Japan's Idemitsu Kosan to establish petrol firm in Vietnam
Japanese oil firm Idemitsu Kosan Co.,Ltd (Idemitsu) and its partner Kuwait Petroleum International Ltd. (KPI) applied to register a joint venture company in Vietnam to sell petroleum products.
A gas station of Japanese firm Idemitsu. (Source: dnp.co.jp)
Hanoi (VNA) – Japanese oil firm ඣIdemitsu Kosan Co.,Ltd (Idemitsu) and its partner Kuwait Petroleum International Ltd. (KPI) applied to register a joint venture company in Vietnam to sell petroleum products.
The new company, Idemitsu Q8 Petroleum Limited Liability, will be the first wholly foreign-owned company in the oil product distribution and retail sectors in Vietnam.
The two companies recently obtained the investment registration certificate from the Government.
"Through the establishment of a petroleum product distribution company, Idemitsu and KPI will achieve a stable supply of products for the growing Vietnamese market, where demand for petroleum products is expected to follow a steady upward trend, thereby contributing to the social and economic development of Vietnam," Idemitsu said in a statement on April 18.
Idemitsu and KPI intend to promote retail and wholesale operations, mainly through the construction and management of service stations, across Vietnam, the statement said.
Idemitsu and KPI are two foreign investors in the Nghi Son Refinery and Petrochemical Limited Liability Company in Thanh Hoa Province. They own 35.1 percent each. The project is now under construction and will start commercial operations in 2017.
Idemitsu is one of the largest oil and petrochemical firms in Japan. With more than 8,000 employees, it owns oil platforms and refineries, and produces and sells petroleum, oils and petrochemical products. As of the third quarter of last year, its revenue was 25.88 billion USD.
Kuwait Petroleum International is the international subsidiary of Kuwait Petroleum Corporation. It sells more than 450,000 barrels a day through 4,790 service stations in Europe, and its international divisions Q8Aviation, Q8Oils and International Diesel Service.-VNA
Japan is committed to furthering cooperation with Vietnam in agriculture and fisheries, and hopes the Vietnamese Government will facilitate the implementation of the target projects.
The Johnan Shinkin Bank of Japan (JSB) will provide financial information and consultations for Vietnam’s Small- and Medium-sized Enterprise Development Fund (SMEDF).
Japan is one of the key partners of Ho Chi Minh City in various fields from official development assistance (ODA) to investment and trade, a local official said.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
A gas station of Japanese firm Idemitsu. (Source: dnp.co.jp)
