Industrial and trade developments from the press review on May 18, 2018
I. Energy and Petroleum Developments
- Fuel Tax Controversy: Specifically, experts criticized the proposal to raise environmental taxes on fuel to the maximum limit.
- Public Outrage: Consequently, citizens expressed anger because gasoline prices rise sharply but decrease very slowly.
- Hefty Penalties: Furthermore, administrative fines for petroleum violations may now reach 2 billion VND.
- Global Prices: Additionally, Brent crude oil hit $80 per barrel for the first time since 2014.
- Price Forecasts: In fact, some analysts predict global oil could reach $100 per barrel this year.
- Import Trends: However, Vietnam is becoming an energy importer despite having massive renewable energy potential.
II. Policy Reform and Administration
- Administrative Reform: Specifically, the Ministry of Industry and Trade (MoIT) simplified 54 more administrative procedures.
- Fake News Incident: Meanwhile, MoIT issued an “urgent” notice to correct false reports about the Minister’s villa.
- Trade Barriers: Notably, some exports were returned from Australia due to food safety violations.
- Tax Enforcement: Therefore, the Prime Minister ordered stricter measures to prevent environmental tax loss.
- Visa Policies: Additionally, the government may abolish strange visa rules to boost tourism.
III. Import-Export Trends
- Electronic Surge: Regarding trade, phone exports to China increased by over 32% recently.
- Wood Success: Similarly, wood and furniture exports grew by nearly 20% in early 2018.
- Seafood Challenges: Conversely, Vietnamese catfish and shrimp face strict quality inspections from the US and Korea.
- Commodity Paradox: Specifically, pepper export value fell by 34% even though volumes increased.
- Agricultural Trade: Moreover, over 100 tons of Vietnamese produce were successfully sold in Thai supermarkets.
- Livestock Markets: In contrast, exporting live pigs to China is currently very difficult for farmers.
IV. Industry and Domestic Market
- Automotive Prices: Surprisingly, car prices in Vietnam are rising despite the 0% ASEAN import tax.
- Market Volatility: Meanwhile, pork prices reached record highs while coffee prices dropped to a 12-month low.
- Stock Fluctuations: Additionally, the government is investigating sharp fluctuations and potential insider trading in stocks.
- Resource Exports: Notably, experts warned against selling raw ore to China at very low prices.
- Consumer Goods: Furthermore, the milk powder market in Australia is being restricted to prevent smuggling to China.
V. Power and Competition Law
- Investment Interest: Specifically, the US company AES wants to invest in the Son My 2 gas power project.
- Energy Conservation: Meanwhile, EVN urged the public to save electricity to avoid high bills during heatwaves.
- Grab-Uber Merger: Regarding competition, authorities concluded that Grab’s acquisition of Uber shows signs of violations.
- Illegal Activities: Finally, market management forces discovered three illegal gas refilling facilities in Binh Duong.
