The Petroleum Law (amended) was ratified by the National
Assembly of Vietnam on November 14 by 472/475 votes in favor, with
a number of new policies being considered with groundbreaking
significance. The Petroleum Law including 11 chapters and 69
articles will take effect from July 1, 2023.
The amended Petroleum Law now includes regulation on the Prime
Minister to decide on the operating mechanism for Petroleum fields,
clusters, and lots. This is a new policy of the amended Petroleum
Law with numerous groundbreaking provisions, which is a fundamental
legal basis for more effective Petroleum resource exploitation,
leading to increased state budget revenue.
The amended Petroleum law allowing "individuals" to
participate in fundamental Petroleum investigation operations is
compatible with the aim of fostering and attracting investment in
this industry. When conducting basic investigations on Petroleum
activities, the independence, sovereignty, territorial
