ON ADVANCES TO THE PETROLEUM PRICE STABILIZATION FUND FROM STATE BUDGET FUNDS, MAKING CONTRIBUTIONS TO THE PETROLEUM PRICE STABILIZATION FUND, AND REPAYMENT OF STATE BUDGET ADVANCES

This Circular provides regulations on the receipt, management, inspection, supervision, audit and final accounts of: advances to and making drawdown from the Petroleum Price Stabilization Fund (PPSF) advanced from the state budget, making contributions to the PPSF, and repayment of state budget advances.

1. Primary petroleum traders (hereinafter referred to as "traders").

2. Commercial banks where traders open restricted accounts to receive state budget advances to the PPSF, make drawdown from and make contributions to the Fund and repayments of state budget advances.

3. Other relevant agencies, organizations and individuals.

1. All drawdown and contributions must comply with the law, ensuring openness and transparency, with a view to limiting abnormal fluctuations in petroleum prices on the market.

2. Contributions to and drawdown from the PPSF advanced from the state budget, shall be carried out in accordance with the plan issued by the Ministry of Industry and Trade.

3. Traders shall make contributions to and drawdown from the PPSF advanced from the state budget, in accordance with the notification on petroleum retail price adjustment issued by the Ministry of Industry and Trade.

4. Making contributions to and making drawdown from the PPSF advanced from the state budget, shall be carried out only once per trader for each liter or kilogram of petroleum sold as the first-hand sales volume at actual consumption temperature on the domestic market during the prescribed contribution and drawdown period.

5. Traders shall open a PPSF account for advances from the state budget at a commercial bank to receive state budget advances to the PPSF, make drawdown, contributions and repayments of state budget advances. The commercial bank shall restrict this account.

This account shall be independent from the PPSF accounts already opened by the trader at commercial banks.

6. Interest accrued on the balance of the PPSF account for advances from the state budget shall be credited to this account.

7. Repayment of state budget advances shall be carried out in a consolidated manner on the basis of the results of the thematic independent audit of the PPSF advanced from the state budget, of the trader.

1. Based on the Prime Minister's decision on supplementation of the state budget estimate for the Ministry of Industry and Trade for advancing to the PPSF at traders, the Ministry of Industry and Trade shall assign the budget estimate to the Department of Domestic Market Management and Development.

2. The Department of Domestic Market Management and Development shall receive and organize the advances to the PPSF.

1. Initial advance

a) The Department of Domestic Market Management and Development shall issue a written request to traders for a state budget advance to the PPSF at the trader;

b) The trader shall submit an advance request document for the PPSF according to Appendix No. 01. Within 3 working days from receipt of the trader's advance request, the Department of Domestic Market Management and Development shall consolidate and submit to the Ministry of Industry and Trade for approval the initial advance amount equal to (=) the first-hand sales volume per liter or kilogram of petroleum at actual consumption temperature sold by the trader on the domestic market in the 7 immediately preceding days multiplied by (x) the maximum PPSF drawdown rate under the plan approved by the Ministry of Industry and Trade;

c) Based on the Ministry of Industry and Trade's decision on approval for the advance amount, within 2 working days, the Department of Domestic Market Management and Development shall advance to the PPSF at the trader into the trader's restricted account opened at the commercial bank.

2. Subsequent advances

a) Every Friday or when necessary, the Department of Domestic Market Management and Development shall issue a written request to traders for a state budget advance to the PPSF at the trader;

The trader shall submit an advance request document for the PPSF according to Appendix No. 01. Within 3 working days from receipt of the trader's advance request, the Department of Domestic Market Management and Development shall consolidate and submit to the Ministry of Industry and Trade for approval the advance amount equal to (=) the provisional PPSF drawdown of the immediately preceding price adjustment cycle minus (-) the PPSF balance as at the date of the advance request;

Where the trader's requested advance amount for the current cycle is greater than the amount calculated by the above formula, the trader shall explain the reason in the official dispatch requesting the advance;

b) Based on the Ministry of Industry and Trade's decision on approval for the advance amount, within 2 working days, the Department of Domestic Market Management and Development shall advance to the PPSF at the trader into the trader's restricted account opened at the commercial bank.

