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Delegate of the 16th National Assembly, Chairman of the Board of Members of Vietnam National Industry and Energy Group (Petrovietnam) Le Ngoc Son acknowledged that the most important point of this Law amendment is a strong shift from management thinking to institutional development thinking. Download Chairman of the Board of Directors of Petrovietnam Le Ngoc Son: The significance of this revision of the Law does not lie in the number of new provisions, but in the ability to transform institutions into implemented projects. In the context of oil and gas search and exploration activities becoming increasingly difficult, with many existing mines entering a period of decline, the amendment of the Petroleum Law is expected to create more room to mobilize resources, improve the efficiency of resource exploitation and expand space for new energy value chains. Petroleum Law 2019 2022, effective from July 2023, has created a legal corridor and many specific mechanisms for oil and gas activities. However, reality is posing new requirements when potential oil and gas fields are mainly located in deep waters, offshore, with complex geological conditions, while many existing fields have reduced output. This requires a strong enough mechanism to unlock resources, attract investment, increase reserves, improve resource exploitation efficiency, while ensuring State interests, energy security, national defense, and maritime security. The Government has approved the policy of the Petroleum Law project (amended) in Resolution 81/NQ-CP dated April 3, 2026. The Ministry of Industry and Trade then developed a draft Law with 5 major policy groups, including: simplifying procedures, strengthening decentralization and decentralization of powers; perfecting the oil and gas contract mechanism; supplement investment incentive policies; develop the oil, gas and offshore energy value chain associated with oil and gas activities; Initially building a legal framework on emission reduction, carbon capture and storage (CCS). The draft is built in the requirements to implement new policies on institutional reform, decentralization, decentralization and growth promotion. The National Assembly Standing Committee has agreed to submit to the National Assembly for consideration and voting to approve the draft Petroleum Law (amended) after the draft continues to be received and revised. The Government is required to complete the draft, ensure its quality and submit it to the National Assembly before August 22, 2026. From the perspective of the National Assembly delegates directly participating in the discussion of the Law project and the head of Petrovietnam, Chairman of the Board of Directors Le Ngoc Son, said that the most comprehensive change of this amendment is a strong shift to tectonic development institutional thinking. According to Mr. Le Ngoc Son, the Law is designed in a direction that both frees up resources, while improving management efficiency, focusing on three major directions: promoting decentralization, decentralization and simplifying processes; Complete the investment mechanism for resources that are difficult to develop such as small mines, marginal fields, deep water and offshore areas and improve the oil recovery coefficient; At the same time, gradually open more development space for the industry. This spirit is consistent with the requirements set out in Resolution 70-NQ/TW on ensuring national energy security and perfecting oil and gas laws, removing institutional bottlenecks. The significance of this revision of the Law does not lie in the number of new provisions, but in the ability to transform institutions into implemented projects, increased reserves, and maintained output - into an energy source to serve national development - National Assembly delegate, Chairman of Petrovietnams Board of Directors Le Ngoc Son emphasized. Decentralization and decentralization of power associated with responsibility and control. One of the points of concern in the draft is promoting decentralization and decentralization of power in oil and gas activities. According to the proposal, some authorities currently concentrated at higher levels will be decentralized in accordance with the functions and responsibilities of each subject, thereby shortening the processing process for specialized content. Mr. Le Ngoc Son said that the core principle is that wherever authority is delegated, responsibility and control must follow. Accordingly, decentralization and decentralization of authority are not only intended to shorten procedures but also aim to redesign the governance mechanism in the direction of clear roles, clear authority, clear responsibilities and clear control mechanism. The State establishes goals, principles, criteria and carries out supervision; The subject is given the right to take the initiative within the scope of authority and is ultimately responsible for his or her decisions. This is also a requirement of Resolution 79-NQ/TW: decentralization and decentralization must go hand in hand with inspection, supervision and accountability. From the experience of national oil and gas companies in the region, National Assembly Delegate, Chairman of Petrovietnam Board of Directors Le Ngoc Son said that decentralization associated with governance standards is an important condition to improve competitiveness and promote a leading role. Therefore, decentralization does not mean reducing control, but requires more substantive control methods, based on transparency, risk management and results. The goal is more timely decisions, clearer responsibilities and more effective use of resources; thereby creating conditions for Petrovietnam to play a core and leading role in the National Energy-Industry Group model, he analyzed. Download The spirit of amending the Petroleum Law this time is consistent with the requirements set out in Resolution 70-NQ/TW on ensuring national energy security. Unlock resources to maintain sec
