High demand for quiet lunar new year fireworks

A customer at a Petrolimex station in Ha Noi. As business activities recover again, the demand for petrol has increased. — VNA/VNS Photo Tran Viet Petrol producers and traders are expected to benefit from low-priced inventories as the price of petrol rises. The two leading enterprises in the industry, Petrolimex and PV Oil, recorded that the value of their inventories at the end of the first quarter was nearly double the beginning of the year. Petrol price has been adjusted up five consecutive times to reach VND31,250 per litre, a rise of 31.3 per cent compared to the beginning of the year. According to a report by the Ministry of Industry and Trade, the world petrol market has undergone many great changes in recent years. Supply to the market, especially to the European region, continues to be affected by the embargo on products from Russia, while US crude oil inventories continue to remain low. These factors have pushed up petrol prices. During the price management period … [Read more...] about Petrol companies to benefit from rising prices

Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

The pandemic has pushed forward the trends of e-commerce in Vietnam 2-3 years earlier than forecast with the sector growing in size four times over last year, according to a 2021 Lazada report. “Some of the e-commerce trends we expected would happen in 2025, such as in edutech and fintech, have already happened in 2022,” noted Nguyen Huy Hoang, chief business officer at OnPoint E-commerce. “Hence, all e-commerce platform companies are investing hugely in Vietnam.” However, as shopping centres and small brick-and-mortar stores are now reopened, many investors are concerned that the boom in e-commerce was just a short-term fad and the majority of consumers could quickly shift back to offline shopping. On May 12 at the Vietnam Online Business Forum, the general consensus amongst experts was that e-commerce will continue to boost the economy after the pandemic. Specifically, in the first quarter of 2022, the industry saw more than 8 million new online consumers. A survey … [Read more...] about All to play for in e-commerce rise

Legislation review necessary to increase tempo on public disbursement activities, illustration photo/ baodautu.vn Assoc. Prof. Pham The Anh from the National Economics University said that changing the slow disbursement of public investment would be very challenging because of legal risks and responsibility. “I don’t think the slow disbursement is due to the lack of motivation by those responsible for the implementation,” said Anh. “In the past two years, the bottlenecks in public investment were related to the legal environment,” he added, citing legal problems in land clearance. “The Vietnamese government still has the ability to keep up with the disbursement speed by reviewing the legislation related to public investment decisions.” In 2022, the government expects to disburse $17.69 billion according to Decision No.2048/QD-TTg dated December 6, 2021 on assigning state budget investment for 2022. “The latest directives are aimed at disbursing public investment on schedule … [Read more...] about Legislation review necessary to increase tempo on public disbursement activities

Bắc Giang estimates lychee output at about 180,000 tonnes this year, harvesting from May 20 until July 20. — VNA/VNS Photo HÀ NỘI — Enterprises expect the export of lychees this year to increase by about 30 per cent this year. As an enterprise specialising in exporting vegetables and fruit to fastidious markets such as Japan and the EU, Ameii Vietnam Joint Stock Company (Ameii Vietnam) has strengthened control of exports and is seeking new customers. Now, the company is negotiating with customers and is expected to increase lychee exports by about 30 per cent compared to last year, said Ameii Vietnam general director Ngô Thị Thu Hồng. Notably, this year's lychee exports to fastidious markets such as Japan and the EU are expected to grow. Hồng said Ameii Vietnam was working with more than 20 Japanese partners and more than 10 EU partners to export this fruit. The company has mainly exported fresh lychees every year. However, this year, besides fresh lychees, it has used … [Read more...] about Enterprises expect strong growth in lychee exports