PetroVietnam employees are giving their best to overcome the double impacts brought about by the biggest decrease in oil prices in the last 17 years and the global COVID-19 pandemic.
Garment 10 Corporation Joint Stock Company was investing in producing medical face masks as well as cloth masks with ten production lines being installed, the company’s director Than Duc Viet said at a meeting with Ha Noi Party Secretary Vuong Dinh Hue on Tuesday.
The Ministry of Industry and Trade said that the most important priority at present was to maintain the operation of domestic industrial enterprises during the novel coronavirus (COVID-19) pandemic.
The Viet Nam Association of Seafood Exporters and Producers (VASEP) on Tuesday asked the Ministry of Finance to offer support to its members amid the coronavirus outbreak.
Changes in the global supply chain are taking place due to the virus outbreak, prompting a mounting number of foreign manufacturers to speed up their relocation from China to neighbouring countries including Vietnam.
Prime Minister Nguyen Xuan Phuc urged the Ministry of Industry and Trade to increase support and push up the export of several medical supplies, including antibacterial and anti-drop face masks, to countries in need, particularly those in Europe and the United States.
The revenues of PetroVietnam and Petrolimex slumped by VND141 trillion ($6.13 billion) and VND12 trillion ($521.74 million) this year due to the dropping oil price and the COVID-19 health crisis.
Fuel giants Petrovietnam and Petrolimex are posting huge losses as the coronavirus pandemic slashes oil prices following lower transport demand.
Due to the poor performance of the general economy, the total first-quarter revenue of Vietnam Oil and Gas Group slid VND13.194 billion ($573,650) against the same period last year.
The Government has recently issued Decree No 39/2020/ND-CP on a list of Viet Nam’s special preferential import tariffs to implement the Viet Nam – Cuba Free Trade Agreement from now until 2023.