The most recent case involving Xuyen Viet Oil has shocked public opinion because it involves many officials, some of whom received millions of dollars to protect the business. When it comes to gasoline, it involves a lot of money, so there was a case of smuggling 200 million liters of gasoline in the southern provinces.
All the scandals and cases that have occurred in the petroleum business sector are caused by shortcomings in management. This shows that there is a need for corrective measures, specifically a form of management so that the petroleum market is transparent, with no room for traders to manipulate, officials to protect smuggling and monopolize the market.
Honest businesses always dream of openness, transparency, and fair competition. In a document commenting on the draft of the new Decree on petroleum trading, the petroleum distribution community said that petroleum trading enterprises have an unequal position, with a leading petroleum trading enterprise accounting for up to 51% of the market share, covering everything from import to distribution and retail. This goes against the State's marketization trend.
Therefore, the proposal to establish a petroleum trading floor has received much attention from the business community. With the establishment of a trading floor, many opinions believe that it will increase transparency, businesses will participate in business equally, there will be no room for "front doors and back doors", no loopholes for tax evasion and smuggling, the State will manage the activities of the trading floor, collect taxes and fees.
However, setting up a trading floor does not mean that the petroleum business will be restored to order. The petroleum business is very complicated, so any model can easily create risks, not to mention losing control, affecting energy security.
Anticipating the risks, economic experts and managers all share the same view, which is to perfect the legal basis to regulate the operation of petroleum exchanges, plugging loopholes when the exchange operates. To do this well, it is necessary to refer to the operation of petroleum exchanges in the world so that when establishing the exchange, it is consistent with international practices.
On the business side, it is also necessary to prepare knowledge to participate in business in a new market. Trading on the floor is of course not manual trading, so it requires a completely different mindset and skills.
