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Vietnam Urges Substantive Reform of Fuel Distribution System to Bolster Economic Growth
Vietnam is pushing for substantive reform of its fuel distribution system, aiming to strengthen small and medium-sized enterprises and bolster economic growth. While retail sales and services saw a 14.5% year-on-year increase in July, inflation remains a key concern. The nation is also actively deepening ties with France, Thailand, Mongolia, Russia, and South Korea.
Prime Minister Le Minh Hung has urged for substantive reforms to Vietnam's fuel distribution system, emphasizing the need for small and medium-sized enterprises (SMEs) to enhance their capabilities and scale. These SMEs are expected to serve as a solid foundation and a steady pipeline for larger businesses, thereby contributing to the nation's growth targets. According to the National Statistics Office (NSO), total retail sales of goods and consumer service revenue in July were estimated at VND 669.1 trillion (over US$25.45 billion), marking a 0.9% increase from June and a significant 14.5% rise year-on-year. This indicates a recovery in economic activity, though managing inflation remains a key challenge. The Consumer Price Index (CPI) in July rose by 3.08% from December 2025 and 4.45% year-on-year. For the first seven months of the year, average CPI increased by 4.39% year-on-year, with core inflation rising by 4.19%. In terms of foreign relations, Vietnam places high importance on its ties with France, a leading European partner, and seeks to deepen their Comprehensive Strategic Partnership. The upcoming state visit by the King of Thailand is set to mark a new milestone in bilateral relations. The nation is also actively strengthening its cooperation with Mongolia, Russia, and South Korea, with scientific and technological collaboration with Russia being a notable highlight of their long-standing relationship. General Secretary of the Communist Party of Vietnam Central Committee and President To Lam has been actively engaging in diplomatic efforts, including recent visits to France, Russia, Mongolia, and South Korea. These engagements aim to deepen bilateral ties and foster cooperation across various sectors such as economy, science, technology, and culture. These diplomatic initiatives are part of Vietnam's foreign policy of multilateralization and diversification, seeking to enhance its international standing and contribute to economic development under its one-party system. Information Source: VietnamPlus English
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VietnamPlus English