Home / Knowledge / News / Textiles / Crude oil exports will prove expensive for traders

Crude oil exports will prove expensive for traders

09
Apr '08
Vietnam, third largest oil producer in Southeast Asia, has decided to increase tax on exports of crude oil.

This Governmental decision will be adhered for achieving the objective of increasing the influx of revenue and expanding the state budget.

Crude oil remains the largest foreign exchange earner of Vietnam, accounting for 17 percent of national export revenue.

The move was taken with regard to accelerating inflation which has hiked for 13 successive months. Besides, experts anticipate a good number of investors to bank on higher yielding assets.

In fact, the Government has also brought about a cut in its expected economy expansion of 9 percent reducing it to 7.5 percent for 2008.

However, Dung Quat, the first refinery of the country with an annual processing capacity of 6.5 million tons of crude oil is presently under construction in central Quang Ngai Province and is scheduled to operate in late 2008 or early 2009.

It is hoped that with the commencement of this refinery, Vietnam will be able to increase not only the annual output of crude oil but also its domestic supplies.


Interviews View All

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Carmen Makover,

Carmen Makover

Leading the digital textile printing industry, Israel-based Kornit...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search