The Hanoitimes - Senior government officials said that electricity and gasoline are items leaving impacts on the economy and catching public attention. PM orders checking of power price hike following social outcry Vietnamese media has questioned the Ministry of Industry and Trade (MOIT) about labeling “secret” the plans for raising electricity and gasoline prices. Government April meeting with the chairmanship of Chairman Mai Tien Dung. Photo: VGP VnExpress asked the MOIT at the government’s regular meeting last weekend why it tagged the adjustment of power and gasoline prices as “state secret” and basing on what ground. In response, Deputy Minister of MOIT Do Thang Hai said that the ministry keeps the plans unrevealed before the official announcement with an aim to avoid any unexpected impacts on the society due to the crucial role of electricity and petroleum in the economy. Hai attributed the Law on Protecting State … [Read more...] about Why does Vietnam label plans on energy price hike “secret”?
Rising energy prices
Illustrative image. Headline inflation rates in January and February posted at 2.56 per cent and 2.64 per cent on year, respectively. In March, the ratio decreased by 0.06 per cent per annum to 2.7 per cent. The Vietnam Institute for Economic and Policy Research (VEPR) said in a statement on April 11 that the core inflation rate during the first quarter rose by 1.83 per cent, showing stable adjustments to the monetary policy. The national consumer price index (CPI) in the three-month period increased by 2.63 per cent, the lowest price hike seen over the past three years. In February, the CPI rose by 0.8 per cent due to soaring demands for goods during the Tet (Lunar New Year) holidays. In particular, restaurant and catering services edged up by 1.73 per cent against January while food increased slightly by 2.13 per cent. GM_EN_PC_ARTICLE_Native_ads However, the price of many essential goods in March rose against the previous month. Transport fees went up by 2.22 per … [Read more...] about Rising energy prices push up Q1 inflation: research institute
The Hanoitimes - Over the past years, the number of solar power projects has been on the rise thanks to the government’s favorable policies and increasing demand. Deputy Minister Hoang Quoc Vuong of Vietnam’s Ministry of Trade (MOIT) has said that the ministry is contemplating to buy at auction prices of renewable energy, mostly solar power, following the market rules. A solar power project. Photo: Internet The MOIT will apply reasonable solar energy prices at instead of the estimated 9.35 US cent/kWh which the ministry planned in 2017 to buy from supplier, Vuong told the press at a working trip to Tuy Phong Wind Power Plant in the central province of Binh Thuan on December 18.Solar power projects mushrooming Vietnam plans to have 850 MW of solar energy by 2020, making up 1.6% of the country’s total power capacity, and 12,000 MW by 2030 (accounting for 3.3% of total power capacity) Linh Pham … [Read more...] about Vietnam considers purchasing solar energy through auction.
The Hanoitimes - Over the past years, the number of solar power projects has been on the rise thanks to the government’s favorable policies and increasing demand. Vietnamese Deputy Minister Industry of Trade Hoang Quoc Vuong has said that the ministry is contemplating to auction prices of renewable energy, mostly solar power in order to follow market movements. A solar power project. Photo: Internet The MOIT will apply solar energy prices at reasonable rates instead of the estimated 9.35 US cent/kWh which the government announced in 2017 to buy from developers, Vuong told the press at a working trip to Tuy Phong Wind Power Plant in the central province of Binh Thuan on December 18. Solar power projects mushrooming Vietnam plans to have 850 MW of solar energy by 2020, making up 1.6% of the country’s total power capacity, and 12,000 MW by 2030 (accounting for 3.3% of total power capacity) Linh Pham … [Read more...] about Vietnam considers auctioning solar energy prices: Deputy Minister
GCC economies experienced a 0.4 percent contraction last year - Photo: AFP The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf Cooperation Council (GCC) to grow by 2.4 percent in 2018 and 3.0 percent in 2019. The predicted growth follows a contraction of 0.4 percent last year. Grouping Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, the GCC states together pump over 17 million barrels per day and depend heavily on crude revenues. The IMF cautioned that "the growth outlook for oil exporters remains subject to significant uncertainty about the future path of oil prices," in its Regional Economic Outlook for the Middle East and North Africa (MENA). After their earlier extended recovery, oil prices have shed a fifth of their value in just one month, with Brent crude trading near its lowest price since April. Growth in non-GCC oil exporters in the MENA region, which includes Iran, Iraq, Algeria and … [Read more...] about IMF says Gulf economy recovering but faces oil price volatility