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- Vietnams Economy Expands Rapidly- Key Contributors – New Energy Discoveries, Proven Gas Reserves and Indigenous Refinery
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- Vietnams Economy Expands Rapidly- Key Contributors – New Energy Discoveries, Proven Gas Reserves and Indigenous Refinery
Vietnams Economy Expands Rapidly- Key Contributors – New Energy Discoveries, Proven Gas Reserves and Indigenous Refinery
- By Oil and Gas Author
- Published 09/4/2006
- Petroleum Pipeline , Oil Field Development , Liquefied Natural Gas LNG , Exploration and Discoveries , Natural Gas Petroleum , Crude Oil Petroleum
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View all articles by Oil and Gas AuthorVietnams economy has expanded rapidly in recent years, with its real gross domestic product (GDP) growing 7.7% in 2004 and 8.4% in 2005. Growth is forecast at 8.0% in 2006. Vietnam has had Normal Trade Relations status with the United States since late 2001, with 2002 marking the first time Vietnam shipped more goods to the United States than to Japan. Despite rising exports, Vietnam currently runs a slight trade deficit, but is projected to begin having trade surpluses by 2007. Much of Vietnams large rural population relies heavily on non-commercial biomass energy sources such as wood, dung, and rice husks. As a result, Vietnams per capita commercial energy consumption ranks among the lowest in Asia. The countrys commercial energy consumption is predicted to rise in coming years, primarily due to increases in the use of Natural Gas. Vietnam claims ownership of a portion of the potentially hydrocarbon rich Spratly Islands, as do the Philippines, Brunei, Malaysia, China, and Taiwan. Vietnam, China, and the Philippines agreed in March 2005 to conduct a joint seismic survey for potential Oil and natural gas reserves in a portion of the disputed area. Vietnam also claims the Paracel Islands, which China first occupied in 1974.
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Vietnams Economy Expands Rapidly- Key Contributors – New Energy Discoveries, Proven Gas Reserves and Indigenous Refinery
