Revision of Petroleum Law aims to create smoother legal corridor: Minister
The revision of the Petroleum Law is crucial to creating a smooth legal corridor for investors and increasing the attractiveness of the investment environment in the field of oil and gas, said Minister of Industry and Trade Nguyen Hong Dien while delivering a proposal on the draft amended Petroleum Law at the 15th National Assembly’s ongoing third session on June 3.
Hanoi (VNA) – The revision of thePetroleum Law is crucial to creating a smooth legal corridor for investors and increasing the attractiveness of the investment environment in the field of oil and gas,said Minister of Industry and Trade Nguyen Hong Dien while delivering a proposalon the draft amended Petroleum Law at the 15th National Assembly’s ongoing third session on June 3.
The minister said that the law,issued in 1993 and revised and supplemented in 2000 and 2008, hascreated favourable conditions for the development of the oil and gas sector,ensuring national power security and contributing to safeguarding the nationalsovereignty in the East Sea.
However, the law has yet to meet the requirementsof the reality amid many arising issues during the oil and gas activities, hesaid.
The minister said that the draft revisedPetroleum Law comprises 11 chapters and 64 articles, inheriting basic articlesof the current one, and ensuring the stability and continuity of signed oil and gascontracts and agreements. It is made to match the current legal system andinternational conventions that Vietnam has joined and international practicesin the oil and gas industry.
Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)
Delivering a verification report on thebill, Chairman of the NA Economic Committee Vu Hong Thanh said that the bill issuitable with the 2013 Constitution and matches relevant internationalconventions in which Vietnam is a member.
Thanh said that many members of the committeepointed to the need for detailing impacts of oil and gas activities in midstreamand downstream that are not specified in the Petroleum Law.
At the same time, the bill should specify regulationson the implementation of oil and gas in chain, including exploitation,transportation, and processing, he said.
The official suggestedthe continuous revision of regulations on the conditions to join oil and gasbidding activities, as well as rules on the authority of the Prime Minister andthe Ministry of Industry and Trade over issues related to oil and gas contractstowards the delegation of power to the National Oil and Gas Group./.
It is a must to ensure energy self-sufficiency and balance in any circumstances, meeting energy demand in production, business, national defence and security, and other activities, Prime Minister Pham Minh Chinh said while chairing a working session with the Vietnam Oil and Gas Group (PetroVietnam) in Hanoi on March 16.
PetroVietnam Drilling and Well Services Corporation (PV Drilling) plans to purchase more machines and equipment worth 315 billion VND (13.71 million USD) to maintain its services.
A major supplier in Laos has said that petrol supplies in this country may face “some gaps” after the government held an emergency meeting to address soaring prices and panic buying.
National Assembly (NA) deputies are scheduled to debate the revision of the Petroleum Law on June 3, which aims to strengthen the effectiveness and enforcement of the law in State management, remove obstacles, create a more favourable legal corridor for investors, thus contributing to enhancing the attractiveness of the investment environment in the field of oil and gas.
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
Giang said he believes that building on the solid foundation nurtured over the past half-century and the strong determination of both nations, the Comprehensive Strategic Partnership will continue to grow in a more robust, comprehensive, and extensive manner, thus bringing more practical benefits to the two nations' people.
Highlighting the transformative potential of the draft law in revitalising Vietnam’s railway industry, Hoang Van Cuong, a deputy of Hanoi, expressed his support for Article 39, which empowers the Prime Minister to issue a list of railway-related goods and services to be assigned or ordered from domestic enterprises for production.
According to the Ministry of Public Security, Hoan, formerly Deputy Minister of Labour, Invalids and Social Affairs, is under investigation for allegedly taking bribes in connection with a case involving the Hoang Long Construction and Manpower Supply JSC and related units.
Chairing a national conference on the organisation of the examination on June 18, the PM highlighted the historical significance of the examination, as the restructuring of provincial-level administrative units is underway and the two-tier local administration model is set to officially begin operations on July 1.
Right on the same day, the ministry issued its highest-level travel warning, urging Vietnamese citizens not to travel to Israel or Iran, and advised those already in these countries to swiftly consider evacuation or relocation plans.
From the struggles against colonialists and imperialists to the period of Doi moi (renewal) and international integration, the Vietnamese revolutionary press has always played a pioneering role on the ideological and cultural front, he said.
The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
Vietnam and Indonesia reaffirmed their commitment to strengthening cooperation in combating terrorism as it remains a threat to peace, security, and stability across their respective nations, the broader region, and the international community.
The Vietnamese representative also emphasised the shared responsibility of relevant parties to build trust, enhance cooperation, and jointly manage the risks of conflict, thus safeguarding long-term peace and stability in the East Sea.
The National Assembly on June 18 passed the law amending and supplementing a number of articles of the Law on Product and Goods Quality, with 408 out of 420 participating deputies voting in favour, accounting for 85.36% of the total.
The Party leader asked the new HCM City to embrace a multi-centre and integrated urban ecosystem where each development pole functions as a link complementary to and intelligently connected with each other in a harmonious whole.
The resolutions issued by the PM as well as ministries and ministry-level agencies reassign responsibility for 346 administrative procedures - 18 from district to provincial levels, 278 to commune level, and 50 eliminated.
Legislators are due to pass several amended laws, including the Law amending and supplementing several articles of the Law on Economical and Efficient Use of Energy, and the Law amending and supplementing several articles of the Law on Product and Goods Quality.
Vietnamese localities' readiness to implement the two-tier local administration model, the evacuation of 18 Vietnamese citizens from Iran, Petrovietnam's 11th ranking in the 2025 Fortune Southeast Asia 500 are among news highlights on June 17 evening.
The General Secretary underlined the resolve to achieve a growth rate of at least 8% in 2025, laying the groundwork for double-digit growth in the following period. He noted that these are mandatory targets, with no alternative path to success.
Restructuring and improving the quality of officials, civil servants, and public employees is no longer a choice, but an urgent requirement to transition from administrative management to governance in service of the people.
The Vietnamese Embassy in Israel has advised Vietnamese people living there to proactively prepare and seek ways to leave the country via land border crossings, especially toward Jordan or Egypt, when security and safety conditions allow.
An overview of the session (Photo: VNA) 
Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA) 
