To balance something

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 … [Read more...] about Declining oil prices set to boost Vietnam’s external balance by US$1.5 billion

More importantly, unlike previous technologies most of which had to be imported, Vietnam has gradually mastered and is now capable of producing 5G equipment, a strategically important step in Vietnam’s development of information and communications technology. Off to a good start Viettel was the pioneer in announcing commercial 5G trials in late November with coverage in the Hoan Kiem, Ba Dinh and Hai Ba Trung Districts of Hanoi, where owners of 5G-enabled devices can now use the service for free at a speed of up to 1.5 gigabits per second, far higher than 4G. Later in mid-December, Vinaphone also announced its 5G coverage in some central districts in Hanoi and Ho Chi Minh City as well as two demonstration centres so that those without 5G devices can experience the new technological features. Mobifone also quickly caught up by piloting commercial 5G services in Ho Chi Minh City. According to some experts, mobile carriers’ rush to roll out 5G services at this time is merely … [Read more...] about Vietnam’s 5G race begins to heat up as major carriers launch commercial services

Phùng Kim Quang competes in the National Athletics Championship in 2020. The teenager expects to win a medal at the SEA Games later this year. Photo courtesy of Phùng Kim Quang Athletics Thanh Hà HÀ NỘI — Việt Nam have never won a gold medal in the men's walking event at the regional Southeast Asian (SEA) Games despite having previously qualified for the Olympics in the sport. Phùng Kim Quang is on a mission to change that. Walking was little more than a blip on the Vietnamese sporting radar until siblings Nguyễn Thị Thanh Phúc and Nguyễn Thành Ngưng pocketed gold and bronze in the women's and men's races at the 25th Games in 2011. Since then, with better support, Việt Nam have dominated the women’s discipline with four titles. However, the men’s crown is still out of the reach despite three silver medals. Teenager Quang is the big Vietnamese hope in the sport after recording some outstanding performances at recent domestic competitions. He is the record … [Read more...] about Teenager Quang moves towards SEA Games glory, one step at a time

The Hanoitimes - Vietnam’s trade turnover is expected to hit $540 billion this year, marking a year-on-year increase of $23 billion. Vietnam posted a trade surplus of US$754 million in November, further expanding the cumulative surplus in the 11-month period to US$20.06 billion from US$19.5 billion recorded one month earlier, according to the General Department of Vietnam Customs (GDVC). The government-run General Statistics Office last month estimated a trade surplus of US$20.01 billion for the January-November period. Cargo handling at Hai Phong port. Photo: Cong Hung. In November, Vietnam recorded an export turnover of US$25 billion, down 7.4% month-on-month, while imports slightly increased by 1.5% to US$24.7 billion. Revenue of some of Vietnam’s major export staples soared in the second half of November compared to the first half. They included computers, electronic devices and parts with an increase of 21.1%; textile (31.9%); machinery, equipment and … [Read more...] about Vietnam trade surplus further expands to $20 billion in 11 months

The Hanoitimes - Overall crude oil and natural gas production in Vietnam may suffer year-on-year declines of 5% and 1%, respectively, in 2020. Vietnam’s crude oil and natural gas production face downside risks, in light of a double-whammy of global oil price collapse and sluggish demand due to continued spread of the Covid-19 pandemic, according to Fitch Solutions. Vietnam - Crude Oil & Natural Gas Production. As of March 31, benchmark Brent had lost almost 60% of its value since the start of 2020. This has occurred next to an apparent price war between Saudi Arabia and Russia, in the aftermath of failed OPEC+ talks in March, and global demand fears created by the Covid-19 pandemic. This has triggered widespread reactions from across the globe as oil and gas firms announced significant capex cuts, reduced output targets and other cost cutting measures, in order to ride out the downturn. By comparison, responses from Asia’s national oil companies (NOCs) … [Read more...] about Vietnam crude oil and natural gas production face downside risks on Covid-19