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World Oil Prices Help Vietnam Expand an Already Fast-Growing Economy

An increase in world oil prices is helping Vietnam earn money that will quicken its already fast economic growth and may help the country build new infrastructure. The only red light: higher fuel prices among Vietnam's consumers. Vietnam, though not a major oil-producing nation like much of the Middle East, has counted energy-related commodities as its fifth highest source of exports. The industry is largely state-owned, including energy supplier PetroVietnam, with $3.1 billion in annual sales. Much of Vietnam’s energy comes from under the seas off its east and south coasts. If crude oil prices hold at an average $65 per barrel this year, above last year’s average of US$60, economic growth will exceed the 6.7 percent target set by the legislature, the Communist Party of Vietnam’s website said last week.  “Vietnam has a huge level of natural gas reserves and a level of oil, so if the prices go...

 

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