VietnamExpress-July 14

The Ministry of Industry and Trade has proposed that fuel distributors be allowed to sell a maximum of 35 percent of their stake to foreign investors.

The ministry rationalized that several exceptions the government has allowed so far, such as 20 percent foreign ownership in Petrolimex and 35 percent Petrovietnam Oil, have considerably improved the performance, competitiveness and value of these fuel distributors. Vietnam joined the World Trade Organization in 2007 but did not open the market to foreign investors in order to allow local companies to grow and secure key positions in fuel distribution, the ministry said.

Now, after 13 years, local companies have achieved the target and need more capital to invest in storage and port infrastructure to improve production to meet domestic demand, and for this, they need foreign investment, it said.

Read more at: https://e.vnexpress.net/news/business/industries/allow-foreign-ownership-in-fuel-distribution-ministry-proposes-4129846.html