The rapid exhaustion of its main oil discoveries is putting the Viet Nam National Oil and Gas Group, better known as PetroVietnam, under great pressure to reach its oil exploration and production targets for 2018. PetroVietnam produced 15.52 million tonnes of oil in 2017, surpassing its set target by 1.3 million tonnes. However, the country’s sole oil exporter has reduced its 2018 production target by one million tonnes, due to concerns over the depletion of natural oil resources. Its general director, Nguyen Vu Truong Son, acknowledged that most of the oilfields have been exploited for many years and are in their final stages, with production declining by 15-30 per cent per year. Bach Ho (White Tiger) field, the country’s largest and longest-producing oilfield, contributing about 60 per cent of the nation’s total oil production for PetroVietnam, is in a state of depletion and can only be explored in 4-5 years. In addition, the rapid flooding, at over 60 per cent, in many fields due to intensive exploitation, such as Hai Su Trang (White Sea Lion), Te Giac Trang (White Rhino), Su Tu Vang (Yellow Lion) and Rang Dong (Dawn), is posing a challenge that may reduce oil production in the coming years, Son said. According to Vietsovpetro’s general director, Tu Thanh Nghia, the largest problem facing the company is the sharp decline in output at its major oilfields, such as at Bach Ho and Rong (Dragon), while new discoveries, such as Gau Trang (White Bear) and Tho Trang (White Rabbit),… [Read full story]
Apparel, footwear sectors face challenges in months ahead By Van Nam - The Saigon Times Daily HCMC – Challenges await apparel and footwear industries in the next couple of months as industry insiders still face multiple bottlenecks such as capital access hardship, material shortage and rising input costs. The country earned US$8.2 billion in apparel and textile exports in January-July, down 2% year-on-year, according to the Ministry of Industry and Trade. Yarn and cotton exports in the seven-month period reached US$1 billion, dropping 5.7% from a year ago. Footwear producers are projected to suffer a shortage of export orders until…... [read more]
All condo sectors face challenge Dinh Dung By Dinh Dung - The Saigon Times Daily A high-end apartment project on Hanoi Highway in HCMC’s District 2 - Photo: Dinh Dung HCMC – Owners of many housing projects want to switch to the low-cost segment, and several large-scale budget condo projects have kicked off since the VND30-trillion credit package was launched, promising abundant housing supply for low-income earners. It seems the mid- and high-end commercial projects are at a disadvantage as they do not enjoy preferential loans. Yet, businesses said each segment has its own challenges and opportunities, and all that…... [read more]
SMEs face challenges with ERP application By Hien Nguyen - The Saigon Times Daily HCMC - Enterprise Resource Planning (ERP) is an effective solution to enhance capacity but few Vietnamese enterprises have been able to apply the solution. A typical ERP system uses multiple components of computer software and hardware to achieve the integration. A key ingredient of most ERP systems is the use of a unified database to store data for the various system modules. Pham Quang Minh, marketing director of Oracle's solution segment, said at the seminar that Oracle had introduced and localized ERP solutions suitable for Vietnamese…... [read more]
Early third rice crop to face challenges By Trung Chanh - The Saigon Times Daily CAN THO – Experts have forecast farmers in the Mekong Delta can run into troubles as a result of pests and higher costs in the early autumn-winter rice crop, commonly known as the third rice crop. Rice growers in Tien Giang, Long An, Dong Thap and Vinh Long provinces are busy cultivating the early third crop. However, at present, fertilizers and plant protection drugs are marking up sharply, putting farmers under pressure of rising production costs. Level-one and level-two sales agents in Tien Giang, Long…... [read more]
Vietnam rice exporters face challenges Truc Diem HANOI – The rice price is forecast to continue soaring in near future, buoyed by the higher demand for rice of some countries, but Vietnam is having difficulty boosting rice shipments, heard a seminar in Hanoi last week. A study conducted by the Institute of Policy and Strategy for Agricultural and Rural Development shows there are nine million rice farming households nationwide, but around 300,000 of them account for the bulk of Vietnam’s rice export volume. Meanwhile, the nation has over 300,000 rice milling facilities, but a majority of them are small. But…... [read more]