Where the state budget funds already advanced to the PPSF are insufficient to cover drawdown for one (1) price adjustment cycle of 7 days, the Department of Domestic Market Management and Development shall assess the implementation status, promptly propose solutions including the need for additional state budget advances to the PPSF, and submit to the Ministry of Industry and Trade for transmission to the Ministry of Finance for consolidation and reporting to the competent authority for supplementation of the budget estimate for the Ministry of Industry and Trade to advance to the PPSF.

Based on the notification on petroleum retail price adjustment issued by the Ministry of Industry and Trade, traders shall withdraw funds from the PPSF advanced from the state budget restricted account opened at the commercial bank.

The total drawdown amount from the PPSF advanced from the state budget in a price adjustment cycle shall be determined as equal to (=) the PPSF drawdown rate in the notification on petroleum retail price adjustment issued by the Ministry of Industry and Trade multiplied by (x) the first-hand sales volume per liter or kilogram of petroleum at actual consumption temperature sold on the domestic market by the trader during the price adjustment cycle.

Within 5 working days from the end of one (1) petroleum price adjustment cycle of the Ministry of Industry and Trade, the trader shall determine the contribution amount for the price adjustment cycle. The entire contribution amount must be transferred to the trader's restricted account for advances from the state budget to the PPSF opened at the commercial bank.

The total PPSF contribution amount in a price adjustment cycle shall be determined as equal to (=) the PPSF contribution rate in the notification on petroleum retail price adjustment issued by the Ministry of Industry and Trade multiplied by (x) the first-hand sales volume per liter or kilogram of petroleum at actual consumption temperature sold on the domestic market by the trader during the price adjustment cycle.

1. The Department of Domestic Market Management and Development shall develop a specific plan and schedule for the recovery of state budget funds and submit to the Ministry of Industry and Trade for reporting to the Government, including calculation of the period for PPSF drawdown and contribution for the purpose of recovering advances for state budget repayment from the date the Ministry of Industry and Trade issues a decision on implementation of PPSF contributions for state budget repayment.

2. Within 90 days from the date of the Ministry of Industry and Trade's written notification, the trader shall conduct a thematic independent audit of the PPSF advanced from the state budget, with the audit period running from the date of receipt of the PPSF advance to the specific date stated in the Ministry of Industry and Trade's notification.

Within 10 days from the date of the audit results, the trader shall submit the audit results report to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management).

3. Based on the thematic independent audit results of all traders, the Department of Domestic Market Management and Development shall take charge and cooperate with the Department of Planning, Finance and Enterprise Management in reviewing and consolidating the determination of the drawdown amount from the PPSF advanced from the state budget, and the PPSF contribution amount, and submit to the Ministry of Industry and Trade for transmission to the Ministry of Finance for reporting to the competent authority.

4. Within 5 working days from receipt of the Ministry of Industry and Trade's notification, traders shall transfer the entire balance of PPSF advanced from the state budget at the trader into the account of the Department of Domestic Market Management and Development opened at the State Treasury for state budget repayment.

5. After the trader has transferred the balance of PPSF advanced from the state budget, the Department of Domestic Market Management and Development shall carry out state budget repayment and consolidate into the Annual State Budget Final Accounts Report and Annual Financial Final Accounts Report as prescribed.

6. In the case where, after twelve (12) months from the date on which the Ministry of Industry and Trade issues a decision to implement the allocation to the Fund for the purpose of reimbursing the state budget, the total balance of the PPSF remains insufficient to fully repay the state budget, the Ministry of Industry and Trade shall issue a written request to the Ministry of Finance to report to the Government for consideration and decision.

