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Russian authorities have reported seven poultry farm workers aged 29 to 60 years infected with the A(H5N8) strain of avian influenza, also known as bird flu. This is the first reported detection of this strain of avian flu in humans, WHO stated. All seven individuals worked at a poultry processing plant and were therefore exposed to infected birds. None of the infectees have presented respiratory symptoms and remain healthy, according to WHO, which added there was no evidence of human-to-human transmission of avian influenza H5N8, and that the risk of an outbreak among humans remains very low. The strain is a subtype of the influenza A virus that causes flu-like symptoms in wild birds and poultry. Outbreaks of the H5N8 strain have been reported in Russia, Europe, China, the Middle East, and North Africa in recent months. In Vietnam, the monitoring program of the Department of Animal Health has not detected the circulating strain of H5N8. However, from 2021, the department would increase testing in the national avian influenza surveillance program. Dr. Pawin Padungtod, senior technical coordinator of the United Nations Food and Agriculture Organization (FAO) in Vietnam, said technically, the H5N8 virus strain shares antigenic characteristics with the H5N6 strain circulating in Vietnam. Therefore, the current avian flu vaccine used in Vietnam still works against the H5N8 strain. To prevent H5N8 influenza infection, FAO and WHO recommended breeders strengthen biosecurity measures in the breeding area, comply with poultry vaccination schedules, report unusual cases of poultry deaths and not allow visitors to enter farms. The two avian flu virus strains, H5N6 and H5N1, that have been detected in the country, spread from poultry to humans through contact with infected feces or other bodily fluids, and can prove fatal. …

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The Hanoitimes - Vietnam posted net spending on offshore crude oil of nearly US$1.8 billion in 2019. Vietnam’s external balance is set to improve by over US$1.5 billion in 2020 as a result of a sharp decline in global oil prices, according to Viet Dragon Securities Company (VDSC). Crude oil price (USD per barrel). Crude oil prices crashed by over 30% last Friday because of disagreements between the OPEC and Russia on cuts in production. Meanwhile, Vietnam is a net crude imporer and its net spending on offshore crude oil in 2019 reached nearly US$1.8 billion. Regarding fiscal policy, VDSC expected no unanticipated changes caused by strained public finances in 2020 because of the weakening of oil revenues and taxes from export/import goods, said the VDSC in its latest report. In the context of the oil crash accompanied by a global economic slowdown, it is predicted real income gains for consumers will be limited in Vietnam, due to the people’s current preference for saving rather than spending. The clearest impact is the pass-through into slowing inflation which may ease pressure on the State Bank of Vietnam, the country’s central bank, and present a window of opportunity to implement policy accommodation. As a result, the circumstance may lead to the SBV’s decision to lower interest rates in the second half of the second quarter. In the past, the plunge in crude oil prices has led to significant real income shifts from exporting to importing countries. Although that is a zero-sum game between oil exporting and importing countries, the economic models of the World Bank showed that declines in crude oil prices likely result in a net positive effect for global activity over the medium term. The losses of oil-exporting countries are entirely offset by stronger growth in oil-importing ones via rising consumption, lower inflation and widening policy room that would lower macroeconomic vulnerabilities. However, in reality, the impact …

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The Hanoitimes - Overall crude oil and natural gas production in Vietnam may suffer year-on-year declines of 5% and 1%, respectively, in 2020. Vietnam’s crude oil and natural gas production face downside risks, in light of a double-whammy of global oil price collapse and sluggish demand due to continued spread of the Covid-19 pandemic, according to Fitch Solutions. Vietnam - Crude Oil & Natural Gas Production. As of March 31, benchmark Brent had lost almost 60% of its value since the start of 2020. This has occurred next to an apparent price war between Saudi Arabia and Russia, in the aftermath of failed OPEC+ talks in March, and global demand fears created by the Covid-19 pandemic. This has triggered widespread reactions from across the globe as oil and gas firms announced significant capex cuts, reduced output targets and other cost cutting measures, in order to ride out the downturn. By comparison, responses from Asia’s national oil companies (NOCs) have been more measured, although many have indicated that they are closely monitoring the situation. Vietnam’s state-owned oil producer PetroVietnam (PVN) has yet to commit to any spending cuts. However, the state-owned enterprise (SOE) did concede through an official statement, that its 2020 revenues are likely to be halved, due to the drop-off in crude and losses incurred from some ongoing projects as a result. The SOE is also believed to have ordered its subsidiaries to prepare business scenarios for different oil price levels, as it contemplates the likelihood of a protracted downturn in prices. Such a scenario would be highly negative for PVN’s upstream portfolio, which mostly comprises of joint-ventures (JVs) with foreign entities in offshore and mature producing areas. According to industry sources, PVN’s breakeven cost per barrel is believed to be in the region of US$51/bbl, far above the US$36.3/bbl averaged in March and also above the US$43/bbl that Brent is expected to …

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