Vietnam’s oil and gas inventories are over 90 percent higher than the required level, meeting the domestic petroleum consumption demand in the next few months, according to the Vietnam Energy Association (VEA).
Hanoi (VNA) – Vietnam’s oiland gas inventories are over 90 percent higher than the required level, meetingthe domestic petroleum consumption demand in the next few months, according to theVietnam Energy Association (VEA).
In the first months of 2020, theCOVID-19 pandemic caused a sharp decline in domestic petroleum consumption dueto limited travel and operation suspension of factories andenterprises. The situation is forecast to be continuing in the time to come.
Data released by the GeneralStatistics Office showed that Vietnam imported 1.85 million tones of petrol andoil in the first three months of 2020, accounting for 61.67 percent of thetotal domestic demand at present.
Meanwhile, Dung Quat and Nghi Sonrefineries currently meet between 70-80 percent of the demand.
President of the VEA Tran Viet Ngai said that with the over-90-percent petroleumstockpile is sufficient for the domestic demand in the next three months.
TheVietnam Oil and Gas Group (PetroVietnam) recently has asked relevant ministriesto halt petrol and oil imports as domestic sales have dropped.
PetroVietnam’sproposal was raised as sales of petrol and oil products in the domesticmarket slumped an estimated 30 percent in the first quarter of thisyear. PetroVietnam also forecast bigger reductions in the coming months.
In the latest review, the Ministries of Industry and Trade, and Finance have decidedto reduce the retail price of petrol by over 4,100 VND/litre
Accordingly, price of E5RON92 is not higher than 11,956 VND(0.51 USD) per litre at the highest, while that of RON95-III was adjusted down to 12,560 VNDper litre at the highest.
The prices of diesel 0.05S and kerosene were capped at 11,259 VND and 9,141VND per litre, respectively./.
The Vietnam Oil and Gas Group (PetroVietnam) has reported that its exploitation of crude oil in the first quarter of 2020 exceeded the target by 10 percent.
The Vietnam Oil and Gas Group (PetroVietnam) will continue cutting costs and optimizing all resources while boosting sales to cushion the impact of the COVID-19 pandemic on the oil and gas industry, the group’s recent online meeting heard.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
Illustrative image (Photo: VNA) 