1. Guide traders in receiving state budget advances to the PPSF at traders.

2. Based on traders' reports, on a quarterly basis, the Department of Domestic Market Management and Development shall consolidate and publish on the websites of the Ministry of Industry and Trade and the Department of Domestic Market Management and Development the contribution amounts, drawdown amounts, accrued interest and PPSF balances of traders.

3. Monitor and account for state budget funds assigned as advances to the PPSF as prescribed.

4. Cooperate with relevant agencies and units in inspecting and supervising traders regarding the implementation of making drawdown from the PPSF advanced from the state budget, PPSF contributions and repayment of state budget advances.

a) Inspection and supervision shall be carried out through periodic or ad-hoc reports from traders; or through direct meetings and exchanges with traders. Where data verification is required, traders shall be requested to submit supplementary reports. Where necessary for state management purposes, direct meetings, exchanges and inspections shall be organized at the trader's premises;

b) Inspection and supervision results shall be notified to traders for timely updating and adjustment of data. Where a trader is found to have failed to comply or to have complied incorrectly with the regulations, the matter shall be considered and handled as prescribed.

1. Advise on the issuance of the budget estimate assignment decision; monitor and supervise the advance and repayment of advance of state budget funds to the PPSF; approve and consolidate annual state budget final accounts as prescribed.

2. Cooperate with the Department of Domestic Market Management and Development in inspecting and supervising the implementation of making drawdown from the PPSF advanced from the state budget, PPSF contributions and repayment of state budget advances.

3. Cooperate with the Department of Domestic Market Management and Development when requested by specialized agencies regarding inspection, examination and audit of the implementation of advance expenditure for the PPSF at traders from state budget funds, PPSF contributions and repayment of state budget advances.

1. Strictly comply with contributions to and drawdown from the PPSF advanced from the state budget, in accordance with the notification on petroleum retail price adjustment and related notifications of the Ministry of Industry and Trade; repay the PPSF balance within the prescribed deadline.

2. Bear full legal responsibility for the selection of the bank, management and maintenance of the balance of PPSF advanced from the state budget, accuracy of documents reported on the PPSF advanced from the state budget, and accuracy of data and audit results of the PPSF as prescribed.

3. On a periodic basis, before the 15th of each month, traders shall report on the operations of the PPSF advanced from the state budget, of the immediately preceding month according to Appendix No. 02, together with a copy of the bank account statement for the reporting period, and publish publicly on the trader's website or through mass media.

Reports shall be submitted to the Ministry of Finance (Department of Price Management) and the Ministry of Industry and Trade (Department of Domestic Market Management and Development) by one of the following methods: by post; by fax or scanned email to the following addresses:

- Email address for submitting reports to the Ministry of Finance (Department of Price Management): bcxangdau@mof.gov.vn

- Email address for submitting reports to the Ministry of Industry and Trade (Department of Domestic Market Management and Development): xangdau@moit.gov.vn

4. Every 6 months, before August 15 and February 15 each year, traders shall submit the thematic (independent) audit report on the PPSF (including the PPSF advanced from the state budget, and the PPSF) to the Ministry of Finance (Department of Price Management) and the Ministry of Industry and Trade (Department of Domestic Market Management and Development).

The data collection period for the August 15 reporting cycle covers January 1 through June 30. The data collection period for the February 15 reporting cycle covers July 1 through December 31 of the immediately preceding year. The thematic audit report on the PPSF shall include: the Opening PPSF balance; total volume and types of petroleum subject to PPSF contribution and drawdown during the reporting period; total PPSF contribution amount during the reporting period; total PPSF drawdown amount during the reporting period; interest accrued on the PPSF balance during the reporting period; the Closing PPSF balance; detailed bank account statement for the reporting period; and a volume inventory report on the types and volumes of petroleum subject to PPSF contribution and drawdown in each price adjustment cycle.

5. In cases of violation of the provisions of this Circular, inaccurate reporting of data, or late repayment to the state budget, depending on the severity of the violation, the trader shall be handled in accordance with current law in the fields of price management, state budget, fees, charges and invoices.

