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Vietnam gas consumption to double in next 10 years: Fitch Solutions Gas demand is expected to rise from about 9.7 billion cubic meters (bcm) in 2020 to above 25.3bcm in 2030, while influx of LNG helps to counter the decline in domestic production. Vietnam’s gas consumption is predicted to accelerate strongly over the coming decade, more than doubling, over the duration of the upcoming Power Development Plan VIII (PDP VIII) [2021-2030]. “The potential of the Vietnamese gas market is strong,” stated the Fitch Solutions in a note, saying in comparison to markets similar in terms the size of the consumer market as measured by population, Vietnam appears undersupplied in gas both in terms of absolute consumption volume and per capita. The domestic gas network is also found deficient with Vietnam ranking 15th out of 17 Asia-Pacific gas markets as per the CIA Factbook in terms of total gas pipeline length, despite having historically been self-sufficient in gas. The … [Read more...] about VIETNAM BUSINESS NEWS APRIL 13

Hyundai Accent remains the best-seller (Photo: hyundaidongdo-24h.com) Hanoi (VNA) - Hyundai Thanh Cong’s automobiles sales in March expanded 125 percent month-on-month, lifting its sales in the first quarter of 2021 to 15,886 units, data released on April 12 showed. Specifically, Hyundai Accent remained the best-seller with 2,094 units sold in March, bringing the total sales to 4,808 in the first three months of this year. Its price ranged from 426 – 524 million VND (18, 451 - 22,696 USD), competing directly with Toyota Vios, Honda City, Nissan Sunny and Kia Soluto, Mitsubishi Attrage and Suzuki Ciaz. Hyundai Grand i10 recorded a sale growth of 152 percent with 1,293 units delivered to customers in March, pushing the total to 3,199 in Jan-March.  Competing directly with Vinfast Fadil, Kia Morning, Toyota Wigo and Honda Brio, the brand fetched 315 – 415 million VND (13,643 - 17,975 USD) each. Other models also witnessed remarkable growth. Hyundai Tucson and Hyundai … [Read more...] about Hyundai automobile sales rise125 percent in March

In terms of vehicle origins, the past month has seen sales of domestically-assembled vehicles reach 17,140 units, a climb of 99%, whilst CBU imported cars stood at 13,795 units, an increase of 177% compared to one month earlier. The opening three months of the year witnessed VAMA members selling a total of 70,952 cars, an annual rise of 36%, with passenger cars climbing by 34%. In addition, the sales of commercial and special purpose cars also witnessed respective increases of 43% and 17% compared to the same period from last year. According to the sales announcement given by VAMA, TC Motor, and VinFast, the local auto industry saw the consumption of 40,072 vehicles of all types in March. Most notably, Hyundai remained as the leader in terms of car sales among auto brands within the domestic market, with a total of 6,807 units sold, trailed by Toyota, Kia, Ford, Mazda, and Honda. Along with VAMA members, brands such as TC Motor, Audi, Jaguar, Mercedes-Benz Land Rover, Subaru, … [Read more...] about Domestic car sales record 127% surge in March

The Ministry of Industry and Trade (MOIT) has proposed removing a tentative regulation in a draft decree that says foreign investors can hold up to 35 percent of shares of petroleum trading companies. MOIT has submitted a statement to the Government about amending some articles of the decree 83/2014 on petroleum trading management. The document was submitted on March 29, just days before the new Government tenure began. Foreign-ownership ratio According to MOIT, when the Government Office collected opinions from Government members on the draft that amends and supplements Decree 83 on petroleum trading, 24 out of 25 members agreed with the draft regulations. Only one member, who asked for an adjustment, disagreed with the plan to allow businesses trading petroleum products to transfer up to 35 percent of shares to foreign investors. Three members agreed with the draft document, but also offered suggestions on several issues. In the document, MOIT gave further … [Read more...] about Ministry proposes removing regulation on foreign-ownership ratio in petrol trading firms until PM reviews

Do Van Chien named President of VFF Central Committee Do Van Chien, President of the VFF Central Committee for the ninth tenure, speaks at the meeting in Hanoi on April 12 Do Van Chien, Secretary of the Party Central Committee and Secretary of the Party Delegation of the Vietnam Fatherland Front (VFF), has been assigned as President of the VFF Central Committee for the ninth tenure (2019-2024). The VFF Central Committee held a meeting in Hanoi on April 12 to discuss the appointment of its President and additional members to its Presidium. All in attendance agreed to assign Chien as a member of the VFF Central Committee and its Presidium, and President of the VFF Central Committee for the ninth tenure. His predecessor, Politburo member Tran Thanh Man, was recently elected Vice Chairman of the 14th National Assembly (NA). In his inauguration address, Chien said the VFF should push ahead with performing its duties in the election of deputies to the 15th NA and all-level … [Read more...] about VIETNAM NEWS HEADLINES APRIL 13