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The Hanoitimes - The Ken Bau well is set to be put into operation by 2028. An oil and gas well has been discovered offshore Vietnam with record reserves that help state-run energy group PetroVietnam fulfil its reserves plan set for this year, local media reported. The discovery of Ken Bau-2X, located in Block 114 of the Red River Basin, is estimated to provide 9 trillion cubic feet in place with 400 – 500 million barrels (Mbbl) of associated condensates. Ken Bau well to increase Vietnam’s oil, gas reserve in 2020. Photo: Keri Jackson/Pixabay Eni Vietnam and Essar E&P, two operators of Block 114, each holds 50% share of the exploration contract. In 2020, Ken Bau-2X was drilled 2km apart from Ken Bau-1X, the first well in 95 meters of water depth till a total depth of 3,658 meters below sea level and encountered a pay in excess of 110 meters in several intervals of miocene sandstones interbedded with shale. The result of estimated reserves from Ken Bau-2X well appraisal is the historical discovery of Vietnam oil and gas industry so far. Eni Vietnam, with its partner, is currently planning additional drilling and testing on Ken Bau discovery coupled with new drilling and seismic activity in the Red River basin, where Eni operates with a 100% share the neighboring Block 116. The operator will prepare a reserve and mine development report. It is expected that Ken Bau can be put into exploitation by 2028, according to PetroVietnam. PetroVietnam said this is a crucial premise for exploration activities as well as further exploitation in the Quang Tri, Thua Thien-Hue and central regions, contributing strongly to promoting the gas power industry in the central region. It is also expected to contribute to ensuring national energy security and promote the sustainable development of Vietnam’s oil and gas sector in the future. The gas market in Vietnam is rapidly growing, driven by the country’s consistent GDP progression and …

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Foreign ship arrivals down 6 percent in first two months Vietnam’s sea ports have berthed some 4,900 foreign vessels over the last two months, a decline of 6 percent year-on-year, according to the Vietnam Marine Administration. The fall was due largely to the impact of COVID-19, which is resulting in major fluctuations in the transport sector, a representative of the administration said. Despite the lower number of foreign ships, the volume of import and export goods through ports grew. In January and February, 35.3 million tonnes of imports and 26 million tonnes of exports were handled at ports nationwide. The former represented an annual increase of 14 percent while the latter was as same as that last year. In particular, nearly 1.3 million TEUs for exports and 1.2 million for imports were handled during the period, up 32 and 16 percent, respectively, year-on-year; the highest growth since the pandemic began. Meanwhile, the arrival of domestic vessels totalled 5,300, up 11 percent year-on-year./. Quang Ninh’s Van Don airport reopens on March 3 The Ministry of Transport has decided to allow Van Don International Airport in the northern province of Quang Ninh reopen from 6:01am on March 3 after the COVID-19 pandemic has been put under control in the locality and the airport is safe to transport passengers. The airport was temporarily shut down from January 29 after an airport security staff was confirmed positive for the coronavirus SARS-CoV-2 that causes the COVID-19 pandemic. The national flag carrier Vietnam Airlines announced earlier that it will resume flights between Ho Chi Minh City and Quang Ninh on March 3, thus becoming the first to restart flights to the Van Don airport since the local COVID-19 outbreak began. From March 3 to 17, one weekly flight will ply the route between the two destinations, on Wednesdays. Flight numbers will be increased to three a week, on Wednesdays, Fridays, and Sundays, from March 18 until the …

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Apparel exports have been showing signs of a rebound since the end of the third quarter last year Recent figures by the Vietnam General Department of Customs show that as of February 15, Vietnam raked in $3.77 billion from textile and apparel exports, up $270 million compared to the same period in 2020. Le Tien Truong, deputy chairman of the Vietnam Textile and Apparel Association (Vitas) and chairman of state-run group Vinatex noted that with the COVID-19 situation still intense and consumption declining in Vietnam’s major export markets like the US, EU, and Japan, many local firms have adopted smartly by shifting to producing items for common use with reasonable price tags. “In fact, the textile and clothing sector has been trending in this direction from the second half of last year, helping to ensure continuous work for labourers with stable order placement. This helped the sector to reach an export turnover of $35.2 billion last year, which, albeit lower than in 2019, was much better than other major exporters like India and Bangladesh,” Truong said. According to Vitas, in the brightest forecast the sector would recover consumption level as in 2019 in the third quarter of 2022, whereas based on the slow recovery scenario such consumption would reach by end of 2023. Due to the pandemic, total aggregate demand for textile and apparel products shed more than 22 per cent globally, going from $740 billion to $600 billion. Competing countries all saw 15-20 per cent decreases. The reduction of Vietnam’s textile and apparel sector was far less than the world average. A Vinatexsource certified that many firms in the sector, including Vinatex members, have signed orders until the end of April. Significantly, orders have been placed for several product lines such as knitwear and items for common use until July and August. Hung Yen Garment Corporation (Hugaco) – a major member belonging to Vinatex group – posted a revenue of $15.7 million and …

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