Oil

The construction of Dau Giay - Phan Thiet Expressway has been delayed due to oil shortage According to the contractors, in September this year, the Ministry of Transport called for the implementation of four construction projects: Mai Son-National Highway 45, Cam Lo-La Son, Vinh Hao-Phan Thiet, and Dau Giay - Phan Thiet. Accordingly, the construction of Dau Giay – Phan Thiet was asked to be completed at the end of 2022. “We are proactive in looking for alternative oil and petroleum sources with a higher selling price of between VND3,000-5,000 per litre, but the supply is still lowered our demand. We are concerned that if this situation is prolonged, the construction process could not ensure the committed deadline,” Lai said. Nguyen Hoang Hai, managing director of the XL03 contraction package developed by Vinaconex group, said that this contractor package needs 5,000 litres of oil per day to operate 300 pieces of machinery and equipment. “However, at present, … [Read more...] about Construction of Dau Giay-Phan Thiet Expressway delayed due to oil shortage

Vocarimex, a KIDO subsidiary, has sold its 24% stake in the company for VND2.158 trillion (US$87 million) to Siteki Investment belonging to Singaporean food processing company Wilmar International. Cai Lan, established in 1996 as a joint venture between Vocarimex and Siteki, has two cooking oil plants with a total capacity of 2,300 tons a day in HCMC and the northern province of Quang Ninh. Consumers check out cooking oils at a supermarket in HCMC’s District 1 in March. Photo by VnExpress/Thanh Nguyen After the divestment, Kido owns only one cooking oil brand, Tuong An, produced by its subsidiary Tuong An Vegetable Oil Joint Stock Company. SSI Securities Corporation said the cooking oil business still has room for growth since KIDO has a large distribution network with about 450,000 outlets. It added that KIDO’s cooking oil sales would increase by 6.5% next year and profits by 18.4% as against 15% this year. … [Read more...] about Food producer KIDO sells stake in cooking oil company

The Tho Chu Border Guard patrol team checks the two fishing boats carrying DO oil without valid proof of purchase. (Photo: SGGP) At the examining moment, the boats are transporting 62,000 liters of DO oil, but their captains could not display any valid invoices or related documents. Therefore, the patrol team made a record, clearly detailing the law violations. The police also temporarily seized 5 mobile phones and 1 tablet for investigation, escorted both boats to An Thoi Port of Phu Quoc City to hand over to functional agencies for proper handling. As reported by the anti-smuggling forces in the Southwest sea water, millions of liters of fuel are illegally traded each year to evade taxes. This is done based on the price differences between Vietnam and its neighboring countries. The common trick is to use fishing boats going to the bordering sea waters for purchases of oil to evade taxes. This illegally traded fuel is then sold directly to other fishing boats. By Quoc Binh … [Read more...] about 2 fishing boats caught carrying DO oil without invoice near Tho Chu Island

White Tiger oilfield. A draft decree regulating investment in oil and gas abroad is being raised for public comment. — VNA/VNS Photo The Ministry of Industry and Trade has raised two options for regulating overseas investment in the oil and gas sector in a draft decree which was recently made public for comments. In the first option, sources of capital for investment abroad in oil and gas included legal money and other lawful assets of the investors, including equity, loans in Viet Nam transferred abroad, and profits earned from offshore oil and gas projects which were retained for overseas investments. Legal money and other lawful assets as prescribed included foreign currencies on accounts at authorised credit institutions or purchased at credit institutions in accordance with the established laws, Vietnamese dong, machinery, equipment, supplies, raw materials, fuel, finished goods and semi-finished goods. In addition, intellectual property, technology, brand values, … [Read more...] about Ministry proposes two options for overseas investment in oil and gas sector

It was part of activities within the framework of the Hanoi Creative Design Festival 2022 which took place in the pedestrian zone by Hoan Kiem (Sword) Lake, at the Center for Art & Culture at No.22 Hang Buom street (Hanoi), Bat Trang Pottery Museum, on Trinh Cong Son and Son Tay pedestrian streets, among others. The “Ego” exhibition showcases more than 200 lacquer and oil paintings and over 100 sculptures made from different materials such as bronze, stone, and wood. These works were created by artist Ngo Xuan Binh. According to Mrs. Tran Thi Van Anh, Deputy Director of the Hanoi municipal Department of Culture and Sports, the exhibition gives the public a better understanding of the value of sculptures, spreading a message about Vietnamese urban areas in the new era. Artist Ngo Xuan Binh’s works featured miniature spaces, including living environments, trees, services, and more, she underlined. The exhibition will run until March 2023. Translated by Song Anh … [Read more...] about Lacquer and oil painting exhibition held in Hanoi

