Vietnam posted net spending on offshore crude oil of nearly US$1.8 billion in 2019.

A representative of the trade ministry, however, suggested measures should be in compliance with current regulations and international agreements that Vietnam is a part of.

In this year's state budget plan, revenue from crude oil is predicted at VND35.2 trillion (US$1.5 billion), accounting for 2.3% of the total.

Inflationary pressure in the remaining six months would be insignificant as the oil prices are unlikely to surge, which is a result of a possible global economic recession.

The participation of new players in the petroleum market would create benefits for businesses and customers.