Retail fuel prices in Viet Nam were reduced from 15:00 on May 28 following a decision issued by the Ministry of Industry and Trade and the Ministry of Finance.

The price of E5RON92 biofuel is capped at 21,934 VND (0.83 USD) per litre, down 658 VND per litre from the previous level, while RON95-III gasoline now costs no more than 23,042 VND per litre, a decrease of 719 VND per litre.

The National Assembly on April 9 afternoon heard a Government proposal and a appraisal report on a draft resolution introducing special tax measures for petrol, oil and aviation fuel, including environmental protection tax, value-added tax (VAT) and excise tax.

In the face of the risk of supply losses and fire hazards stemming from the illegal collection and cross-border transportation of fuel, the Domestic Market Management and Development Department under the Ministry of Industry and Trade has issued a directive requiring localities to strengthen inspections and strictly handle violations in fuel trading and transportation in border areas.

The military conflict in the Middle East is placing unprecedented pressure on many transport infrastructure projects in terms of fuel and construction materials. As costs soar and fuel supplies are disrupted, construction firms are scrambling to maintain operations at worksites while minimising the impact on project timelines.

In recent days, amid concerns over rising petrol and oil prices and the possibility of supply disruptions, people in many localities rushed to purchase and stockpile fuel, causing a sudden surge in demand within a short period. However, after retail petrol and oil prices were adjusted on March 7, the stockpiling situation has eased.

The Ministry of Industry and Trade, and the Ministry of Finance announced increases in retail petrol prices, effective from 3:00 pm on August 28.