Sign up | Log in



Home  >>   Daily News  >>   Vietnam News  >> Energy  >> Ministry cuts petroleum imports
NEW UPDATES Asean Affairs   14  January 2014  
Ministry cuts petroleum imports

Vietnam: The Ministry of Industry and Trade (MoIT) has decided to reduce the petroleum import quota for this year to approximately seven million tonnes from the earlier 9.115 million tonnes.

All of the 18 domestic firms eligible for petroleum imports saw a sharp decrease in the petroleum import quota compared with the level set earlier this year.

Specifically, the Viet Nam National Petroleum Corp (Petrolimex) received the largest import quota reduction from 5.18 million tonnes to 4.396 million tonnes. It was followed by PetroVietnam Oil Corporation (PV Oil), with 591,000 tonnes.

Of note, PV Oil's petrol import quota was 27,000 tonnes, accounting for 10 per cent of the initial assignment.

Several firms such as the Aviation Petroleum Company, Nam Viet Oil Refinery and Petrochemicals Company, the Military Petroleum Corp (MPEC), and Dong Phuong Petroleum Company also saw their import quotas on mazut lowered to zero.

Under the current regulations, petroleum importers will not be allowed to import below the assigned levels.

Vo Van Quyen, head of the ministry's Domestic Market Department, told Dau tu (Viet Nam Investment Review) that the decreasing import quota was attributable to a reduction in petroleum demand or increase in the number of businesses buying petrol from Dung Quat Refinery Plant.

Statistics from the General Department of Customs showed that the country imported seven million tonnes of petroleum, with a turnover of US$6.6 billion, last year. In 2012, the import total amounted to 8.9 million tonnes. Economist Ngo Tri Long told the newspaper that the import quota was assigned to traders based on petroleum consumption in the previous year.

However, Long said the import quota also depended on the economy. The decreasing quota revealed that the economy is still facing difficulties.

The petrol price stabilisation fund stood at VND170 billion ($8.09 million) by the end of last year, said the Ministry of Finance.

The figures revealed by the ministry on Wednesday showed that around VND100 billion ($4.76 million) was added to the fund after retail petrol prices rose for a period of 20 days last month.

Ten of the 17 petroleum wholesalers reported a balance of nearly VND600 billion ($28.57 million). Of note, Petrolimex and MPEC, which have large market shares, showed a balance of VND135 billion ($6.43 million) and VND308 billion ($14.67 million) respectively. It was estimated that Viet Nam consumed 1 million tonnes of petrol each month.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories   14 January 2014 Subsribe Now !
• Govt urges all stakeholders to join talks to resolve political crisis Subcribe: Asean Affairs Global Magazine
• Mental health test for Indonesian maids heading for S'pore mooted Asean Affairs Premium
• Hotel with foreigners in mind set for PPSEZ
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• PHL shares soar 1.67% on weak US jobs data
• Ministry cuts petroleum imports
• Protest leader adamant on not joining talks with caretaker govt
Asean Analysis                    14 January 2014 Advertise Your Brand
• Asean Analysis-January 14, 2014
Cambodia Crackdown: Deadlock Far from Over
Asean Stock Watch     13 January 2014
The Biweekly Update
• The Biweekly Update  January 10, 2014

• Asean Stock Watch-January 13, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand