Vietnam Briefing News » Oil & Petroleum

Higher Fuel Prices Proposed to Combat Smuggling

Vietnam Briefing — Wed, 23 Mar 2011 23:24:19 +0000

Mar. 24 – Oil companies and authorities in the southern provinces have recommended that fuel prices be raised in Vietnam to combat smuggling into neighboring Cambodia, where fuel is much more expensive. The Ministry of Industry and Trade said A92 gasoline in Vietnam is VND19,300 per liter, while the price in Cambodia hovers around VND24,000. The ministry Monday convened a meeting with authorities from southern provinces and some fuel trading firms to discover solutions to the smuggling of gasoline. During January and February, the police seized more than 25,000 liters of smuggled petrol. Last year, more than 573,000 liters were … Continue reading →

Vietnam to Set Up Tax Agency for Large Businesses

Vietnam Briefing — Tue, 24 Aug 2010 06:55:46 +0000

Aug. 24 – Vietnam has established the Large Enterprise Tax Management Department to specifically cater to the tax issues and payment needs of major corporations. This move will ease the tax process for about 405 large corporations operating in the country. The majority of these types of firms are state-owned and have stakes in top industries such as oil and gas, electricity, mining, post and telecommunications and banking. The Vietnam Chamber of Commerce and Industry is set to submit an overall proposal that aims to make it easier for huge corporations to do business in the country. Deputy Minister of … Continue reading →

Vietnam Considers Removing Limit on Petroleum Trading Licenses

Vietnam Briefing — Fri, 09 Jul 2010 06:57:49 +0000

Jul. 9 – The Prime Minister’s Taskforce on Administrative Reform is recommending that the five year limit on petroleum trading licenses be removed to cut down on administrative procedures. The group advises shortening the time it takes to grant a petroleum license from 30 days to 20 days. Regular performance reports by petroleum importers and exporters are also recommended to improve government management. There are 11 petroleum traders in Vietnam, the biggest being state-owned Vietnam National Petroleum Corp. (Petrolimex) with more than 51 percent of the market. Vietnam imports mainly from China, Singapore, South Korea and Malaysia to meet its … Continue reading →

Foreign Investment Sought in 30 Energy and Real Estate Projects

Vietnam Briefing — Fri, 25 Jun 2010 07:03:50 +0000

Jun. 25 – State-owned Petrovietnam wants to attract foreign investment for 30 energy and real estate projects. The list of projects includes the country’s third oil refinery, the Long Son oil refinery in southern Ba Ria-Vung Tau Province. The US$7 billion project is now looking for new investors after Venezuela’s state oil firm PDVSA stepped out the project. Petrovietnam is in Japan for an investment roadshow to attract Japanese investors after which it will set up other roadshow trips to South Korea, the United States, the Middle East and Russia. Petrovietnam already took delivery from its first oil refinery, the … Continue reading →

Gas Import Tax Rate Reduced

Vietnam Briefing — Fri, 07 May 2010 08:41:05 +0000

May 7 – Government authorities have reduced import tax rates for certain commodity items, including gas, according to Circular No. 59/2010/TT-BTC issued last month. The import tax for gas has been reduced from 20 percent to 17 percent. The move is part of government efforts to contain rising gasoline prices and help affected gas companies. The new tax rates shall be applied to import declaration forms submitted to customs agencies beginning April 21. The reduced taxes aim to help businesses maintain current gasoline retail prices. Other goods affected by the circular include kerosene and diesel with lowered tax rates of … Continue reading →

Lawmakers Approve Nuclear Plants

Vietnam Briefing — Fri, 27 Nov 2009 09:11:51 +0000

Nov. 27 – Vietnam’s National Assembly has approved plans to build two nuclear power plants in the south-central province of Ninh Thuan scheduled to be finished by 2020. The nuclear plants will be located in Thuan Nam District’s Phuoc Dinh Commune and Ninh Hai District’s Vinh Hai Commune with a combined power capacity of 2,000 megawatts. Construction will cost an estimated VND200 trillion. The assembly also approved a plan to build a VND23.6 trillion hydropower plant in Lai Chau. A 1,200-megawatt plant in Muong Te District will begin construction by the end of next year reports Thanh Nien News. The … Continue reading →

Vietnam, Russia Sign Oil Exploration Deals

Vietnam Briefing — Mon, 31 Aug 2009 07:48:57 +0000

Aug. 31 – Russia’s oldest oil and gas company, Zarubezhneft Joint Stock Company and Vietnam Oil and Gas Group have inked two deals to explore Vietnamese and Cuban waters for oil, according to a company statement. The first deal will allow Zarubezhneft and Vietnam Oil and Gas to developed offshore oil blocks in southern Vietnamese waters while in the second deal, the Russian company and the subsidiary, PetroVietnam Exploration and Production Corporation (PVEP) will partner in looking for oil and gas exploration in offshore blocks in Cuba. PVEP had already been involved in foreign oil deals, signing a three-year oil … Continue reading →

Vietnam Increases Investment in Dung Quat Refinery to More Than US$3 billion

Vietnam Briefing — Thu, 20 Aug 2009 03:01:23 +0000

Aug. 20 – Vietnam is raising its investment in the Dung Quat oil refinery from US$2.5 billion to more than US$3 million due to additional construction costs and the resettlement of villagers. According to a government statement, the additional cost will be taken from the net income of crude oil sales used by state-owned Vietnam Oil & Gas Group. Vietnam has been dependent on imported oil products. When the Dung Quat oil refinery is finished, its annual capacity of 6.5 million cubic tons of crude oil should provide a third of the country’s fuel needs. An estimated US$2.48 billion of … Continue reading →

Today is 30 Year Anniversary of Sino-Vietnamese War

Thu, 01 Jan 1970 00:00:00 +0000

Feb. 17 - Today marks the 30th anniversary of the Sino-Vietnamese War that erupted on February 17, 1979 when Chinese military forces launched a brief invasion of Northern Vietnam.

China, under the leadership of Deng Xiaoping, sent 200,000 troops along with 200 tanks across the border. Two days earlier, China had publicly said that they intended to attack Vietnam for their invasion of Cambodia. It would be the first time that China struck against a Soviet ally after the 1950 Sino-Soviet Treaty of Friendship and Alliance expired that same year. Continue reading →

Vietnam to Release Personal Tax Numbers By Early Next Year

Thu, 01 Jan 1970 00:00:00 +0000

Nov. 25 - Vietnam's tax department will release the personal tax numbers of three million people by early next year when the Law on Personal Income Tax is implemented beginning January 1.

In the first three months of 2009, 15 million people are expected to register for tax numbers, not including organizations and other people who already have the numbers.

The public is instructed to bring a photocopy of your identity card or passport to register.Tax official, Tran Ngoc Van, told The Vietnam News Agency that the new law will regulate all tax levels for those eligible to pay tax, as well as dependants, such as children, parents, and wives and husbands, who are also required to get their own personal tax numbers.

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