Vietnam must reach crude oil stock levels that are equal to no less than 90 days of net imports following the International Energy Agency (IEA)’s criteria by the year 2020.
Vietnam must reach crude oil stock levels that are equal to no less than 90 days of net imports following International Energy Agency (IEA)’s criteria by the year 2020. (Photo vietnambiz.vn)
Hanoi (VNA) - Vietnam must reach crude oilstock levels that are equal to no less than 90 days of netimports following the International Energy Agency (IEA)’s criteria by theyear 2020.
The target was set in Vietnam’s development plan for itscrude oil reserves system and other petroleum products by 2015 with a vision to2035, which was recently approved by Prime Minister Nguyen Xuan Phuc.
Accordingly, oil reserves at refineries, including crude oil andpetroleum products in the normal operation, have to meet 25 days of productionor 30 to 35 days of net imports. The reserves must have a minimum level of 15production days for crude oil and 10 days for petroleum products.
The storage of commercial petrol and oil at import depots, whichis carried out by petrol and oil trading enterprises, will ensure stabledomestic market demand.
Specifically, commercial petrol and oil reserves in the 2017-25period should be at a minimum level of 30-35 days of net imports.
The crude oil and petroleum products reserves system would bedistributed according to production and consumption demand in regionsnationwide, while optimising investment spending, management and operation.
Scale, investment progress and the kinds of crude oil warehousesshould be suitable with manufacturing capacity, product structure and businessplans of refineries.
The scale and development progress of the oil warehouse systemshould meet petroleum consumption demand of each region in the developmentperiods.
The location of national oil reserve warehouses should ensurenational defence and maximise efficiency of crude oil transport lines fromrefineries to consumption areas.-VNA
Deputy Prime Minister Hoang Trung Hai has instructed Vietnam Oil and Gas Group (PetroVietnam) to pursue the strategy to expand oil and gas activities overseas to preserve domestic resources and guarantee energy security in spite of the difficulties and challenges.
The PetroVietnam Exploration and Production Corp (PVEP) tapped 1.8 million tonnes of oil and 701 million cu.m of gas in the first half of 2013, surpassing its targets by 6 percent and 17 percent respectively.
The Vietnam National Oil and Gas Group (PetroVietnam) announced a turnover of 560 trillion VND (approximately 26.6 billion USD) for the last nine months, accounting for 84 percent of the annual target, in a press conference in Hanoi on October 8.
The Vietnam Oil and Gas Group (Petro Vietnam or PVN) targets 164.6 trillion VND (7.62 billion USD) in revenue during the second quarter of 2015, paying 30.1 trillion VND (1.4 billion USD) in tax.
The Vietnam Oil and Gas Group (PetroVietnam) targets nearly 383 trillion VND (18.2 billion USD) in revenue during the last six months of 2015, paying 87 trillion VND (4.1 billion USD) to the State coffer.
Vietnam has paid heed to developing sea-based economy and exploiting sea resources and spaces to promote socio-economic growth while working to safeguard sea and island sovereignty.
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.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Vietnam must reach crude oil stock levels that are equal to no less than 90 days of net imports following International Energy Agency (IEA)’s criteria by the year 2020. (Photo vietnambiz.vn) 
