Modern oil and gas regulations needed: MoIT
A central oil platform operated by the Việt-Nga Vietsovpetro Joint Venture at the Bạch Hổ (White Tiger) Oilfield. — VNA/VNS Photo Huy Hùng
It's high time Việt Nam establishes modern oil and gas laws and regulations to strengthen the State management of these key resources, attract investors and improve the country's investment environment, Minister of Industry and Trade Nguyễn Hồng Diên told National Assembly deputies on Friday in Hà Nội.
He said the country's Oil and Gas Laws, enacted in 1993 and modified in 2000 and 2008, have started showing a number of shortcomings and limitations, as the current development of the industry has outpaced what policymakers envisioned more than two decades ago.
Proposed changes to current laws and regulations include the continuation of pre-existing projects and contracts with business partners, while keeping the country's legal frameworks up-to-date with international standards and trade agreements that Việt Nam is a part of.
"Our ministry has put forward six policy groups to be reviewed and approved by the Government and the National Assembly," he said.
A key proposal to boost the development of Việt Nam's oil and gas industry is a reduction of the corporate income tax to 25 per cent and a new policy that brings the maximum cost recovery up to 80 per cent for special oil and gas projects. The proposal was the result of comprehensive studies of business models that have been employed by countries similar to Việt Nam.
Another top priority is to ensure the smooth implementation of the new laws and regulations, according to the chairman of the National Assembly Economic Committee Vũ Hồng Thanh.
Thanh said the new changes must keep in line with what was set out by Việt Nam's 2013 Constitution and the international agreements the country has signed. He said lawmakers must conduct extensive studies and reviews of the proposed changes.
The focus is to streamline the process of oil and gas management and strengthen the industry supply chain while taking into consideration the unique importance and characteristics, as well as how it may affect the economy as a whole.
According to Thanh, once completed the new laws will cover most major aspects of the industry, from extraction, transport, storage, distribution and retail, meeting the country's top priorities in regards to national defence, security, foreign policies and sovereignty.
He asked the Government to continue improving bidding regulations for oil and gas development, especially on selecting qualified and capable contractors for future projects. — VNS
Related News
![Squadron 3, Anti-smuggling and Investigation Department: Proactively control and prevent smuggling of gasoline, oil and drugs at sea](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/27/16/62024082309004820240827164332.jpg?rt=20240827164335?240828030044)
Squadron 3, Anti-smuggling and Investigation Department: Proactively control and prevent smuggling of gasoline, oil and drugs at sea
15:00 | 28/08/2024 Anti-Smuggling
![MoIT will strengthen efficiency in dealing with trade remedies in H2](https://english.haiquanonline.com.vn/stores/news_dataimages/2023/072023/19/15/croped/trade-remedy20230719153012.1465840.jpg?230719033107)
MoIT will strengthen efficiency in dealing with trade remedies in H2
15:31 | 19/07/2023 Import-Export
![First shipment of liquefied natural gas imported into Vietnam ](https://english.haiquanonline.com.vn/stores/news_dataimages/2023/072023/10/16/croped/vna-potal-tau-cho-khi-thien-nhien-hoa-long-nhap-khau-dau-tien-vao-viet-nam-cap-cang-ba-riavung-tau-682386520230710161139.5235780.jpg?230710041239)
First shipment of liquefied natural gas imported into Vietnam
16:12 | 10/07/2023 Import-Export
![MoIT plans to launch a transaction assurance system in e-commerce](https://english.haiquanonline.com.vn/stores/news_dataimages/2023/062023/21/14/croped/2-920230621144510.7653410.jpg?230621024612)
MoIT plans to launch a transaction assurance system in e-commerce
14:46 | 21/06/2023 Import-Export
Latest News
![Eco-industrial parks vital to achieving net zero emission target by 2050](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/namcaukieu-974420240907182735.9617940.jpg?240907062824)
Eco-industrial parks vital to achieving net zero emission target by 2050
18:28 | 07/09/2024 Headlines
![PM urges pushing up growth in 2024, 2025 with priority solutions](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/pm-262220240907182600.3753200.jpg?240907062630)
PM urges pushing up growth in 2024, 2025 with priority solutions
18:26 | 07/09/2024 Headlines
![Vietnam attracts foreign investors thanks to its stability: Russian official](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/hinh-anh-79420240906141711.7865050.jpg?240906021755)
