Oil Prices

This marked the second consecutive decline after six rises in a row since the beginning of this year.

The participation of new players in the petroleum market would create benefits for businesses and customers.

Inflationary pressure in the remaining six months would be insignificant as the oil prices are unlikely to surge, which is a result of a possible global economic recession.

In this year's state budget plan, revenue from crude oil is predicted at VND35.2 trillion (US$1.5 billion), accounting for 2.3% of the total.

A representative of the trade ministry, however, suggested measures should be in compliance with current regulations and international agreements that Vietnam is a part of.

Vietnam posted net spending on offshore crude oil of nearly US$1.8 billion in 2019.