The Vietnam Oil and Gas Group (PetroVietnam) has exceeded its set yearly targets in terms of revenue, profit and state budget contribution two months before the year-end.
Vietnam’s oil industry needs to overcome four big challenges to maintain its position as a leading economic sector.
The Vietnam National Oil and Gas Group (PetroVietnam) has reported an oil and gas production output of 22.1 million tonnes in the first 11 months of 2018, surpassing its target by 5.4% and fulfilling 96.8% of its yearly plan.
It is time to make amendments to the current Law on Petroleum to legally facilitate the development of Vietnam’s oil and gas industry and implement the strategy for sustainable development of the maritime economy until 2030 and with a vision towards 2045.
VOV.VN - A conference on Singapore-Vietnam business connectivity was held in Ho Chi Minh City on October 15, drawing representatives of 12 Singaporean businesses including two groups - Sembcorp and NTUC, who are on a Vietnam trip from October 15-19 to seek trade and investment opportunities.
Increases in environmental protection taxes on petroleum from the beginning of next year would weigh heavily on inflation, especially as fuel prices rise worldwide, according to the Vietnam Institute For Economic and Policy Research (VEPR).
Vietnam spent US$5.71 billion importing over 8.6 million tonnes of petroleum over the eight months of this year, up 26.4% year-on-year.
The National Oil and Gas Group (PetroVietnam) has contributed 40.8 trillion VND (1.79 billion USD) to the State budget in the first five months of 2018, exceeding the plan by 32 percent and representing 55 percent of the yearly target.
VOV.VN - The value of trade between Vietnam and the Southeast Asia region increased 18.8% to US$49.4 billion last year, of which exports accounted for US$21.7 billion (up 10.4%) and imports US$27.7 billion, up 14.9% on the previous year.
The exchange value of gas and condensate of the Bien Dong 1 project carried by the Bien Dong Petroleum Operating Company (Bien Dong POC) hit US$511 million in 2017, a rise of eight percent compared to the yearly plan.
Duc Thuan of Hanoi’s Ha Dong district bought a car with a Euro 4 emission standard after specific regulations were issued for such models in Vietnam. However, he said, finding Euro 4 fuel is “a whole other challenge”.
The Mekong Delta province of Kien Giang licensed 24 projects, including three foreign direct investment (FDI) projects, with a combined registered capital of US$1.77 billion, 3.6 times higher than the number of 2016.
Spending on environmental protection has not kept pace with significant tax increases.
The December consumer price index (CPI) in Hanoi fall slightly, the municipal Statistics Office reported.
The price of RON 92 petrol and E5 bio-fuel increased by VND919 and VND800 per litre respectively, from 3:00 pm on December 20.
The minerals and petroleum sectors have come out on top amongst corporate taxpayers on a list of 1,000 leading corporations, accounting for 30% of total tax payments this year.
VOV.VN - Thai goods are flooding Vietnamese market and much sought after by Vietnamese customers for high and stable quality and reasonable prices.
The prices of RON 92 petrol and bio-fuel E5 were raised VND702 (US$0.31) and VND611 (US$0.27) per litre from 3:00 pm on September 5.
Vietnam’s import of petroleum products from the Association of South East Asian Nations (ASEAN) countries rose sharply in the past five months, according to the Ministry of Industry and Trade.
The upcoming operation of Idemitsu Q8 Petroleum LLC in Vietnam’s petroleum market is expected to increase the competitiveness of the local oil and gas product market and bring more benefits to local consumers, experts said.
