Service stations in Vietnam may have to shut down if they are forced to rapidly transition from paper to digital bills without enough time, according to the Vietnam Ministry of Industry and Trade.
In order to comply with a new Ministry of Finance regulation, around 1,500 fuel stations will have to be using electric bills by the first quarter next year otherwise they will not be given business permits, the industry ministry estimated.
Although electric bills are necessary, the process costs businesses time and money, so the ministry has proposed that the businesses that operate these stations be given a year to make the transition, while during that year still being able to operate normally.
The 1,500 stations mentioned are those with business permits which are about to expire. They thus need to apply for new permits in the first quarter next year.
Overall, there are 17,000 fuel retailers in Vietnam and those in cities will need to make the transition next year, while those in the mountainous and remote areas will have two years to complete the task.
So far only Petrolimex has completed the transition on its 2,700 fuel pumps. Other major distributors such as PV Oil and Mipecorp are still in the process of transitioning.
Share this:
