Foreign investors gunning for petroleum retail marketJX Nippon Oil & Energy is receiving close to $15 million in the first year after acquiring Petrolimex shares. This, coupled with the fact that there are 29 petroleum import-export distributors in Vietnam, makes the petroleum retail market especially lucrative. According to Cao Hoai Duong, CEO of PetroVietnam Oil Corporation (PV Oil), foreign investors are gunning for the Vietnamese petroleum retail market because of its enormous potential for growth based on petroleum consumption per capita and economic potential. Therefore, the remaining oil distributors will become windows for foreign businesses to join the Vietnamese petroleum market. However, to enter the Vietnamese petroleum retail market through PV Oil, foreign businesses need to also acquire shares of BSR, which is responsible for managing and operating Dung Quat Oil Refinery.

Source: VietNamNet News July 13, 2017 08:03 UTC