Each business must be able to purchase or import the quantity of oil and gas as instructed, with two options on the table, Minister of Industry and Trade Nguyen Hong Dien said at a Monday meeting. In the first option, businesses must purchase from two domestic refineries and import 25.9 million m3 of oil and gas, a year-on-year increase of 10%. The second option is to purchase and import 26.76 million m3 of oil and gas, a 15% increase. The oil and gas would be distributed throughout months and quarters. Gasoline and oil shortages have occurred in several localities in the country, including the three major cities of Hanoi, Ho Chi Minh City and Da Nang in Q2 and Q3. The trade ministry gave several reasons for the shortage including businesses having to import products at high prices and sell them at low prices, and their actual business costs not being factored into the pricing mechanism, forcing several traders and gasoline stations to operate at a loss. In the first 9 … [Read more...] about Fuel supply to increase by 10-15% next year

Canada has paused imports from Malaysian glove maker Supermax Corp as it awaits the results of an audit, weeks after the United States barred the firm over allegations the company uses forced labour. Malaysian factories making everything from medical gloves to palm oil have increasingly come under scrutiny over allegations they abuse foreign workers, who form a significant part of the manufacturing workforce. After the United States suspended Supermax imports last month, Canada's Public Services and Procurement department said on Wednesday it was holding Supermax deliveries as it awaits a report expected mid-month from Supermax Healthcare Canada. "In light of the current situation, Canada has engaged with the company to seek assurances that Supermax Corp is not engaging in forced labour practices," the department said in a statement. Supermax did not immediately respond to a request for comment. The U.S. Customs and Border Protection issued a "Withhold Release Order" on Oct … [Read more...] about Canada pauses imports from Malaysia glove maker Supermax over forced labour concerns

At the gas station at No.86 To Ky Street, Trung My Tay Ward, District 12, many people wait in line for their turn to fill up their vehicles. (Photo: SGGP) It was recorded that at some gas stations in HCMC, the situation of people queuing for their turn to refill recurred on November 13. Some gas stations limited the amount of gasoline poured each turn, and some places temporarily closed and hang the sign "out of gasoline, waiting for restocking". Specifically, in the morning of the same day, at a petrol station of Tay Nam Petroleum Logistics Company at No.86 To Ky Street, Trung My Tay Ward, District 12, many people waited in line for their turn to fill up their vehicles. However, each person can only refill a maximum worth of VND50,000 of gasoline, like the time before gasoline prices increased. Tan Chanh Hiep petrol station at the intersection of To Ky and Dong Bac streets in District 12 was also quite crowded, with people waiting for a refill. To ensure order and avoid … [Read more...] about Market surveillance authorities simultaneously inspect gas stations in HCMC

The General Statistics Office (GSO) reported that in October, Vietnam’s index for industrial production (IIP) is estimated to increase 3 per cent on-month and 6.3 per cent on-year “thanks to enterprises taking the bigger initiative in labour and formulating their business and production plans, and weathering difficulties for production recovery and expansion.” Production indices face right direction for 2022 aims, photo Le Toan In the first 10 months of this year, the IIP climbed 9 per cent on-year – far higher than the on-year expansion of 3.8 per cent in the corresponding period last year. The manufacturing and processing sector, creating 80 per cent of industrial growth, ascended 9.6 per cent on-year – higher than the 5.1 per cent on-year rise in the same period last year. Growing production has resulted in rising demand for electricity, fuel, and wastewater treatment as well. The Ministry of Planning and Investment reported that the economy’s production and … [Read more...] about Production indices face right direction for 2022 aims

The last few years globally have greatly affected economic and investment activities. How do you assess the market in Vietnam for mergers and acquisitions (M&A) in recent times? Nguyen Cong Ai, senior partner at KPMG in Vietnam The scale of the M&A market is slowing down in terms of the number and value of deals. In 2021, there were more than 700 deals, but in the 10 months of 2022, the number was only about 350. The average value of a deal also decreased from $31 million to about $15 million. There were plenty of billion-dollar deals last year, but the highest value of a deal this year was around $500 million. According to data from KPMG, so far in 2022, the total value of M&A deals reached $5.7 billion, down 35.3 per cent on-year. Singapore is the leading country with about $1.2 billion in cross-border transactions, followed by the United States at $570 million and South Korea with $370 million. Similar to 2021, transactions continued to be led by … [Read more...] about Environment strong for ready-money investors