Hanoi (VNA) – The oil and gas sector has madeconsiderable contributions to the State budget, experts have said.
According to a Government report on State budget balance in2017, State budget collection in 2017 exceeded 1.293 quadrillion VND (55.59billion USD), up 6.7 percent from estimates, mostly due to increases in landuse fee, import tax and crude oil sales.
The report said crude oil fetched 49.58 trillion VND (2.13billion USD), 29.5 percent more than the estimate.
In 2018, the Vietnam National Oil and Gas Group(PetroVietnam)’s domestic crude oil production exceeded the target set by theGovernment by 675,000 tonnes, contributing to the country’s GDP growth of 7.08percent.
The firm’s total revenue in 2018 was 626.8 trillion VND,surpassing the yearly target by 18 percent and a year on year rise of 26percent. It paid 121.3 trillion VND to the State budget, exceeding the yearlygoal by 64.3 percent.
Bui Si Loi, deputy head of the National Assembly (NA)Committee for Social Affairs, said that along with State budget payment, the oiland gas sector has laid a foundation for economic growth in central Thanh Hoaand Nghe An provinces.
It has also helped ensure power security and sovereignty, whilecreating jobs, he said.
Nguyen Duc Kien, deputy head of the NA Economic Committee, saidthe Government should adjust policies to promote the effective operation of oiland gas firms.
Although the world oil and gas market saw a lot of fluctuationsin the first three months of 2019, most of PetroVietnam’s production indexessurpassed the plan by 2-8 percent.
Total earnings of the firm in the first quarter of this yearreached 162.7 trillion VND, exceeding the plan by 6.3 percent. It paid 23.5trillion VND to the State budget, 9.2 percent higher than the first quarter’splan and fulfilling 27 percent of the yearly target.
Statistics from the Ministry of Finance show that in thefirst four year of 2019, State budget collection was nearly 134 trillion VND,including 111.6 trillion VND of domestic collection.
Notably, collection from crude oil was estimated at 4.7trillion VND in April and 18.29 trillion VND in four months, equivalent to 41percent of the yearly projection.-VNA
The Dung Quat oil refinery, based in the central province of Quang Ngai, exceeded its designed capacity by 7 percent in the first quarter of 2019, helping it gain over 606 billion VND (26 million USD) in post-tax profit during the period.
Nearly 518 trillion VND (22.23 billion USD) was collected towards the state budget in this year’s first four months, completing 36.7 percent of the yearly target and representing a year-on-year rise of 13.9 percent, reported the Ministry of Finance.
Most State-owned enterprises were operating at a profit but still needed to improve their operational efficiency, according to a report by the State Audit Office of Vietnam (SAV).
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.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: Vietsov) 
