LNG is seeing great growth prospects in 2021 Though marginal, the increase in volume reflects the resilience and flexibility of the global LNG market in 2020, a year which saw losses to global GDP of several trillion dollars as economies large and small struggled to contain the COVID-19 outbreak. Demand in 2019 stood at 358 million tonnes. Global LNG prices hit a record low early in the year but ended the 12-month period at a six-year high as demand in parts of Asia recovered and winter buying increased against tightened supply. “LNG provided flexible energy which the world needed during the COVID-19 pandemic, demonstrating its resilience and ability to power people’s lives in these unprecedented times,” said Maarten Wetselaar, Integrated Gas, Renewables and Energy Solutions director at Shell. “Around the world countries and companies, including Shell, are adopting net-zero emissions targets and seeking to create lower-carbon energy systems. As the cleanest-burning fossil fuel, natural gas, and LNG have a central role to play in delivering the energy the world needs and helping power progress towards these targets.” Natural gas emits between 45 and 55 per cent fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity. Demand rebounds in Asia China and India led the recovery in demand for LNG following the outbreak of the pandemic. China increased its LNG imports by 7 million to 67 million tonnes, an 11 per cent increase for the year. China’s announcement of a target to become carbon neutral by 2060 is expected to continue driving up its LNG demand through the key role gas can play in decarbonising hard-to-abate sectors, namely buildings, heavy industry, shipping, and heavy-duty road transport. India increased imports by 11 per cent in 2020 as it took advantage of lower-priced LNG to supplement its domestic gas production. Two other major Asian LNG-importing countries – Japan and …
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Hanoi targets 2,000 new OCOP products in the next 5 years
The Hanoitimes - To date, Hanoi has completed a similar process for 630 OCOP products achieving 3-star rating and above, exceeding the target of having at least 500 OCOP products. For the next five years, Hanoi targets to complete the evaluation and classification process for at least 2,000 products under the national’s One Commune, One Product (OCOP) program. Hanoi leaders visit display section of OCOP products. Photo: Trong Tung. Director of the municipal Department of Agricultural and Rural Development Chu Phu My announced the plan at a conference taking stock of the OCOP program in 2020 on December 25. To date, Hanoi has completed a similar process for 630 OCOP products achieving 3-star rating and above, exceeding the target of having at least 500 OCOP products. Along with the development of OCOP products, Hanoi has launched 13 OCOP showrooms in the city and organized four OCOP trade promotion events for products from northern mountainous, Red river delta, central highlands, and southern region. Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen said in the coming time, the city will continue to push for greater efficiency in the implementation of the OCOP program. “Hanoi is expected to continue cooperating with other provinces/cities in promoting trade and taking the OCOP products from all over Vietnam to distribution channels,” he noted. From December 25–27, Hanoi will launch an exhibition fair to showcase OCOP products at the Cultural Friendship Palace, located at 91 Tran Hung Dao street, Hoan Kiem district. The OCOP program, with a view to honoring prominent craft villages’ goods and products, has been identified by Hanoi’s authorities as one of the solutions to boost domestic consumption at a time when the Covid-19 pandemic is causing severe consequences on the local economy. …
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VIETNAM BUSINESS NEWS FEB. 28
Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …
