Dwindling oil prices a double-edged sword for Vietnam's economy

The Bạch Hổ (White Tiger) oil field. Petrovietnam is building plans for short-term shock and long-lasting low prices at US$30, $35, $40, $45 and $50 per barrel. - Photo courtesy of the company.

HANOI (Vietnam News/ANN): Oil logged its worst week since 2008 after the oil price war, initiated by Saudi Arabia early last week, delivered a double blow to nervous investors already rattled by declines in world stocks due to the spread of the novel coronavirus, or Covid-19.

The world watches, and so does Vietnam – where export of crude oil has been contributing significantly to the State budget.