Petroleum Law 2022.

This Law provides for fundamental investigation of petroleum and petroleum operations within the mainland, islands and territorial waters of the Socialist Republic of Vietnam.
Petroleum resources of Vietnam must be owned by the whole people and represented by the State of Vietnam and uniformly managed. The State of Vietnam ensures the ownership of investment capitals, property and other legitimate rights and interests of Vietnamese and foreign entities conducting fundamental investigations of petroleum and its operations in Vietnam. Petroleum operations shall be performed under a concluded petroleum contract in respect of oil blocks according to the list approved by the Prime Minister, except for salvage of oil fields, groups of oil fields and oil blocks in accordance with regulations at Point c Clause 2 and Point b Clause 3 Article 41 hereof. The Government of Vietnam shall issue regulations on documents and procedures for appraisal and approval of the list of oil blocks and the adjusted list of oil blocks.