Vietnam may allow private sector participation in oil market

The Ministry of Industry and Trade has asked the government to open oil and fuel markets and futures trading to fully-private operators.

The government should loosen controls of the industry and move toward a market-based system, Deputy Minister of Industry and Trade Nguyen Cam Tu said in a statement posted on the government website.

Vietnam’s Industry and Trade Ministry has proposed that individuals or companies with storage facilities and distribution networks that meet certain requirements be allowed to import fuel, according to the statement. A draft plan to open up the industry is pending government review and approval, it said.

Vietnam should also permit companies to hedge against fluctuations in oil prices by trading oil futures, according to the statement.

thanhnien, bloomberg

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