The act establishes state ownership over petroleum. It further defines that any organizations conducting oil and gas operations shall utilize advanced technology and comply with Vietnamese Laws regarding the protection of natural resources and the environment, and the safety of person and property. Thus, they shall have a plan for environmental protection, take measures necessary to prevent and eliminate sources of pollution, as well as be responsible for remedying effects of polluting activities.
Moreover, this law states that the Vietnam Oil and Gas Corporation (PETROVIETNAM) is a state owned business enterprise founded by the Government of Vietnam to conduct oil and gas operations and enter into petroleum contracts with organizations or individuals for the conduct of upstream activities.
The legislation has provisions on applicable royalties and taxes, mandatory reporting, information requirements, due monitoring, as well as pertaining inspections and supervision powers.