Subsidizing fuel prices

Retail prices of petrol in Vietnam rose by nearly VND700 to more than VND30,000/litre on May 23, setting a new record in the domestic petrol market. Vietnam's petrol prices rise to an all-time high over almost 10 years. Illustrative photo by Dantri The latest price adjustments unveiled by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance saw common petrol RON95-III reach VND30,657 per litre, marking a VND669 increase compared to the previous adjustments 12 days ago. Similarly, petrol E5RON92 also rose VND674 to be capped at VND29,633 per litre. Meanwhile, diesel was traded at VND25,553 per litre, representing a decline of VND1,097. The price of kerosene stood at VND24,450 per litre, down nearly VND763, and mazut was also adjusted down by VND962 to VND20,598 per kg. Following the latest price changes, the two ministries decided to stop using the petrol price stabilisation fund to subsidise prices of E5RON92 and RON95. However, they … [Read more...] about Retail petrol prices keep rising, set new record

A gas station in Ha Noi on Monday. — VNA/VNS Photo Tran Viet The retail price of oil and petrol continued to rise from May 23 following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance. Accordingly, from 3pm, the price of RON95 bio-fuel RON95 was raised by VND670 to VND30,650 (US$1.32) per litre, making a new record, while E5 RON92 rose by VND680 to VND29,630 ($1.28) per litre. Meanwhile, the price of diesel oil was down by VND1,100 to VND25,550 ($1.1) per litre. A decrease of VND660 per litre was also seen in the price of kerosene to VND24,400 ($1.05). Since the beginning of the year, the retail price of petrol has been adjusted up nine times and down only three times. According to the General Statistics Office , the hike in petrol prices was the major factor pushing up the Consumer Price Index (CPI) in the first four months of this year. Domestic petrol prices surged 48.84 per cent year on year, which led to a 1.76 percentage point rise … [Read more...] about Petrol price hits record level in latest adjustment

Illustrative image (Source: VNA) Hanoi (VNA) - The retail prices of oil and petrol continued to rise from May 23 following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance . Accordingly, from 3pm, the price of RON95 bio-fuel RON95 was raised by 670 VND per litre to 30,650 VND (1.32 USD) per litre, while that of E5 RON92 rose by 680 VND per litre to 29,630 VND (1.28 USD) per litre. Meanwhile, the price of diesel oil was down by 1,100 VND per litre to 25,550 VND (1.1 USD) per litre. A decrease of 660 VND per litre was also seen in the price of kerosene to 24,400 VND (1.05 USD). Since the beginning of this year, the retail prices of petrol have been adjusted up nine times and down for only three times. According to the General Statistics Office (GSO), the hike in petrol prices is the major factor pushing up CPI in the first four months of this year. Domestic petrol prices surged 48.84 percent year on year, which led to a 1.76 … [Read more...] about Petrol prices adjusted up over 600 VND per litre

The Government is committed to taking timely measures to ensure macroeconomic stability. The high inflationary pressure amid the recovery of domestic demand is putting Vietnam’s GDP growth target of 6-6.5% for this year at risk. Overview of the session. Source: quochoi.vn Deputy Prime Minister Le Van Thanh gave the remarks at the third session of the 15 th National Assembly held today [May 23]. According to Thanh, the Vietnamese economy has been on a positive recovery track in the first months of 2022 under the new normal. Total budget revenue for the first four months grew by 15.4% year-on-year to VND657.4 trillion ($28.4 billion), while the consumer price index (CPI) expanded by 2.64%, the lowest four-month period growth in the past five years. As of mid-May, credit growth stood at 7.2% against late 2021 and up 17% year-on-year, which showcases the recovery of economic activities, along with greater efforts from the Government to restore discipline … [Read more...] about High inflationary pressure put GDP 6.5% growth target at risk: Gov’t

Inside a factory of PetroVietnam Ca Mau Fertiliser JSC (DCM). DCM's net revenue reached VND4.07 trillion in Q1, 2 times higher than the same period last year. — VNA/VNS Photo Huynh Anh The fertiliser industry's gross profit margin may decrease after peaking in the first quarter of 2022, but the fertiliser sector still sees positive prospects in the near future, thanks to export growth. According to KIS Vietnam Securities Joint Stock Company (KIS), the revenue of the fertiliser industry in the first quarter of 2022 reached VND30.93 trillion (US$1.3 billion), up 71.2 per cent over the same period last year, while profit after tax reached VND6.8 trillion, 7.9 times higher than the previous year. Leaders in the growth of profit after tax in the first quarter of 2022 are Petrovietnam Fertiliser & Chemicals Corporation (DPM) and PetroVietnam Ca Mau Fertiliser JSC (DCM). Petrovietnam Fertiliser & Chemicals Corporation (DPM) reported a profit after tax of VND2.12 trillion, up … [Read more...] about Fertiliser industry’s gross profit margin may decrease after peaking in Q1

Hanoi, (VNA) – The following is a brief review of the day’s events as reported by the Vietnam News Agency on May 23. -The 15th-tenure National Assembly (NA) convened the third session in Hanoi on May 23. The opening session is broadcast live on Radio the Voice of Vietnam (VOV1), the Vietnam Television (VTV), and the NA's TV channel. Read full story - In order to ensure the highest efficiency of the 15th National Assembly (NA)'s third session, NA agencies and deputies had made careful preparations on discussion contents, aiming for the highest outcomes with shortest sitting time, said NA Chairman Vuong Dinh Hue while opening the session on May 23. The top legislator said that over the past nearly one year, NA deputies have adhered to their action plans and kept their promises to voters and people, while listening to their ideas and requests and working to enhance their capacity and operational efficiency across all fields. Read full story -Deputy Prime Minister Le Minh … [Read more...] about ☕ Afternoon briefing on May 23

Workers at a Garment 10 factory. — Photo baosoctrang.org.vn Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans. According to the Vietnam Textile and Apparel Association, export prospects for the industry are getting better as major importers have reopened their economies and various free trade agreements have begun to take effect. Under a likely scenario, Viet Nam's textile export is expected to reach up to US$43.5 billion in 2022. However, Garment 10 Corp. is concerned that the Chinese Zero-COVID policy and the Russian military operation in Ukraine will disrupt supply chains, hindering its ability to fulfil new orders. "The Russian military operations in Ukraine have driven up our input costs. The Chinese Zero-COVID policy will cause material shortages in the short-term, fueling the situation," said Than Duc Viet, director of Garment 10. The director said … [Read more...] about Tight material supply impedes textile exports