Gasoline prices raised after mid-Jan hiatus
Retail gasoline prices in Vietnam increased by VND970-990 ($0.04) per liter on Monday after remaining unchanged mid-January.
RON 95-III gasoline went up to VND23,140 ($0.99) per liter, while E5 RON 92 hit VND22,320 ($0.95).
A motorcyclist refills at a gasoline station in Hanoi. Photo by The Investor/Trong Hieu.
Kerosene rose by VND770 to VND22,570 ($0.97) a liter, while diesel oil climbed by VND890 to VND22,520 ($0.96) per liter.
Vietnamese authorities have continued to avoid using the Fuel Price Stabilization Fund, and instead increased provisions for the fund, from VND103 to VND950 per liter for RON 95-III and VND121 to VND850 for each liter of E5 RON 92.
According to a National Assembly Standing Committee resolution, the environmental protection tax on gasoline and oil was adjusted from the beginning of 2023.
The tax rate applied to each liter of gasoline (except ethanol) is now VND2,000 ($0.08), diesel at VND1,000 ($0.04), kerosene VND600 ($0.03), fuel oil VND1,000, and lubricants and grease VND1,000 per kilogram.
Vietnam's inflation in 2022 was reined in at 3.15% compared with 2021's average, lower than the target of 4%.
This was a significant result, given that 2022 inflation was estimated at about 5.7% in developed countries and 8.7% in developing and emerging economies.
- Related News
- Read More
Denmark seeks to enhance food production dialogue, supply chain with Vietnam
Danish Minister for Food, Agriculture and Fisheries Jacob Jensen is leading a high-level delegation to visit Vietnam on May 14-16, aiming to intensify high-level policy dialogue with Vietnamese counterparts with a focus on a more sustainable food production and a resource-efficient supply chain.
Economy - Tue, May 14, 2024 | 11:01 pm GMT+7
Vietnam’s northern province fines China's JA Solar for illegal construction
Vietnam’s northern province of Bac Giang has issued a fine of VND130 million ($5,107) against JA Solar Ne Vietnam for factory construction without permits.
Companies - Tue, May 14, 2024 | 10:38 pm GMT+7
Former parliament chair’s aide stripped of Party membership
The Vietnamese Party Central Committee’s Secretariat has decided to expel Pham Thai Ha, assistant to former Chairman of the National Assembly Vuong Dinh Hue, from the Party.
Politics - Tue, May 14, 2024 | 10:05 pm GMT+7
Mekong Capital’s investee companies expand presence
A number of companies in the investment portfolio of Mekong Capital, a leading fund manager in Vietnam, have expanded their operations in the Southeast Asian country.
Companies - Tue, May 14, 2024 | 7:35 pm GMT+7
Vietnam welcomes Chinese high-tech investments: PM
Vietnam welcomes major investments from Chinese business giants, particularly in the high-tech sector, Prime Minister Pham Minh Chinh said Tuesday.
Industries - Tue, May 14, 2024 | 5:46 pm GMT+7
Navigating Global Minimum Tax rules
Dang Ngoc Minh, deputy head of the General Department of Taxation, gives his insight into the status of Pillar 2 implementation of the Global Minimum Tax (GMT) in Vietnam, takeaways from Resolution No. 107/2023/QH15, and the Government's plan to build a follow-up decree.
Consulting - Tue, May 14, 2024 | 4:49 pm GMT+7
Bamboo Capital plans 50% charter capital increase to achieve ‘spectacular’ growth targets
Bamboo Capital Group JSC, listed on the Ho Chi Minh Stock Exchange as BCG, has finalized the list of existing shareholders as it plans to raise its charter capital by 50% to service debt and finance operations.
Companies - Tue, May 14, 2024 | 4:19 pm GMT+7
Vietnam central bank eases conditions, sells 48% gold offered at sixth auction
Easier conditions helped Vietnam’s central bank sell 8,100 taels of gold Tuesday, 48.2% of the volume offered in the sixth auction since it resumed auctions last month after 11 years.
Finance - Tue, May 14, 2024 | 3:37 pm GMT+7
$420 mln residential project in southern Vietnam awaits investors
Long An’s Planning and Investment Department is seeking investors for the VND10.66 trillion ($418.8 million) Thanh Phu residential and commercial complex project in the southern province.
Real Estate - Tue, May 14, 2024 | 3:31 pm GMT+7
Vietnam to buy electricity from 250-MW wind power project in Laos next year
Vietnam is set to purchase electricity from the 250-MW Truong Son wind power project in Laos, starting Q4/2025.
Energy - Tue, May 14, 2024 | 2:07 pm GMT+7
Vietnam data market charms foreign players: property firms
A host of foreign companies are looking to invest in data centers in Vietnam given its substantial growth potential while the market is still dominated by local telecommunication firms, says property service provider Jones Lang LaSalle (JLL).
Infrastructure - Tue, May 14, 2024 | 11:26 am GMT+7
LG’s chemicals arm records modest 2023 profits in Vietnam
LG Chem, Ltd, the chemicals arm of South Korean chaebol LG, reported modest profits from its subsidiaries in Vietnam in 2023, according to the firm’s consolidated financial statements.
Companies - Tue, May 14, 2024 | 11:11 am GMT+7
Vietnam needs to modify FDI incentives to stay competitive amid global minimum tax application: expert
Vietnam’s policymakers need to consider changes to foreign direct investment incentives to keep the country competitive when it implements Global Minimum Tax rules, says Prof. Nguyen Mai, chairman of the Vietnam’s Association of Foreign Invested Enterprises (VAFIE).
Opinion - Tue, May 14, 2024 | 9:37 am GMT+7
Malaysia pledges to boost energy connectivity
Malaysia commits to cooperating with its ASEAN counterparts to push forward regional initiatives such as the ASEAN Power Grid, which is aimed at fortifying energy connectivity and security throughout the region, the country's Deputy Prime Minister Fadillah Yusof said on Monday.
Southeast Asia - Tue, May 14, 2024 | 8:49 am GMT+7
Japan supports Indonesia to build high-speed rail line in capital
The Japanese government announced on Monday that it will provide a loan of approximately JPY140.7 billion ($900 million) to construct a high-speed rail line in Jakarta, Indonesia.
Southeast Asia - Tue, May 14, 2024 | 8:44 am GMT+7
Singaporean PM submits resignation
Singaporean Prime Minister Lee Hsien Loong on Monday submitted his resignation to President Tharman Shanmugaratnam, saying he and his government will resign on Wednesday.
Southeast Asia - Tue, May 14, 2024 | 8:09 am GMT+7
