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 At the Party Congress of the Vietnam Oil and Gas Group (PVN) in 2020-2025 term, on June 9,2020, in Hanoi, Mr. Le Manh Hung - PVN General Director proposed a target to decrease  average cost of the crude oil exploitation for being able to stand steady (even if the crude oil price falling to 30 USD / barrel).

At the working meeting with the key leaders of Quang Ngai province on Feb 22, President Truong Tan Sang affirmed: Although the crude oil prices in the world continue sharp fall, Vietnam still is determined to upgrade and expand Dung Quat oil refinery Plant in coming time.

“Oil prices reduced and maintained at a low level make a lot of difficulties for the petroleum searching, exploring and exploiting companies to deploy exploring projects; for the processing companies to compete with import products; and, specially,  for the service companies due to reducing amount of work and service cost. However, PVN still keeps the good production and business rates” Mr. Nguyen Quoc Khanh, PVN Communist Party Committee Secretary and Member Council Chairman expressed at the forth conference of the Party Executive Committee (2015 – 2020 term).

The Vietnam National Oil and Gas Group (PVN) earned 253 trillion VND (11.3 billion USD) in revenue and paid 50.7 trillion VND to the State budget in the first seven months of this year.

Due to the oil prices continuous drop recently, PetroVietnam Exploration and Production Corporation (PVEP) has actively reviewed and adjusted the exploiting projects for according with the actual situation.

On the morning of December 12, in Hanoi, the Committee for Management of State Capital at Enterprises was presided over by Mr. Nguyen Hoang Anh - Chairman of the Committee. At the Conference for deploying Decision No. 1479/QD-TTg of the Prime Minister and the Plan for mobilizing resources of the groups and corporations participating in activities and projects in the program of the socio-economic rehabilitation and development, the Electricity of Vietnam (EVN) proposed to apply the market mechanism for electricity prices, as the input factors increase, the electricity prices automatically increase and vice versa in a timely manner (similar to the mechanism to adjust the gasoline prices).

From September 9 to 12, 2019, the delegation of Binh Son Petrochemical Joint Stock Company (BSR) led by General Director Bui Minh Tien attended the 35th APPEC Conference in Singapore. This is an opportunity for BSR to contact and discuss with partners to expand opportunities for importing crude oil for Dung Quat Oil Refinery.

In fact, Because the capacity for producing gasoline and oil products is much lower than its consumption demand, Vietnam still has to spend billions of dollars to import petrochemical products for domestic demand and according to the demand forecast, Vietnam will lack a large amount of gasoline and oil products in the future...

Bulgaria’s Prista Oil will co-operate with the state-run PetroVietnam to set up an oil recycling plant to manage and treat used oil in Vietnam.

The recent gas price increase  would lead to Vietnam’s gas-fired power plants’ fear of a sharp hike in their production costs in the coming period.

Minister of Industry and Trade Vu Huy Hoang underlined the Ministry of Industry and Trade (MOIT)’s opinion that electricity and petroleum prices must be publicized and transparent on a Vietnam Television Q&A session on May 11.

Deputy Minister of Industry and Trade (MoIT) Do Thang Hai informed: "The Ministry of Industry and Trade has just reported to the Government that our country with a shape of S letter spreading more than 1.6 thousand kilometers, so it is not suitable if solar electricity set by one price only but applied by the regions with  different solar radiations”.

Implementing periodic targets assigned by Ministry of Industry and Trade (MOIT) in the Direction No 11 dated at 22/4/2014 on strengthening publicity and transparency in electricity and gasoline businesses, the Electricity Regulatory Agency of Vietnam (ERAV) has just haven an official document to inform basic input parameters of the electricity prices in 2016, and avoided cost tariffs and electricity generation price frameworks in 2017.

Power prices will increase by an average of 8.36 percent at the end of this month, said Deputy Minister of Industry and Trade Hoang Quoc Vuong on March 5.  

The Electricity of Vietnam (EVN)’s wholesale electricity prices sold to its power corporations in 2016 would be increased by two to five percent over last year.