Analyst Pin-board: Implication of Lower Crude Oil Prices for Vietnam’s Economy
Crude oil prices crashed by over 30% last Friday because of disagreements between OPEC and Russia on cuts in production. There are many episodes of plummeting oil prices in the last 50 years due to multiple causes. This short note focuses on the driver of the recent drop in crude oil prices and its implications for Vietnam’s economy which is a net importing country as net spending reached nearly USD 1.8 bln on purchasing offshore crude oil in 2019.
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