Home Commodities

VN's oil exports to be curtailed

Jun 12th at 07:21
12-06-2016 07:21:50+07:00

VN's oil exports to be curtailed

The Ministry of Industry and Trade wants petroleum products from the Dung Quat Oil Refinery consumed domestically and not exported.

 

It has instructed the Binh Son Oil Refinery Company (BSR), which operates Viet Nam's sole refinery, to give priority to selling Dung Quat's products in the domestic market to limit the country's dependence on fuel imports.

It instructed the company to negotiate with oil companies to sell the products and increase the refinery's capacity to boost its competitiveness.

The ministry promised to co-ordinate with the Ministry of Finance to address tax and other financial issues to help the refinery strengthen its competitiveness.

It plans to allow the company to export only when domestic demand is down and its safe storage limit is exceeded.

In the past BSR has complained that the tax rate it had to pay was much higher than the rates under Viet Nam's free trade agreements with ASEAN members and South Korea.

This made its products more expensive than imports, it said.The Ministry of Finance has written to relevant agencies and the Quang Ngai Province People's Committee, telling them to seek the Government's approval for amending the tax rates.

bizhub

MOST READ

NEWS SAME CATEGORY

Fake, substandard fertilizers on the rise in Vietnam
COMMODITIES Jun 11th at 07:59

Fake, substandard fertilizers on the rise in Vietnam

Farmers in Vietnam are finding themselves unsure of which fertilizer brands to trust after a recent watchdog report announced that as many as 1,000 metric tons of...

VN coffee output may fall in drought
COMMODITIES Jun 9th at 13:44

VN coffee output may fall in drought

Coffee production in Viet Nam could drop up to 7 per cent in 2016 and 2017, to 27.3 million bags over the previous crop, due to adverse weather conditions.

Gov't plans to increase rice exports to China
COMMODITIES Jun 9th at 13:37

Gov't plans to increase rice exports to China

A revised protocol on plant quarantine for Viet Nam's rice and rice bran sold to China is expected to further facilitate Vietnamese exports to the country.

Revised protocol on rice export to China announced
COMMODITIES Jun 8th at 13:15

Revised protocol on rice export to China announced

A revised protocol on plant quarantine for Viet Nam's rice and rice bran exports to China was announced during a conference held in HCM City on June 7.

Catfish exporters brace for strict US inspections
COMMODITIES Jun 8th at 10:59

Catfish exporters brace for strict US inspections

Catfish breeders, processors and exporters in the Cuu Long (Mekong) Delta are under pressure to meet the stricter standards on food hygiene and safety under new US...

VN shrimp exports to S Korea to rise
COMMODITIES Jun 3rd at 13:10

VN shrimp exports to S Korea to rise

Exports of Vietnamese seafood products to South Korea are expected to increase strongly this year thanks to the free trade agreement between the two countries that...

URC receives record fine for food safety violations
COMMODITIES Jun 3rd at 07:29

URC receives record fine for food safety violations

Deputy chief inspector of the Ministry of Health Nguyen Van Nhien has issued a fine of VND5.826 billion ($259,743) on drink producer URC Hanoi Co., Ltd. (URC Hanoi)...

Viet Nam promotes lychee exports this year
COMMODITIES Jun 2nd at 15:56

Viet Nam promotes lychee exports this year

Viet Nam's enterprises are ready to promote lychee exports this year, the Ministry of Agriculture and Rural Development (MARD) said.

E5 biofuel misses gov't sales targets
COMMODITIES Jun 2nd at 11:08

E5 biofuel misses gov't sales targets

The popularity and consumption of E5 bio-fuel remained below the government's expectations due to inadequate support with regard to lowering its prices and ensuring...

Shrimp exports to Korea expected to rise sharply
COMMODITIES Jun 2nd at 11:03

Shrimp exports to Korea expected to rise sharply

Exports of Vietnamese seafood products to South Korea are expected to increase strongly this year thanks to the free trade agreement between the two countries that...

Read More

Commodity prices

MOST READ

Back To Top