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The Hanoitimes – Vietnam is committed to closely cooperating with other ASEAN members in realizing the common goal of an ASEAN Economic Community.

ASEAN economic ministers have endorsed Brunei’s 10 Priority Economic Deliverables (PEDs) as ASEAN Chair for 2021 with theme “We Care, We Prepare, We Prosper.”

Overview of the online conference. Source: asean2021.bn

The information was unveiled following the conclusion of 2-day 27th ASEAN Economic Ministers (AEM) Retreat that took place from March 2-3 via video conferencing.

Divided into three strategic thrusts, the PEDs among others will focus on:

(i) Recovery of the region through initiatives such as streamlining non-tariff measures and investment facilitation, providing a recovery plan for ASEAN tourism sector, and open new market and partnership for ASEAN with the launch of the possible ASEAN-Canada FTA negotiations;

(ii) Digitalization for a resilient ASEAN by focusing on the work in providing a safe, secure, and harmonized e-commerce environment and digital ecosystem. This includes initiatives such as the ASEAN Agreement on E Commerce and a regional action plan in the area of cyberspace; and

(iii) Sustainability efforts towards advancing an inclusive and sustainable economic growth through initiatives such as support and guidance for micro, small and medium enterprises (MSMEs), development of a regional framework for Circular Economy and cooperation in sustainable energy transitions.

Deputy Minister of Industry and Trade Tran Quoc Khanh. Source: MoIT

Attending the meeting, Vietnam’s Deputy Minister of Industry and Trade Tran Quoc Khanh expressed support for Brunei’s initiatives as the Chair of ASEAN in 2021, stressing the country is committed to closely cooperating with other ASEAN members in realizing the common goal of an ASEAN Economic Community.

“Vietnam will share its experience with other countries in efforts to contain the Covid-19, aiming to realize economic development goals along with realizing commitments under the ASEAN and ASEAN+ frameworks,” Khanh said.

The meeting also discussed and provided guidance on the post COVID-19 recovery efforts in the region including initiatives implemented under ASEAN Comprehensive Recovery Framework; Progress under the ASEAN Economic Community including 2021 priorities of sectoral bodies under the purview of AEM and the Post 2025 Vision for the ASEAN Economic Community (AEC); ASEAN external economic relations including progress in ratifying the Regional Comprehensive Economic Partnership (RCEP) Agreement as well as status of the review on ASEAN-India Trade in Goods Agreement (AITIGA).

In this regard, ministers stressed the importance of accelerating each country’s internal approval for the RCEP to aid the region’s economic recovery in the post-Covid-19 period.

The Hanoitimes – PetroVietnam (PVN) and the Japan Bank International Cooperation (JBIC) are discussing financial arrangements for the Block B gas project and 52/97 field development project, announced PVN on its website.

PVN to seek Japanese funding for US$10-billion petroleum project.

Block B gas project is one of the largest of its kind in Vietnam, with a total investment of US$10 billion.
With such large investment, stated PVN, the search for an appropriate financial arrangement has been a major concern for foreign partners taking part in the project.
Following the schedule, the project will award the contract and sign the first engineering, procurement, construction and installation (EPCI) contract in June, while the second EPCI will be inked in July.
Block B gas project includes 2 components. The first component is to develop the Block B gas field worth US$6.8 billion, which will be financed and operated by PVN (42.896%) in partnership with PVEP (26.788%), Mitsui Oil Exploration Co. Ltd. (22.575%) and PTTEP (7.741%).
The Block B field development will include one central technology platform, 46 operations platforms, a housing platform, one condensate vessel and drilling of 750 production wells.
The second component is the US$1.2-billion 431km-long Block B – O Mon gas pipeline, with PVN, PVGas, Mitsui Oil Exploration Co. Ltd. and PTTEP forming a joint collaboration for the pipeline development.
The project will produce and transport gas from the three fields to the power plants located in Kien Giang and O Mon regions. It is estimated that approximately 5.06 billion cubic meters of gas per year will be transported onshore from the total estimated reserves of 3.78 billion cubic feet for a period of 20 years starting in 2020.
The project is expected to assist Vietnam in achieving its objectives under the ‘Strategy for development of Vietnam oil and gas industry until 2025 and orientation to 2035’, stated PVN. It will also contribute to the country’s energy security by supplying gas to power plants and establishing a large gas infrastructure.
An estimated US$19.23 billion will be added to the state budget during the project’s 20-year lifetime, according to the project’s feasibility study. The project will also contribute to government revenue during its construction through a VND400 billion (US$15.78 million) import tax.

The Hanoitimes – Securities trading organizations should refrain from offering services in consulting, brokering, issuing or transacting crypto currencies, according to the State Securities Commission of Vietnam (SSC).

Securities trading organizations should refrain from offering services in consulting, brokering, issuing or transacting crypto currencies.

Deputy Prime Minister Vuong Dinh Hue has asked the Ministry of Justice and the State Bank of Vietnam (SBV) to quickly complete the legal framework and report to the government. The documents should be presented to the  government for consideration by the end of the month, according to the SBV.

The statement also referred to business activities of Fintech firms with regard to the fundraising method through initial coin offering (ICO), as well as other activities in relation to Vietnam’s stock market.

At present, there is a growing trend in Vietnam for Fintech firms to raise capital through ICO, crowdfunding or peer-to-peer lending. However, these activities pose high risks with no law available for protection.

SSC requested investors to remain cautious when investing in new products to minimize potential losses.

