The above information was announced by the Ministry of Finance in a report released on November 23. According to this agency, the total amount of the Price Stabilization Fund in the third quarter of 2023 (from July 1, 2023 to September 30, 2023) is 13.92 billion VND. Meanwhile, the Fund's expenditure is 387.94 billion VND.
The balance of the Price Stabilization Fund as of September 30, 2023 is VND 7,058.55 billion, while the balance of the Fund as of June 30, 2023 is VND 7,429.33 billion.
Most key enterprises have a positive price stabilization fund. The fund balance at Petrolimex is the largest, accounting for nearly half of the total fund balance with more than VND3,088 billion; followed by Hai Ha Waterway Transport Company Limited with more than VND612 billion...
Meanwhile, PVOil has a negative fund balance of more than 101 billion VND; Tan Nhat Minh petroleum has a negative balance of more than 36 billion VND...
On November 17, the Government issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decrees 83 and 95 on petroleum trading.
The Decree supplements regulations and measures for stricter management and supervision of the Petroleum Price Stabilization Fund.
Petroleum traders are obliged to set aside a Price Stabilization Fund; account for and monitor the Price Stabilization Fund separately through an account opened at a commercial bank or a foreign bank branch legally operating in Vietnam (hereinafter referred to as a bank) in accordance with the provisions of this Decree and the guidance of the Ministry of Finance. Petroleum traders are fully responsible before the law for selecting a bank, managing and ensuring the preservation of the balance of the Price Stabilization Fund.
This account is only used for the purpose of setting up and using the Enterprise Price Stabilization Fund according to the announcement of gasoline price management of the Ministry of Industry and Trade.
Every 6 months, before August 15 and February 15 of each year, the main petroleum traders are responsible for sending a specialized audit report (independent) on the Petroleum Price Stabilization Fund to the Ministry of Finance and the Ministry of Industry and Trade.
"Petroleum traders are fully responsible for the accuracy of reported data and information," the Decree clearly states.
A petroleum wholesaler who has been administratively sanctioned but repeatedly violates regulations on setting aside, using only, and transferring the Petroleum Price Stabilization Fund or fails to transfer the Petroleum Price Stabilization Fund according to the provisions of this Decree and guiding documents will be considered for temporary suspension of business or revocation of the Certificate of eligibility to act as a petroleum wholesaler.
The suspension period is 30 days or 60 days depending on the severity of the violation.
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