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Vietnam’s first petrol risk management company set up
BIDV Energy Services and Trade Ltd Company will begin operating in the third quarter of this year to pioneer the management of petrol price risk in Vietnam.
The Bank for Investment and Development of Vietnam’s (BIDV) Insurance Company (BIC) and Ginga Vietnam Holdings Pte Ltd signed a contract to establish the 1-million-USD joint venture in Hanoi on July 22.
BIC will contribute 51 percent to the charter capital, while the rest will be shouldered by Ginga Vietnam .
The company, the first of its kind in Vietnam, expects to see its capital rise to at least 3 million USD after the first year of operation.
BIC Director Pham Quang Tung said BIDV Energy will provide services in management of petrol and energy price risks and related consulting, and energy business infrastructure building.
Tung said that with the government abolishing price subsidies for petrol products, Vietnamese petrol traders would now be able to set their own prices, but would also face the challenges of a fluctuating petrol price on the world market.
Ginga Vietnam Holding Pte Ltd is a joint venture between Ginga Petroleum Singapore and Mabanaft, a member of Germany ’s Marquard&Bahls Group, which specialises in trading and providing solutions to prevent the risks of petrol price fluctuation
VNA
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