The Law on Petroleum needs to be amended to promote the development of the oil and gas industry in line with the recently approved marine economic development strategy for 2030 with a vision to 2045, experts have said. Former Deputy Chairman of the National Assembly’s Economic Committee Nguyen Van Phuc said at a conference on Sunday that the oil and gas industry played a key role in energy security, macro-economic balance, national defence and foreign affairs. He stressed that the industry was an important part of Viet Nam’s marine economic development strategy. However, the legal framework for the oil and gas industry proved outdated and was no longer appropriate to promote the industry’s development, Phuc said. Despite being amended in 2000 and 2008, the Law on Petroleum only regulates upstream operation (exploration and production) and does not mention midstream (transportation, storage and wholesale marketing) or downstream operation (refining and distribution). … [Read more...] about Time to amend oil law: experts
Upstream downstream value chain
Petroleum law to be revised to facilitate sustainable growth of oil sector
This view was shared among participants at a seminar on the local oil and gas industry as part of a new vision of the maritime strategy in Hanoi on October 28. The oil and gas industry is vital to ensuring energy security and building national defense, said Nguyen Van Phuc, former Vice Chairman of the National Assembly’s Economic Committee. The industry, which is an important part of the maritime economy, also stimulates the service sector and support industries, creates jobs for people and contributes to the State and local budgets, he added. Photo: pvcfc.com.vn But now the Law on Petroleum is deemed no longer sufficient to allow the industry to develop further in the new context, Phuc noted. Though the law has been amended twice, in 2000 and 2008, it places most focus on the upstream segment, also known as the exploration and production of oil and gas. Meanwhile, no provision is made for the midstream business, which involves the transportation, storage, and … [Read more...] about Petroleum law to be revised to facilitate sustainable growth of oil sector
BUSINESS NEWS IN BRIEF 31/8
Mitsubishi plans to make electric cars in Viet Nam Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday. At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country. Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products. The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant. The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment … [Read more...] about BUSINESS NEWS IN BRIEF 31/8
Masan swimming further downstream
Masan Group is working to rise higher in the global tungsten value chain M&A activities in the past 10 years have been growing more prominent in Vietnam, with the total transaction value of $48.8 billion. In 2017 alone, the value was $10.2 billion, 10 times of what it was in 2009. It has been the norm for multinational companies to acquire Vietnamese businesses due to the acquirers’ sheer size, financial capability, and clear strategy to expand their businesses in Vietnam. Despite all that, there were a small number of M&A deals involving Vietnamese companies gaining ownership in foreign ones. These rare cases usually make headlines and serve to demonstrate Vietnamese companies’ “coming of age” as they begin to expand beyond the borders and become global players. Some of the most noteworthy deals in the last decade include FPT’s purchase of a 90 per cent stake in an American consulting company, Vinfast’s acquisition of GM Vietnam’s … [Read more...] about Masan swimming further downstream
China and UAE sign deals as president visits Abu Dhabi
China and the United Arab Emirates signed a raft of economic agreements on Friday (Jul 20) as President Xi Jinping held "extensive talks" in Abu Dhabi that will strengthen political ties, the UAE said. Chinese President Xi Jinping (L) and UAE Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan (R) arrive at the presidential palace in the capital Abu Dhabi on July 20, 2018 AFP/KARIM SAHIB Xi met UAE Vice President Sheikh Mohammed bin Rashid al-Maktoum, who is also ruler of Dubai, and Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan on the second day of a three-day visit. "We have substantial political and economic agreement and a solid base of projects in energy and technology sectors and infrastructure," Dubai's ruler said in a tweet. "More than that, (we have) a strong political will to start a larger phase of cooperation," he added. China and the UAE already agreed oil and trade deals in the runup to Xi's visit. The two delegations signed more "memorandums of … [Read more...] about China and UAE sign deals as president visits Abu Dhabi