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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 up that would definitely be a boon for Vietnam,” said Ralf Matthaes, founder of the Infocus Mekong Research consultancy in Ho Chi Minh City. “It would be another benefit for Vietnam, that look, Vietnam has more exports. It’s not just about coffee and rice,” he said. World oil price hikes The Vietnamese Ministry of Finance forecasts that total state revenue from crude oil exports will reach $3.13 billion in the first nine months of 2018, up 42.5% over the same period last year. The total for January through September would beat a full-year target. The revenue increases for Vietnam reflect higher income from oil sales worldwide. World prices should reach $73 per barrel within the year and $74 next year, per estimates by the U.S. Energy Information Administration. Prices have gone up, the administration says, because of supply issues, including reports that U.S. sanctions on Iran will cut purchases. “For... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, World Oil Prices Help Vietnam Expand an Already Fast-Growing Economy, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you World Oil Prices Help Vietnam Expand an Already Fast-Growing Economy

 

 

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Published By: VOA NEWS - Monday, 15 October

 

 

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