Natural disasters

According to Fitch, many of Viet Nam’s largest oil and gas fields have large foreign ownership. For many of these firms, upstream plays in higher-risk emerging markets such as Viet Nam are outside of their core portfolio, and as such, budgeted spending in Viet Nam has the potential to be among the first to go in the event of any capex cuts. … [Read more...] about COVID-19, price decline hit Viet Nam’s oil industry

Viet Nam’s State-owned oil producer PetroVietnam (PVN) has yet to commit to any spending cuts. However, PVN did concede through an official statement that its 2020 revenue was likely to be halved due to the drop-off in crude and losses incurred from some ongoing projects. PVN 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. … [Read more...] about COCVID-19, price decline hit Vietnam’s oil industry

Hanoi (VNA) - Minister of Natural Resources and Environment Tran Hong Ha has proposed exempting charges on businesses for granting rights to exploit water resources for half a year, estimated at 600 billion VND (over 25 million USD), or for a year. The move aims to spur socio-economic development and assist businesses in the wake of the raging COVID-19 pandemic and the severe drought in the central and central highlands region and saltwater intrusion in the Mekong Delta. In a proposal sent to the Prime Minister, Ha also recommended extensions on charges for granting mining rights this year and reductions on environmental fees for service providers impacted by the pandemic. He also called for a 20 percent cut in charges for assessing the granting of permits to explore, exploit, and use water resources, and exemptions from land use taxes for businesses. Other proposals included the export of certain minerals such as those exploited from socio-economic projects (white sand), at … [Read more...] about Ministry proposes exempting charges for granting rights to exploit water resources

Bangkok (VNA) – Thailand is planning to seek cooperation from Myanmar and Laos to support the fight against haze and smog pollution amidst many forest fires detected in its northern and northeastern mountainous areas. Jatuporn Buruspat, Permanent Secretary of the Thai Ministry of Natural Resources and Environment, said his country’s government will seek cooperation from Myanmar and Lao authorities to jointly deal with the seasonal smog which has been blown across borders into the north of Thailand. He said the number of hotspots in Myanmar continues to rise while there have been fewer in Laos and Cambodia. The environment ministry is being urged to talk with the neighbouring countries, although it has also acknowledged that part of the problem has originated from bushfires within this country. According to him, the ministry has made relentless efforts to fight bushfires in forest reserves in Phrae province, Mae Wong National Park in Nakhon Sawan province, and Huai Kha … [Read more...] about Thailand seeks Myanmar, Laos cooperation to fight haze

Accordingly, Mekong Delta’s provinces and cities need to closely continue monitoring, updating alerted and forecasted news related to the meteorological and hydrological situation, drought, saline intrusion and lack of water to effectively carry out the production plans. Additionally, it is necessary to perform preventive measures against drought, lack of fresh water, saline intrusion, of which fresh water assurance is on the top priorities; direct the functional agencies to study, effectively exploit the documents, results of surveying programs, find water sources underground, monitoring data, forecast and alert the water resources assigned by Ministry of Natural Resources and Environment.  Particularly, the localities are recommended to ensure fresh water supply and purpose for households in the severe lacking-water areas.  Besides that, the Ministry of Natural Resources and Environment will establish working groups to support drought-hit localities in process of … [Read more...] about Mekong Delta to proactively carry out anti-drought, saline intrusion measures