Reporting on some major issues with different opinions in the draft Law on Prices (amended), Chairman of the National Assembly 's Finance and Budget Committee Nguyen Phu Cuong said that at the 4th Session , the National Assembly discussed and gave opinions on this draft law.
Based on the opinions of the National Assembly deputies, the Standing Committee of the Finance and Budget Committee promptly coordinated with the drafting agency to unify the direction of explanation and receive the opinions of the deputies; organized workshops to collect opinions from experts, businesses, associations, and related subjects on the draft law; presided over and coordinated with the drafting agency, the Law Committee and related agencies to review, revise and perfect each clause of the draft law.
Notably, one of the contents with different opinions in the draft law is related to the Petroleum Price Stabilization Fund.
Regarding this issue, Chairman of the National Assembly's Finance and Budget Committee Nguyen Phu Cuong said that many opinions agree on the necessity of maintaining the Petroleum Price Stabilization Fund, for many reasons.
"The price stabilization fund is one of the tools to regulate domestic gasoline prices, it is an economic measure, not an administrative intervention. In the current context, when Vietnam's gasoline market is not yet fully operating according to market rules, it needs State management; the management of domestic gasoline retail prices is still through base prices; the cycle of adjusting domestic gasoline prices is still relatively long; the amount of gasoline reserves is still thin, so it is not appropriate to remove the fund," Chairman Nguyen Phu Cuong clearly stated some reasons for maintaining the gasoline price stabilization fund.
On the other hand, Chairman Nguyen Phu Cuong also pointed out the current situation in recent times, showing that: When world oil prices fluctuate, the Oil Stabilization Fund has played a "regulating" role, contributing to reducing the frequency and level of adjustments to increase oil prices, reducing the price fluctuation range, thereby minimizing negative impacts on production and business, contributing to stabilizing the macro economy and controlling inflation.
"However, many opinions suggested adding regulations to clarify the limited-term nature of the activities, and that the Government is responsible for transparency, efficiency, and timeliness in managing and using the fund," Chairman Nguyen Phu Cuong further emphasized.
However, on the contrary, Chairman Nguyen Phu Cuong said that some opinions suggested not to continue maintaining the Petroleum Price Stabilization Fund, because this is a financial fund paid by consumers, but managed by enterprises and the decision to use it lies with the executive agency, there are no regulations on the fund's operating period...
On the other hand, according to the delegates, currently, domestic gasoline prices are linked to world prices, the establishment of the fund is state intervention in a commodity that is highly sensitive to the market, making it difficult for domestic and world gasoline prices to be consistent.
"If necessary, the government can use other tools such as taxes, fees or directly support vulnerable groups heavily affected by high gasoline prices," many opinions suggested.
From the above opinions, Chairman Nguyen Phu Cuong suggested that, taking into account the opinions of the majority of National Assembly deputies, in managing and operating the Petroleum Price Stabilization Fund, the Government needs to promote publicity and transparency about the status of resources and the use of the fund; at the same time, improve the timeliness and practical efficiency in management, especially when there are fluctuations, and have a roadmap to soon bring Vietnam's petroleum prices completely operating according to market rules.
2 options for establishing a Price Stabilization Fund * Regarding the Price Stabilization Fund in general , the Finance and Budget Committee believes that it is necessary to maintain the provisions on the Price Stabilization Fund in the Law on Prices in order to create a legal basis as well as ensure the organization and implementation of necessary cases that arise. Besides, keeping the regulations on fund establishment as in the draft law aims to ensure the legal basis for the operating Petroleum Price Stabilization Fund. Regarding the authority to establish, the draft law designs two options to report to the National Assembly Standing Committee for consideration. Option 1: The price stabilization fund is a financial fund not included in the state budget balance, established from the prices of goods, services and other legal financial sources and used only for price stabilization purposes. The Government regulates the establishment, management and use of price stabilization funds for strategic goods and services on the list of price stabilization goods and services. Option 2: The price stabilization fund is a financial fund not included in the state budget balance, established from the prices of goods, services and other legal financial sources and used only for price stabilization purposes. The Government submits to the National Assembly and, during the period between two sessions, the Government submits to the National Assembly Standing Committee regulations on the establishment, management and use of price stabilization funds for strategic goods and services on the list of price stabilization goods and services. |
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