Hanoi (VNS/VNA) - The Ministry of Industry and Trade (MoIT) will send a proposal to the government on whether it is necessary to maintain the petrol price stabilisation fund in June.
A decision will be made after reviewing of the new 2023 Price Law, which will take effect on July 1.
According to the Ministry of Finance (MoF), as of the end of 2023, the balance of the fund was over 6.65 trillion VND, or 260 million USD. During the first five months of this year, the fund was barely touched as a joint task force from the MoIT and the MoF decided to not use it.
The MoIT said with the implementation of the current seven-day price adjustment cycle, the price fluctuations have not been significant. Domestic prices have closely followed global price trends. As fuel traders have taken a more proactive approach to planning and pricing, the petrol supply looks stable for now.
"As the impact of petrol prices on the current socio-economic situation remains low, there are few instances in which the fund can be utilised effectively," said the MoIT in a recent statement.
Total petrol import and production during the first four months of the year reached 7,88 million tonnes, or 9,93 million cubic metres with import accounting for 43.73%. Across the country, traders imported and purchased about 9.2 million cubic metres of petrol products, 32.35% of the ministry's target for 2024.
Meanwhile, Vietnam consumed about 8.3 million cubic metres of petrol products while keeping an inventory level of 1.8 - 1.9 million cubic metres, ensuring sufficient supply for the economy.
A forecast by the ministry has put petrol supply in the second quarter of 2024 at 8,87 million cubic metres with traders' volume reaching 6,35 cubic metres while keeping an inventory level of 1.7 - 1.8 million cubic metres./.

See more

Vietnamese firms eye investment in Laos
He reaffirmed Laos as a key investment destination for Vietnamese and global firms, highlighting opportunities in agriculture, tourism, logistics, and infrastructure.

Bac Giang speeds up non-state budget investment projects
In the coming period, the northern province of Bac Giang will focus on addressing challenges to non-state budget investment projects and expediting their progress, affirmed Vice Chairman of the provincial People's Committee Mai Son.

Agritechnica Asia Vietnam 2025 draws 200 companies from 30 countries
Agritechnica Asia Vietnam 2025 will play a pivotal role in accelerating agricultural mechanisation and innovation across Vietnam and the broader Southeast Asia.

Listed companies extend growth in Q4 2024
Profits of listed companies in Vietnam experienced robust growth in the fourth quarter (Q4) of 2024, marking the fifth consecutive quarter of growth.

Agriculture - key cooperation area between Vietnam, China's Guangxi: website
In the first 11 months of 2024, the total trade of agricultural products between Guangxi and Vietnam reached 18.37 billion RMB (2.5 billion USD), up 17.7% compared to the same period of the previous year.

HCM City, Hanoi among Asia’s least affordable cities for homebuyers
According to the recently-published report, which examines the gap between housing costs and income levels in major Asian cities, the two Vietnamese cities have even surpassed Singapore in the gap between housing prices and average income.

Vietnam international trade fair to host 500 global companies this April
Themed Step Together in Digitised World, Vietnam Expo 2025 aims to inject fresh technological momentum into Vietnam's longest-running trade promotion platform.

Conference looks to lure hi-tech investment in low-emission rice cultivation
By 2030, the million-hectare rice project aims to engage two million rice farmers across 1,230 cooperatives and cooperative groups, as well as 210 rice trading enterprises.

Vietnam, US forge stronger trade, investment partnership
The US is now Vietnam's fifth-largest import market, with five import categories exceed 1 billion USD, namely chemicals, animal feed, plastics, materials, and machinery.

Vietnam, Thailand boost industrial trade exchange
Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

NA weighs specific policies to accelerate Ninh Thuan nuclear power project
Specific mechanisms and policies are critically important to speeding up the project, helping ensure national energy security and meet power demand of socio-economic development in the new era, Minister of Industry and Trade Nguyen Hong Dien said.

Business regulations must be trimmed for development of enterprises: Experts
The high rate of business exits demonstrates the ongoing difficulties within the business sector, signaling that despite improvements in the business environment, more needs to be done to meet the real needs of enterprises.

Insiders sketch out two scenarios for Vietnam’s real estate market in 2025
In the optimistic scenario, the apparatus streamlining efforts will reduce administrative time and costs, and legal policies will be eased, providing vital support for the real estate market.

Vietnamese chemical pharmaceutical industry eyes yearly growth of 8-11% by 2045
By 2045, Vietnam's chemical-pharmaceutical industry is expected to become a high-tech, modern industry with competitiveness and to participate in the global value chain.

VinFast delivers over 10,000 EVs in Vietnam in January
Vietnamese automaker VinFast delivered more than 10,000 electric vehicles (EVs) in the first month of 2025.

Vietnam's agricultural product exports shine in 2024
The agricultural sector wrapped up 2024 with 62.4 billion USD in export turnover, marking an 18.5% increase against 2023, while achieving a record trade surplus of 18.6 billion USD, surging 53.1%.

Vietnam, Laos strengthen energy cooperation
A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

Housing demand from foreigners in Hanoi rises
Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

PM directs submitting draft law on bad debt settlement to legislature in May
Bad debts of commercial banks in Vietnam as of December 31, 2024 hit more than 733.9 trillion VND, an increase of 3.4% compared to the end of 2023, according to the State Bank of Vietnam.

Reference exchange rate down on February 14
The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,562 VND/USD on February 14, down 10 VND from the previous day.