The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
Retail petrol prices increased by more than 1,400 VND per litre from 4 pm on October 26 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), has set a target to earn about 864 billion VND (37.45 million USD) in after-tax profit this year.
The Binh Son Refining and Petrochemical Joint Stock Company (BSR) has enjoyed sound business results from the outset of the year, although its profit margin was affected by fluctuations in global oil prices.
The Vietnam Oil and Gas Group (PVN) gained 365.5 trillion VND (15.78 billion USD) in revenue in the first half of this year, or 18 percent higher than its six-month plan, heard a conference held by the group on July 17.
After recording its slowest pace in more than three year last month, Vietnam’s inflation is forecast to hit only 2.7 percent in 2019 after standing at 3.5 percent last year.
Singapore’s inflation is forecast to rise slightly this year due to the impacts of global petrol and food prices, according to the Monetary Authority of Singapore (MAS) and the Ministry for Trade and Industry (MTI).
State budget revenues falling short of the half-way mark in the first six months of the year is a normal feature of the domestic economy and does not preclude meeting the annual target.
The benchmark VN-Index could surge back to the 732 points peak seen a month ago on the back of strong buys by foreign investors as well as positive economic indicators, analysts said.
Vietnamese shares fell slightly on both local bourses on December 22, led by plastics firms amid fear that their profitability will be hurt from an increase of global oil prices.
