Vietnamplus

Changes in the Indonesia Crude Price (ICP) will have an impact on the State budget deficit of the country in 2020, according to the Indonesian Ministry of Finance.

The plummeting world crude oil prices will not have too great impact on Vietnam’s State budget revenue, said Vo Thanh Hung, head of the State Budget Department under the Ministry of Finance.

The Ministry of Finance will focus on improving the business climate and creating favourable conditions for businesses to accelerate growth, which is important to ensure State budget revenue amid the COVID-19 pandemic's impacts on socio-economic development.

A grim report on the world economy by the International Monetary Fund (IMF) announced on April 15 caused oil prices to continue to slide, with international prices hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a COVID-19-fuelled slump in demand.

The Vietnam Oil and Gas Group (PetroVietnam) will continue cutting costs and optimizing all resources while boosting sales to cushion the impact of the COVID-19 pandemic on the oil and gas industry, the group’s recent online meeting heard.

Nineteen State-owned groups and corporations under the Commission for the Management of State Capital at Enterprises (CMSC) incurred losses worth more than 3.7 trillion VND (160 million USD) in the first quarter of this year due to the impacts of the COVID-19 pandemic.

The consumer price index (CPI) in the first quarter of 2020 rose by 5.56 percent, the highest increase during the 2016-2020 period, Director of the General Statistics Office (GSO) Nguyen Bich Lam said.

The Ministry of Industry and Trade has requested state-owned coal and oil-gas producers to develop plans and measures to response to impact of the acute respiratory disease caused by a new coronavirus (COVID-19) outbreak.

Analysts remain upbeat on palm oil prices next year after Malaysia's palm oil inventory fell to a three-month low in November and exports to China remained steady.

The Consumer Price Index (CPI) of November increased by 0.96 percent compared to last month, the highest growth for November’s CPI in the last nine years.

Indonesian Finance Minister Sri Mulyani Indrawati has denied the notion that the tax revenue target for 2019 was set too high, causing the government fail to achieve it.

The Binh Son Refining and Petrochemical Joint Stock Company (BSR) has enjoyed sound business results from the outset of the year, although its profit margin was affected by fluctuations in global oil prices.

The Energy Ministry of Thailand is planning to use 1.5 billion baht (about 49 million USD) from the state Oil Fund to support local oil prices, expected to rise one baht per litre in the short term after drones struck Saudi Arabia’s oil facilities on September 14.

The Vietnam Oil and Gas Group (PetroVietnam) earned 489.5 trillion VND (over 21 billion USD) in revenue in the first eight months of the year, exceeding the target by 19 percent although the average price of crude oil fell to 58.62 USD per barrel in August compared to the predicted price of 65 USD per barrel.

The Vietnam Oil and Gas Group (PetroVietnam) reported more than 21 billion USD in revenue the first eight months, exceeding the target by 19 percent despite falling global oil prices.

The Vietnam Oil and Gas Group (PVN) gained 365.5 trillion VND (15.78 billion USD) in revenue in the first half of this year, or 18 percent higher than its six-month plan, heard a conference held by the group on July 17.

After recording its slowest pace in more than three year last month, Vietnam’s inflation is forecast to hit only 2.7 percent in 2019 after standing at 3.5 percent last year.

Government inspectors will investigate the latest power price increase by 8.36 percent to 1,864 VND (8.03 US cents) per kWh from March 20 following concerns among the public.

The Vietnam National Oil and Gas Group (PetroVietnam) hopes to add 15 million tonnes oil to reserves in both 2019 and 2020, heard the company’s conference to implement exploitation plans held in Vung Tau city on March 14.

Vietnam earned 220 million USD from shipping 175,000 tonnes of rubber abroad in January, up 10.8 percent in value and 28.9 percent in volume compared to the same month last year.