Vietnam's Ministry of Trade and Industry (MoIT) recently issued a circular restricting rights of foreign-invested companies in Vietnam on export and import of certain commodities, including crude oil.

Under the circular, companies with foreign direct investment ( FDI) are not allowed to export crude oil and other kinds of oil obtained from bituminous minerals, the ministry said on its website on Tuesday.

The circular, which will take effect from Feb. 5, 2014, also prevented FDI companies from distributing rice, sugarcane, medicine, explosives and jewelry, among others, as well as limited the rights of FDI enterprises in importing several kinds of cigarettes.

The MoIT said the circular is aimed at realizing Vietnam's commitment to the World Trade Organization on regulating commodity trading activities and other related activities among FDI companies.

Source: Xinhua