6. Where an enterprise ceases to operate as a primary petroleum trader, the following shall apply:

a) In the case of bankruptcy or dissolution of the enterprise: Prior to carrying out bankruptcy or dissolution procedures, the trader shall audit the PPSF advanced from the state budget, and submit the report to the Ministry of Industry and Trade and the Ministry of Finance. At the same time, the trader shall transfer the entire PPSF, advanced from the state budget, balance at the trader into the account of the Department of Domestic Market Management and Development at the State Treasury and submit a copy of the fund transfer payment document to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management);

b) In the case of revocation of the certificate of eligibility as a primary petroleum trader: Upon receipt of a decision or notification from the Ministry of Industry and Trade, the trader shall audit the PPSF advanced from the state budget, and submit the report to the Ministry of Industry and Trade and the Ministry of Finance, and simultaneously transfer the entire PPSF, advanced from the state budget, balance at the trader into the account of the Department of Domestic Market Management and Development at the State Treasury and submit a copy of the fund transfer payment document to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management);

c) In the case where the certificate of eligibility as a primary petroleum trader is due for renewal procedures as required under Decree No. 95/2021/ND-CP: At least 30 working days before the certificate expires, the primary petroleum trader shall finalize the PPSF advanced from the state budget, balance and submit a report together with the PPSF advanced from the state budget, account statement to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management);

Upon receipt of a decision or notification from the Ministry of Industry and Trade that the enterprise will no longer operate as a primary petroleum trader, the trader shall audit the PPSF advanced from the state budget, and submit the report to the Ministry of Industry and Trade and the Ministry of Finance, and simultaneously transfer the entire PPSF, advanced from the state budget, balance at the trader into the account of the Department of Domestic Market Management and Development at the State Treasury and submit a copy of the fund transfer payment document to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management);

Where recommendations arise from inspection or audit conclusions of the Government Inspectorate or the State Audit Office or competent state authorities regarding adjustment of the PPSF advanced from the state budget, balance, the traders prescribed in points a, b and c of this clause shall carry out the adjustment, transfer the supplementary amount into the account of the Department of Domestic Market Management and Development at the State Treasury, and report the adjustment to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) and the Ministry of Finance (Department of Price Management).

Based on traders' reports and audit reports on the PPSF advanced from the state budget, the Department of Domestic Market Management and Development shall cooperate with relevant agencies and units in reviewing and reconciling the actual PPSF, advanced from the state budget, balance at the enterprise against the balance reported and transferred by the trader into the account of the Department of Domestic Market Management and Development at the State Treasury, and require the unit to make adjustments where there are discrepancies in the data.

7. In cases of merger, consolidation, acquisition, joint venture, division or separation of enterprises, the balance of PPSF advanced from the state budget shall be transferred to the balance of the primary petroleum trader that is the acquiring enterprise (in the case of merger), the purchasing enterprise (in the case of acquisition), or the new enterprise (in the cases of consolidation, joint venture, division or separation). Based on the audit report on the PPSF advanced from the state budget, at the trader, the Department of Domestic Market Management and Development shall cooperate with relevant agencies and units in reviewing and reporting to the competent authority for consideration and handling of each specific case in accordance with law.

Relevant agencies and units shall be responsible for cooperating with the Ministry of Industry and Trade in performing the assigned tasks under Resolution No. 69/NQ-CP dated March 27, 2026 of the Government on implementation of advance expenditure for the Petroleum Price Stabilization Fund from surplus revenue of the central government budget for 2025 and other relevant regulations.

1. This Circular shall come into force from April 3, 2026.

2. The Director of the Department of Domestic Market Management and Development, the Director of the Department of Planning, Finance and Enterprise Management, and relevant organizations and individuals shall implement this Circular.

3. Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Industry and Trade (Department of Domestic Market Management and Development) for consideration and resolution./.