Investment Trade Ministry proposes opening fuel market to foreign retailers The Saigon Times Monday, Jul 13, 2020,13:56 (GMT+7) Trade Ministry proposes opening fuel market to foreign retailersThe Saigon Times A Petrolimex employee refills a motorbike at a local gas station. The Ministry of Industry and Trade has proposed allowing foreign investors to enter the country’s fuel retail market – PHOTO: VNA HCMC – The Ministry of Industry and Trade has sent the Government a draft decree amending and supplementing certain articles of Decree 83/2014 on petrol and oil trading, proposing allowing foreign investors to enter the country’s fuel retail market. Under Article 1 of the draft amended decree, apart from fuel traders approved to transfer stakes to foreigners by the prime minister, petrol and oil traders can also transfer their stakes of less than 35% to foreign investors, Thanh Nien Online reported. The ministry said that while fuel is a strategic commodity and has a big influence on energy security and residents’ daily activities, it is necessary to open the local fuel market to foreign retailers. Upon Vietnam joining the World Trade Organization in 2007, the country did not commit to opening its fuel market to foreigners so that domestic firms could solidify their… Read full this story
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