of the people and enterprises during the Lunar New Year of 2024 and the following period, the Prime Minister has requested the immediate implementation of the following key tasks and solutions:

(1) Minister of Ministry of Industry and Trade:

- Regularly monitor and grasp the global and domestic petroleum market situation; strengthen inspections, supervision, guidance, and timely adjustments of petroleum allocation to be suitable for the market situation; proactively have early and remote solutions and appropriate contingency plans for petroleum supply in all situations; and absolutely prevent shortages and disruptions in petroleum supply for production, business, and consumption by people and enterprises.

- Coordinate with relevant agencies to strictly handle organizations and individuals violating regulations on petroleum business while promptly providing solutions to avoid affecting and interrupting petroleum supply in provinces and cities, especially during the upcoming Lunar New Year of 2024.

- Take the lead in closely coordinating with the Ministry of Finance to manage petroleum prices in accordance with legal regulations, in line with the market situation, and to ensure a balance of interests between the State, enterprises, and the people.

(2) Minister of the Ministry of Finance:

- Take the lead in coordinating with the Ministry of Industry and Trade and leading petroleum traders to review and decide on adjustments to the costs related to the base price calculation formula for petroleum, ensuring timely compliance with legal regulations and alignment with the market fluctuations of petroleum.

- Vigorously implement regulations on electronic invoices for each sale and connect data with tax authorities for retail petroleum stores according to Decree 123/2020/ND-CP on invoices, documents, and relevant directives of the Prime Minister.

(3) Chairman of the State Capital Management Committee at enterprises takes the lead in closely coordinating with the Ministry of Industry and Trade to direct the Vietnam National Oil and Gas Group, Vietnam Oil and Gas Corporation, to actively develop appropriate, scientific, and efficient production, distribution, and regulation plans for petroleum; prepare sources of goods; and timely supply petroleum to retail stores in the enterprise's distribution system in localities to ensure an adequate supply of petroleum for the market.

(4) Minister of Ministry of Information and Communications closely coordinates with the Ministries of Industry and Trade and Finance to direct press agencies and coordinates with Vietnam Television, Voice of Vietnam, and Vietnam News Agency to provide accurate and timely information on petroleum supply, the government's policies and directives, and relevant ministries and localities' measures to ensure petroleum supply for the market, avoiding disseminating false information that causes panic and market instability. The Ministries of Industry and Trade and Finance proactively provide timely information to the Ministry of Information and Communications and press agencies as prescribed.

(5) Ministers of Ministries of Industry and Trade, Finance, Public Security, Government Inspectorate, National Steering Committee 389, Chairpeople of People's Committees of provinces, centrally run cities, and heads of relevant agencies according to their functions and tasks continue to strengthen inspections and monitoring to timely detect, prevent, and strictly handle, in accordance with legal regulations, speculative hoarding, smuggling of petroleum, violations of regulations on petroleum business, regulations on electronic invoices, etc.

(6) The Government Office monitors and urges, according to its assigned functions and tasks, and promptly reports to the Prime Minister on issues that exceed its authority.

More details can be found in Official Telegram 09/CD-TTg, dated January 24, 2024.

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