Japan-Kuwait venture to join Vietnam’s petroleum market
The upcoming operation of Idemitsu Q8 Petroleum LLC in Vietnam’s petroleum market is expected to increase the competitiveness of the local oil and gas product market.
Construction site of Nghi Son oil refinery project (Source: Internet)
Hanoi (VNA) – The upcoming operation of Idemitsu Q8 Petroleum LLC in Vietnam’s petroleum market 🅘is expected to increase the competitiveness of the local oil and gas product market and bring more benefits to local consumers, experts said.
Idemitsu Q8 is a joint venture between Japan’s Idemitsu Kosan Co. Ltd and Kuwait Petroleum International Ltd. (KPI). With its establishment , the venture intends to specialise in importing, wholesaling and retailing fuels in Vietnam.
According to the Ministry of Industry and Trade, the establishment of Idemitsu Q8 marks the first time foreign companies have got involved in Vietnam’s fuel distribution market where there are 24 domestic trading companies operating.
This is within the Government’s commitment with investors who are investing in the Nghi Son oil refinery project in the north-central province of Thanh Hoa.
Phan The Rue, Chairman of the Vietnam Petroleum Association said when Nghi Son oil refinery commissions in 2017, Idemitsu Q8 will begin selling oil and petrol and this will be a basis for Vietnam to open its petroleum market earlier than the set plan.
The State needs to outline specific plans and strategies for opening the market, Rue noted, adding that measures should be devised to solve difficulties facing petroleum enterprises.
When joining the World Trade Organisation, Vietnam retained the right to trade, distribute, export and import petroleum products and foreigners could not join the domestic distribution system.
However, Vietnam has made some exceptions and has opened the distribution market to investors at petrochemical projects. When licensing the Nghi Son oil refinery project, the Government allowed investors to distribute the products they make. Therefore, Idemitsu Q8 was established in preparation for Nghi Son’s distribution of fuels from 2017.
Nghi Son oil refinery, which is constructing in an area of some 400 hectares in the Nghi Son Economic Zone, is expected to process 8.4 million tonnes of crude oil a year in the initial phase and will eventually increase to 10 million tonnes per annum.
Shareholders of Nghi Son oil refinery include Vietnam National Oil and Gas Group (PVN) and Idemitsu Q8.-VNA
Vietnam’s energy sector is attracting special attention from foreign investors, especially leading global groups in this field, the Vietnam Economic News reported on June 11.
Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) is considering doubling the capacity of its refinery complex, scheduled to start operations in July 2017, to 400,000 barrels per day (bpd) to meet growing domestic demand, said NSRP General Director Kazutoshi Shimmura.
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.
The upcoming official visit to Vietnam by Prime Minister of Kuwait Sheikh Jaber Mubarak Al-Hamad Al-Sabah from May 5-7 is expected to give a boost to bilateral cooperation in various fields
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Construction site of Nghi Son oil refinery project (Source: Internet)
