Foreign investors encouraged to invest in petroleum storage infrastructure
The Vietnamese Government has given green light to foreign investors to invest in developing oil and gas storage and supply infrastructure system, but they cannot participate in distributing, importing and exporting petroleum.
A petroleum storage system of PVOil in Thai Binh Province. (Photo: VNA)
Hanoi (VNS/VNA) - The Vietnamese Government♉ has given green light to foreign investors to invest in developing oil and gas storage and supply infrastructure system, but they cannot participate in distributing, importing and exporting petroleum.
This was part of the recently approved plan to implement the national petroleum and gas storage and supply infrastructure planning for the 2021-2030 period with a vision to 2025.
State budget will prioritise the development of national storage infrastructure while the private investment will be used to develop storage infrastructure for commercial purposes of enterprises.
The Government encourages private investment in developing the national storage infrastructure following the established planning and standards to serve the national reserve goals.
To ensure national defence and security as well as social security, the Government also eyes to develop petroleum storage system in border areas, islands, and remote areas. These localities will develop storage systems below 5,000cu.m in consistency with the national planning.
Under the plan, the focus will also be on developing the petrol stations along new roads and in new urban areas with an appropriate roadmap to reduce the number of small-scale and inefficient stations.
The Ministry of Industry and Trade will be in charge of implementing and supervising the development of petrol and oil storage systems, ensure quality and progress as well as economic efficiency./.
The retail prices of E5 RON 92 petrol fell by 68 VND to 23,848 VND (0.95 USD) per litre from 3pm on April 11, following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
The recent visit by Prime Minister Pham Minh Chinh to Saudi Arabia to attend the ASEAN-Gulf Cooperation Council (ASEAN-GCC) Summit has opened up numerous international cooperation opportunities for Vietnam’s oil and gas industry, helping it to develop in the future.
Russian oil and gas company Zarubezhneft JSC's cooperation and business projects in the fields of oil and gas, energy in Vietnam have made positive contributions to the special friendship and cooperative ties between Vietnam and Russia.
Vietnam ranked as the 8th largest export market of Singapore with an export turnover of more than 11.7 billion SGD (9.06 billion USD) in the first five months of this year, four places higher than that of the same period last year.
Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
