Investing in the Vietnamese LNG market shows a diversified investment portfolio and part of efforts to balance the two-way trade.  

The US’s latest decision on imposing tariffs on more than 400 percent of steel imports from Vietnam is not expected to have a significant negative impact on Vietnam’s steel industry.

The Hoa Phat-Dung Quat Steel JSC in Dung Quat Economic Zone in Quang Ngai province has received approval from MONRE to dump 15 million cubic meters of sludge at sea.

Managers of the Binh Son Refining & Petrochemical JSC (BSR) have expressed their concern that Dung Quat Refinery may take a loss because of the crude oil import tariff of 5 percent.

VietNamNet Bridge - Vietnam’s jet fuel demand is predicted to soar this year with the continued hot development of the travel industry. 

VietNamNet Bridge - The trend of investing in oil refinery projects that began 10 years ago has met a dead end.

VietNamNet Bridge - Because of limited financial capability, state-owned enterprises (SOEs) have decided to quit multi-billion dollar oil refinery projects. 

VietNamNet Bridge - Nearly 100 percent of petroleum imports are now from South Korea. This occurred after the import tariff was cut to 10 percent. 

VietNamNet Bridge - Seventeen investment funds have shown interest in Dung Quat’s IPO, expected to take place by the end of the year. 

VietNamNet Bridge - Formerly a country that exported crude oil at low prices, Vietnam now produces petroleum products which can satisfy half of domestic demand.

With the decision to replace RON 92 petrol with E5 biofuel commencing early next year, plus new tax policies, two ethanol plants which have been taking losses will be brought back to life.

The Nghi Son Refinery & Petrochemicals Complex with capacity of 10 million tons per annum will open in 2018, changing the supply-demand situation of Vietnam’s petroleum market.

VietNamNet Bridge - The government’s decision to stop the use of RON 92 petrol is expected to revive a series of ethanol plants which have been bogged down in problems.

Offering tax incentives is a method Vietnam uses to attract investors to oil refinery projects. With the incentives, investors can get benefits of billions of dollars. However, the incentives are the cause of many unsettled problems.

VietNamNet Bridge - The national oil & gas group PetroVietnam may have to spend more than $2 billion, or VND40 trillion, to cover losses from the Nghi Son petrochemistry and refinery complex. 

After over four years since it was announced, the $22 billion Nhon Hoi petrochemical project officially proposed to withdraw from Vietnam’s oil and gas development plan. To date at least three foreign oil and gas groups have fled from Vietnam.

The Ministry of Industry and Trade wants petroleum products from the Dung Quất Oil Refinery consumed domestically and not exported.

The national oil and gas group PetroVietnam, which has insisted on building biofuel plants as part of a biofuel development strategy, has halted the operation of the Dung Quat bio-ethanol plant.

VietNamNet Bridge - The continued sharp fall in the oil price has caused investors to hesitate starting the oil refinery projects they promised. Sources said some investors may give up the projects.