Vietnam attracts foreign investors thanks to its stability: Russian official
14:17 | 06/09/2024 Headlines
![August CPI stays stable compared to previous month](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/august-cpi-stays-stable-compared-to-previous-month-59620240906141438.6085100.jpg?240906021508)
August CPI stays stable compared to previous month
14:15 | 06/09/2024 Headlines
More News
![Co-branded cards open doors for Vietnamese business to enter global market](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/05/16/croped/370771-visadth-605720240905161100.0212200.jpg?240905041123)
Co-branded cards open doors for Vietnamese business to enter global market
16:11 | 05/09/2024 Headlines
![For sustainable development of cross-border e-commerce](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/16/16-thay2024082311242720240830160423.jpg?rt=20240830160426?240904024344)
For sustainable development of cross-border e-commerce
14:43 | 04/09/2024 Headlines
![Tourism sector serves about 3 million visitors during National Day holidays](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/04/14/croped/vna-potal-ca-nuoc-don-3-trieu-luot-khach-dip-nghi-le-quoc-khanh-29-7571465-662320240904142228.0840630.jpg?240904022317)
Tourism sector serves about 3 million visitors during National Day holidays
14:23 | 04/09/2024 Headlines
![What to do to mobilize investment resources for green transport?](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/14/croped/1307-259431148-941994990050898-3054124825542113726-n20240830144546.jpg?240904083134)
What to do to mobilize investment resources for green transport?
08:31 | 04/09/2024 Headlines
![Economic growth models innovation an essential step for sustainable development: Experts](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/03/19/croped/370945-4940438393653901-article-962520240903194304.0368050.jpg?240903074325)
Economic growth models innovation an essential step for sustainable development: Experts
19:43 | 03/09/2024 Headlines
![Russian newspaper highlights value of Vietnam "bamboo diplomacy" policy](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/03/19/croped/17250702784168-194420240903194117.6781020.jpg?240903074140)
Russian newspaper highlights value of Vietnam "bamboo diplomacy" policy
19:41 | 03/09/2024 Headlines
![Becoming a green hydrogen exporter: Vietnam can elevate its economic position](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/29/15/croped/5-dr-majo-george-900x59920240822130226202408261338502024082620192620240829155044.jpg?240903093111)
Becoming a green hydrogen exporter: Vietnam can elevate its economic position
09:31 | 03/09/2024 Headlines
![Ho Chi Minh City stimulates consumption](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/29/10/croped/19-12024081520103120240829104057.jpg?240903092834)
Ho Chi Minh City stimulates consumption
09:28 | 03/09/2024 Headlines
![Vietnamese firms urged to quickly adapt to EU Deforestation Regulation](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/02/19/croped/dong-phu-rubber-plantation-929720240902190427.8805960.jpg?240902070456)
Vietnamese firms urged to quickly adapt to EU Deforestation Regulation
19:04 | 02/09/2024 Headlines
Your care
![Eco-industrial parks vital to achieving net zero emission target by 2050](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/medium/namcaukieu-974420240907182735.9617940.jpg?240907062824)
Eco-industrial parks vital to achieving net zero emission target by 2050
18:28 | 07/09/2024 Headlines
![PM urges pushing up growth in 2024, 2025 with priority solutions](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/medium/pm-262220240907182600.3753200.jpg?240907062630)
PM urges pushing up growth in 2024, 2025 with priority solutions
18:26 | 07/09/2024 Headlines
![Vietnam attracts foreign investors thanks to its stability: Russian official](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/medium/hinh-anh-79420240906141711.7865050.jpg?240906021755)
Vietnam attracts foreign investors thanks to its stability: Russian official
14:17 | 06/09/2024 Headlines
![August CPI stays stable compared to previous month](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/medium/august-cpi-stays-stable-compared-to-previous-month-59620240906141438.6085100.jpg?240906021508)
August CPI stays stable compared to previous month
14:15 | 06/09/2024 Headlines
![Co-branded cards open doors for Vietnamese business to enter global market](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/05/16/croped/medium/370771-visadth-605720240905161100.0212200.jpg?240905041123)
Co-branded cards open doors for Vietnamese business to enter global market
16:11 | 05/09/2024 Headlines