Consistency & stability for petroleum industry development

Résumé détaillé

The new Law on Petroleum 2026 aims to translate expectations for the oil and gas industry into tangible outcomes.

More than a month after the new Law on Petroleum was enacted, revisiting its core principles has taken on particular importance. Assessing the significance of this legislative milestone, Dr. Phan Duc Hieu, Member of the National Assembly (NA)’s Economic and Financial Committee, who directly participated in discussions and revisions of the draft, described it as a major achievement, saying it reflected the sustained efforts of the drafting and reviewing bodies, together with NA deputies, to translate the government’s expectations for this specialized legislation into law.

Looking over the governance structure established by the new Law, Dr. Hieu said the documents submitted to the NA distilled the energy sector’s strategic objectives into two overarching principles.

First, oil and gas remain important components of Vietnam’s primary energy mix. Energy is not simply a matter of commercializing natural resources or ensuring the supply of ordinary commodities. In the long term, it is closely tied to economic development and directly determines the country’s independence and autonomy.

Second, oil and gas resources must be managed in the context of the global energy transition. He noted that while Vietnam remains committed to reducing net emissions, the transition to a greener economy requires a realistic roadmap aligned with the country’s available resources. Oil and gas remain essential transition fuels that cannot be replaced immediately. Developing oil and gas potential is not incompatible with sustainability. Rather, it generates State revenue, foreign currency, and technical infrastructure that can be reinvested in clean energy.

This approach goes hand-in-hand with upgrading the entire value chain. The growth model cannot continue to rely on exporting raw resources. Rather, the goal must be to master scientific and technical capabilities and build domestic technological capacity to develop a complete service value chain.

To put these priorities into practice, the Law on…

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