Efforts by the government to revise the outdated domestic oil and gas law and to introduce better incentives for upstream contractors, could go a long way to reigniting investor sentiment in the sector. (Illustrative photo: VOV) Fitch Solutions, a macro research unit of Fitch Group, said in its newly announced oil production outlook that Vietnam was estimated to have produced 247,000 barrels per day (b/d) during 2018, a year on year drop of nearly 12 per cent, according to figures released by the General Statistics Office of Vietnam. This figure remains some way short of state-owned oil and gas company PetroVietnam’s target of 14.2 million tons, or 285,000 b/d. The research firm noted that PetroVietnam keeps on a pessimistic prospect for the sector and forecast in late-2018 that its crude oil production could plunge by as much as 10 per cent annually by 2025. The fall in production comes as output declines in its most mature domestic fields - namely Bach Ho - … [Read more...] about Annual crude output forecast to drop 5 per cent in decade
Trade deficit widens 23 in may
Vietnam forecast to face net imports of crude oil
Oil rigs on the Bach Ho oil field. Vietnam's crude oil production is forecast to continue to drop over the coming years (Photo: VNA) Hanoi (VNS/VNA) - Vietnam’s self-sufficiency for crude oil could come to an end due to exploitation that could turn the country into a net importer of crude oil for the first time, experts warned. According to analysts from the Fitch Solutions Macro Research, crude oil production in Vietnam would continue to drop over the coming years, averaging annual declines of 4-5 percent over the next 10 years, as offshore reserves fell and investment in significant new projects slowed. Data from the General Statistics Office showed the country produced some 247,000 barrels per day (b/d) last year, a decrease of nearly 12 percent on year, some way short of State-owned Vietnam Oil and Gas Group (PetroVietnam)'s target of 14.2 million tonnes, equivalent to … [Read more...] about Vietnam forecast to face net imports of crude oil
Việt Nam forecast to face net imports of crude oil
Oil rigs on the Bạch Hổ oil field. Việt Nam's crude oil production is forecast to continue to drop over the coming years. — VNA/VNS Photo HÀ NỘI — Việt Nam’s self-sufficiency for crude oil could come to an end due to exploitation that could turn the country into a net importer of crude oil for the first time, experts warned. According to analysts from the Fitch Solutions Macro Research, crude oil production in Việt Nam would continue to drop over the coming years, averaging annual declines of 4-5 per cent over the next 10 years, as offshore reserves fell and investment in significant new projects slowed. Data from the General Statistics Office showed the country produced some 247,000 barrels per day (b/d) last year, a decrease of nearly 12 per cent on year, some way short of State-owned oil and gas company … [Read more...] about Việt Nam forecast to face net imports of crude oil
WB forecasts Vietnam’s growth to moderate to 6.6% in 2019
Vietnam’s growth is projected to moderate to 6.6% in 2019, driven by credit tightening, slower private consumption, and weaker external demand, said the World Bank. The international lender published the East Asia and Pacific Economic Update themed “Managing Headwinds,” on April 24. According to the WB, Vietnam’s economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. The extreme poverty rate is estimated to have declined to below 3%. While the medium-term outlook is broadly favorable, significant downside risks are tied to weak external demand, global financial volatility, and incomplete banking and state-owned enterprise (SOE) reforms. On the upside, Vietnam is strongly positioned to benefit from numerous free trade agreements that are coming into force now and over the forecast period. Economic growth in developing East Asia and the Pacific is projected to soften to 6% in 2019 and 2020, … [Read more...] about WB forecasts Vietnam’s growth to moderate to 6.6% in 2019
WB forecasts VN’s growth to moderate to 6.6% in 2019
Illustration photo The international lender published the East Asia and Pacific Economic Update themed “Managing Headwinds,” on April 24. According to the WB, Viet Nam’s economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. The extreme poverty rate is estimated to have declined to below 3%. While the medium-term outlook is broadly favorable, significant downside risks are tied to weak external demand, global financial volatility, and incomplete banking and state-owned enterprise (SOE) reforms. On the upside, Viet Nam is strongly positioned to benefit from numerous free trade agreements that are coming into force now and over the forecast period. Economic growth in developing East Asia and the Pacific is projected to soften to 6% in 2019 and 2020, down from 6.3% in 2018, largely reflecting global headwinds and a gradual policy-guided slowdown in China, the World … [Read more...] about WB forecasts VN’s growth to moderate to 6.6% in 2019