Diversifying energy supply and reducing dependence on imported fuels

Domestic gasoline prices declined for the fourth consecutive session. They are expected to drop further. — Photo kinhtedothi The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline. Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent. According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental … [Read more...] about Gasoline products entitled to 10 per cent discount on preferential import tax

The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8). — Photo ndh.vn The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8) to achieve the goal of net zero emissions by 2050. Local media consider such a change a “revolution” in the electricity and environment of the country. The MoIT said in a written report to the Government Standing Committee that of 14,120 MW of coal-fired thermal power, State corporations had invested in 8,420 MW. Specifically, Electricity of Vietnam was assigned 3,600 MW, including Quang Trach II, Tan Phuoc I and II projects. The Vietnam Oil and Gas Group has been given 1,980 MW for the Long Phu III project. Vietnam Coal and Mineral Industries Group has been assigned 2,840 MW, including Cam Pha III, Hai Phong III and Quynh Lap I assignments. In … [Read more...] about Power Plan VIII to remove more than 14 GW of coal-fired power

Nguyen Chi Cong, deputy general director of Vicostone JSC (middle), receives the award from Forbes Vietnam magazine. — Photo courtesy of Vicostone Vicostone JSC (HNX: VCS) has been recognised as one of the top 50 best-listed companies in 2022 by Forbes Vietnam magazine for the eighth consecutive year. The company - a member of Phenikaa Group, has also been named as one of the 50 best sustainable companies in the Nhip Cau Dau Tu magazine’s first-ever ranking. With Viet Nam and its local enterprises enduring adversities and challenges amid COVID-19, Vicostone has made remarkable achievements with its corporate governance, high adaptability and flexibility in the face of market changes. In 2021, Vicostone reported its total revenue and profit after tax gained respective growth of 24 per cent and 25 per cent year-on-year to more than VND7.07 trillion and VND1.77 trillion. Despite the pandemic, the company’s exports to key international markets last year increased by a record … [Read more...] about Vicostone named among top listed sustainable companies in 2022