BIC will contribute 51 percent to its charter capital, while the rest will come from Ginga Vietnam.

BIDV Energy Services and Trade Ltd Company, the first of its kind in Vietnam, plans to raise its capital to at least US$3 million  after the first year of operation.

BIC Director Pham Quang Tung said BIDV Energy will provide services in management of petrol and energy price risks and related consulting, and energy business infrastructure construction.

Mr Tung said that the government’s abolishing price subsidies for petrol products have allowed Vietnamese petrol traders to fix their own prices, but have also presented them with the challenges of a fluctuating petrol price on the world market.