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Vietnam urged to cut dependence on crude oil

A prime ministerial advisory body has said the state budget is overly dependent on crude oil, an unsustainable income source.

Ngày đăng: 29 tháng 3, 2021
Cập nhật: 17 tháng 1, 2022
Lượt xem: 154563405
Nguồn: vnexpress

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A prime ministerial advisory body has said the state budget is overly dependent on crude oil, an unsustainable income source.

A prime ministerial advisory body has said the state budget is overly dependent on crude oil, an unsustainable income source.

The National Financial Supervisory Commission (NFSC) recently said crude oil is not a sustainable income source, both in the short and long term.

In the short term, crude oil revenues may be affected by global oil prices and production output; and state budgets have been significantly affected by such fluctuations over the years, the NFSC noted.

In the long run, this source of income is also unsustainable due to limited national reserves.

Earlier, Deputy Prime Minister Vuong Dinh Hue told a meeting of the National Assembly that Vietnam needs to stop relying on crude oil and focus on tourism to ensure economic growth.

“It is better to welcome a million tourists than to try to find a million tons of crude oil because tourism is more environmentally friendly and safer for the economy,” he said.

Vietnam's September crude oil exports totaled 375,000 tons, down 21.1% over the same period last year, according to the General Statistics Office.This has raised crude oil exports in the first nine months of this year to 2.97 million tons, down 45.2% from a year earlier.

From the beginning of the year to September 15, the accumulated budget revenue is estimated at 898 billion VND.3 trillion ($39.06 billion), of which 43 VND.5 trillion (1 dollar.89 billion) or about 5% comes from crude oil, according to the General Statistics Office.

Vietnam's domestic crude oil production peaked in 2004 at over 20 million tons, but has since fallen to an estimated 14.2 million tons in 2017.

It is forecasted that 2018 will produce about 11 million tons.Crude oil exports contributed 0.25% of the country's GDP in recent years.


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