The decree aims to support Vietnamese crude oil exporters as world prices for crude oil have been falling in recent weeks, affecting exporters’ revenues.

 The Viet Nam National Oil and Gas Group (PetroVietnam) reported earnings of US$9 billion from exports of 10.4 million tonnes of crude oil in the first nine months of this year, 49 per cent more than the same period last year.

Phan Thi Hoa, on the management board of PetroVietnam, said the average export price for crude oil was $116 per barrel in the first three quarters of this year.

However, from the end of September, the world crude oil prices have fallen and even touched $60 per barrel before recovering to the current $70 per barrel.

The group anticipates prices to be around $90 per barrel by the end of the year.

World oil prices rose above $70 a barrel in Asian trade yesterday, extending gains after a cut in US interest rates powered a rally in global stock markets.

PetroVietnam said it had earned a total VND223 trillion ($13.5 billion) in the first nine months of this year, up 56 per cent from the same period last year, and is expecting to notch up record revenues of VND316.4 trillion ($19.2 billion) this year.

"If the group achieves this figure it would be the first time its turnover has surpassed the VND300 trillion mark," said PetroVietnam deputy director general Le Minh Hong.