Petroleum law urged to be revised to boost Vietnam’s oil and gas growth

A workshop on ensuring national energy security and the role of the oil and gas sector opened in Hanoi on Thursday.

Participants discussed ways to boost the development of the oil and gas sector in the context of high global demands for oil and gas. Director of the Vietnam Oil and Gas Institute Nguyen Hong Minh said that energy production accounts for 50% of oil and gas demand globally, and Vietnam is no exception. He stressed the need to set up a Stabilization Fund for Crude Oil in order to manage the oil and gas budget: The State management of oil and gas needs revision in order to cope with rapid changes of oil and gas prices. There are many ways to improve the state management in this regard, especially to review the budget collection of crude oil with an eye toward changing oil prices.

Former Trade Minister Truong Dinh Tuyen affirmed that the energy security has a huge impact on food and finance security. Therefore, the Petroleum Law should be revised as soon as possible to facilitate the development of the sector, he suggested.

Source: VOV5