Virtual currencies, especially bitcoin, have sparked fever worldwide. In Vietnam, the bitcoin drew significant market attention despite experts’ warning about its risks and the lack of a management framework.

On October 30, 2017, SBV said virtual currencies are not a lawful means of payment, therefore, “as from January 1, 2018, the act of issuing, providing and using illegal means of payment (including bitcoin and other similar virtual currency) may be subject to prosecution in accordance with the provision of Article 206 of the Penal Code 2015”, SBV said in a  statement released on October 28.

As a ministry-level body of  the government responsible for managing monetary policies, supervising financial institutions and keeping the country’s foreign reserves, SBV urged citizens and enterprises to refrain from making transactions in bitcoin and other crypto currencies.

Given its extreme volatility and lack of regulation, crypto currencies in general and bitcoin in particular can pose potential risks to investors. On the other hand, as explained by the SBV, bitcoin transactions are anonymous and can be used for money laundering, drug trafficking, tax evasion and illegal payments.

China and South Korea recently announced moves to tighten the management of bitcoin. Vietnam could be the next country to issue strict regulations on crypto currencies.

The Hanoitimes – Vietnam posted net spending on offshore crude oil of nearly US$1.8 billion in 2019.

Vietnam’s external balance is set to improve by over US$1.5 billion in 2020 as a result of a sharp decline in global oil prices, according to Viet Dragon Securities Company (VDSC).

Crude oil price (USD per barrel).

Crude oil prices crashed by over 30% last Friday because of disagreements between the OPEC and Russia on cuts in production. Meanwhile, Vietnam is a net crude imporer and its net spending on offshore crude oil in 2019 reached nearly US$1.8 billion.

Regarding fiscal policy, VDSC expected no unanticipated changes caused by strained public finances in 2020 because of the weakening of oil revenues and taxes from export/import goods, said the VDSC in its latest report.

In the context of the oil crash accompanied by a global economic slowdown, it is predicted real income gains for consumers will be limited in Vietnam, due to the people’s current preference for saving rather than spending. The clearest impact is the pass-through into slowing inflation which may ease pressure on the State Bank of Vietnam, the country’s central bank, and present a window of opportunity to implement policy accommodation.

As a result, the circumstance may lead to the SBV’s decision to lower interest rates in the second half of the second quarter.

In the past, the plunge in crude oil prices has led to significant real income shifts from exporting to importing countries. Although that is a zero-sum game between oil exporting and importing countries, the economic models of the World Bank showed that declines in crude oil prices likely result in a net positive effect for global activity over the medium term.

The losses of oil-exporting countries are entirely offset by stronger growth in oil-importing ones via rising consumption, lower inflation and widening policy room that would lower macroeconomic vulnerabilities.

However, in reality, the impact varies among oil-importing countries in different periods and the economic effects are dependent on at least three critical aspects of the oil price decline, including 1) Underlying drivers of the oil price decline, 2) Persistence of the oil price decline and 3) The extent of price pass-through.

The explanation for the present plunge in crude oil prices hints that both supply- and demand-side effects are dominant.

Energy prices dropped by 10% since the beginning of the year as the Covid-19 outbreak has darkened the outlook of global demand. Besides Italy, France and Japan, more and more countries are expected to suffer technical recessions in the first half of 2020. Crude oil producers are hurt further due to a significant shift of OPEC policies that have been unable to curb supply.

The last three plunges in crude oil prices were due to the unwinding of geopolitical risks in Middle East in 1980s, global finance collapse in 2008 and technology-driven surprises in the production of unconventional oil in 2014. The current drop in crude oil prices is highly sensitive to the effort of containing the epidemic and the deals of big oil exporters. Whether the drop is temporary or not is important to assess its impact on saving real income gains or translating into higher spending to lift economic activity.

The third factor is related to the price pass-through that determines how much of the decline in oil prices translates into a drop in gasoline and petroleum prices at the retail level. The benefits depend on the specifics of the subsidy and pricing regimes.

In Vietnam, there are administrative controls on energy prices in which taxes and fees account for nearly half of retail prices. This somehow limits the positive impacts from lower energy prices on customers’ income and consumption. In 2014-2016, for example, gasoline prices in Vietnam decreased by approximately 40% while global crude oil prices declined by 70%.

Indonesian Defence Minister Ryamizard Ryacudu (Photo: VNA)

Sydney (VNA) – Indonesia has lobbied countries in the Association of Southeast Asian Nations (ASEAN) to carry out maritime patrols in the East Sea to strengthen security.

Indonesian Defence Minister Ryamizard Ryacudu made the statement at a joint press conference in Sydney on March 16 after talks with Australian Foreign Minister Julie Bishop and Defence Minister Marise Payne ahead the ASEAN- Australia Special Summit.

Minister Ryacudu said he has gone around to ASEAN defence ministers so that each country that faces the East Sea patrols around 230 kilometres.

Indonesia is focusing on the Sulu Sea and the Malacca Strait as well as cooperating with Thailand, Malaysia, Singapore, Vietnam, Cambodia and the Philippines in the field, he added.

ASEAN countries have secured almost half of the East Sea that they are patrolling, according to the minister.

The same day, Indonesia and Australia signed a navigation cooperation agreement, including economic and security development, prevention of illegal fishing, and sustainable management of natural resources.-VNA

Workers unload products at one of Lam Thao Fertilizers And Chemicals’ warehouses. The company shares increased by 10 per cent on Wednesday. — Photo supelamthao.vn

Viet Nam’s stock market ended higher on Wednesday as the VN-Index bounced back in the afternoon session.