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The Domestic Market Management and Development Bureau under the Ministry of Industry and Trade has formed a working group to accelerate state management and supervision of oil and gasoline traders, with a focus on ensuring supply and maintaining circulating stock.
As part of its oversight activities, the delegation conducted inspections of 26 oil and gasoline traders nationwide. The inspections concentrated on compliance with requirements to ensure supply and to maintain the minimum circulating reserves of gasoline and oil.
During the sessions, authorities detected, verified, and issued administrative violation records against three major traders: Hai Duong Gasoline and Oil Materials Joint Stock Company; Vietnam Oil Corporation (PVOIL); and Vinh Long Petro Co., Ltd.
The Bureau said the enterprises failed to maintain the mandatory reserve or maintained reserves below the minimum required by regulations.
In addition to the punished cases, the Bureau is continuing to work with five other main traders suspected of violations related to minimum reserve levels. In some cases, signs of hoarding have been identified and are being investigated and clarified for legal handling.
Strengthening inspection, monitoring, and strict handling of violations has been identified as a central measure to tighten discipline in gasoline trading activities and support stable domestic supply and energy security.
Under current regulations, main traders must maintain minimum circulating gasoline and oil reserves equivalent to about 20 days of supply. In the context of volatile global energy markets, Vietnam aims to raise total national gasoline and oil reserves to around 90 days.
The direction includes a multi-layer reserve approach, comprising commercial reserves held by enterprises (the main traders), national reserves managed by the State, and production reserves at refining facilities.
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