VOV.VN - The ongoing Russia-Ukraine conflict has led to a significant rise in oil prices, fueling production costs which have affected many industries and reduced the competitive advantages of Vietnamese enterprises, according to industry insiders.

The data announced by the General Statistics Office in late 2021 described Vietnam’s economic picture in a turbulent year surrounded by the pandemic, the fear of disruption of supply chains, and the confidence of the business community.

The Vietnam-Russia oil and gas joint venture Vietsovpetro has maintained production cost for a barrel of crude oil at less than US$30, the lowest among Vietnamese oil and gas producers, according to the firm.

Only films that reflect people's aspirations and reality of life and move the public can free the film industry from the current impasse and crisis.

The Vietnam – Russia oil and gas joint venture Vietsovpetro sets to exploit nearly 3 million tonnes of oil equivalent and condensate in 2021, according to Director General Nguyen Quynh Lam.

Vietnamese businesses operating in support industries have been developing in both quantity and quality in recent years, with improved production capacity and increasing engagement in global production chains.

While local sugarcane farmers have been taking a fair dent from the effects of the pandemic, regional competition fuelled by the commitments of the ASEAN Trade in Goods Agreement has further put pressure on them, leading to a daunting situation for the already declining sector.

Foreign manufacturers who have factories in Vietnam are increasingly looking for local parts suppliers to optimise their production costs, according to the Centre for Supporting Industries Development in HCM City.