Business
Oil exploitation output likely to increase by 4.6% this year
According to the Ministry of Planning and Investment, Vietnam`s crude oil exploitation output in 2015 is estimated to reach 17.58 million tonnes, rising 4.6% from the annual target of the government.
The ministry also made a forecast that the crude oil output in 2016 would decline to 16.03 million tonnes, a fall of 8.8% against this year's figure.
Statistics from the Ministry of Finance recorded that the country's revenue from crude oil exports in the first eight months of this year dropped by more than 34% against the same period last year to only 47.1 trillion VND (2.09 billion USD).
However, experts said the crude oil price reduction in the global market would have both negative and positive effect on Vietnam's economy.
In fact, the State budget revenue from local sources increased sharply in the first eight months, reaching 459.45 trillion VND (20.42 billion USD), up 16.5% against the same period last year.
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However, experts said the crude oil price reduction in the global market would have both negative and positive effect on Vietnam's economy.
In fact, the State budget revenue from local sources increased sharply in the first eight months, reaching 459.45 trillion VND (20.42 billion USD), up 16.5% against the same period last year.
