HANOI (Vietnam News/ANN): Oil logged its worst week since 2008 after the oil price war, initiated by Saudi Arabia early last week, delivered a double blow to nervous investors already rattled by declines in world stocks due to the spread of the novel coronavirus, or Covid-19
The world watches, and so does Vietnam – where export of crude oil has been contributing significantly to the State budget.
When the crude oil price decreases, it would push down the cost of imported petroleum products, benefiting transport businesses and manufacturing industries which consume a lot of petroleum. In 2018, Vietnam exported 3.96 million tonnes of crude oil, a steep fall compared to an average 8.3 million per year during 2012-17. Meanwhile, the import volume rose to 5.17 million tonnes, seven times higher than the annual import figure during 2012-17.
Meanwhile, the contribution of oil revenue to the State budget is declining, from about 30 per cent in the early 2000s to about 3.5-4 per cent in recent years. On Wednesday, Vietnam National Oil and Gas Group issued a directive providing urgent tasks and solutions to cope with the double impacts of the Covid-19 pandemic and the decline in oil prices.
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