Vietnam News

Against the backdrop of global market turmoil, Vietnam needs to seek funding to increase its national oil reserves in response to emergencies.

According to the report of the Ministry of Industry and Trade, Vietnam's national oil reserves are very low, about 300000 cubic meters per year, which is only equivalent to 9 days of net imports and 7 days of consumption, lower than demand.

The Ministry proposes to increase the national oil reserves from 9 days of net imports to 15 and 30 days during the period 2026-30.

It is estimated that Vietnam needs approximately 4.1 trillion Vietnamese dong ($173.7 million) annually to increase its national oil reserves.

Minister of Industry and Trade Ruan Hongdian said the biggest obstacle is finding additional funds.

The Ministry of Industry and Trade acknowledges that it is difficult to separate national oil reserves from enterprise reserves because the country does not have oil reserve infrastructure and must rent it from enterprises.

The Ministry of Industry and Trade stated that the lack of oil reserve infrastructure must be addressed in the long term. However, in the short term, renting enterprise storage units must continue to avoid disruption, and there should be mechanisms to increase transparency.

Indonesian News

The Qatar Indonesia Cultural Year officially opened on March 12th at the Islamic Art Museum in Doha, Qatar.

This year's focus will be on promoting cooperation in various fields, including the cultural and creative arts of Indonesia and Qatar, and developing a sustainable long-term partnership between the two countries. The plan includes various cultural events to be held throughout 2023 in both countries.

In his speech at the event, the President of the Qatar Museum stated that the art and creativity of the partnership between Qatar and Indonesia in this field will help promote bilateral relations to a new level.

The implementation of the Arts, Culture, and Humanitarian Exchange Initiative is expected to create opportunities for the two peoples to better understand each other, especially through innovative projects in the fields of fashion, drama, culinary arts, education, sports, film production, and museums, she said.

She added that through coordination and knowledge sharing, both sides will have the opportunity to gain experience in building a creative economy, including lifestyles deeply influenced by cultural identity.

The Ambassador of Indonesia to Qatar stated that the Cultural Year basically conforms to Indonesia's national motto: "Unity in Diversity.".

Lao News

Purpose of hydropower development in Laos: Through electricity exports, to earn foreign exchange, to support the economic and social development of the Lao government, to strengthen grid construction and off-grid electrification in rural areas, to achieve energy accessibility, to meet the country's growing energy demand, to ensure electricity parity, and to promote economic and social development. EDL has achieved good commercial operation and weaned itself from dependence on imported fossil fuel power generation.

Laos Hydropower Policy Arrangement: Support environmental protection activities, and all hydropower projects must pass the environmental and social impact assessment conducted by the Ministry of Natural Resources and Environment of Laos.

The Lao government usually adopts the BOT model to attract domestic and foreign investment enterprises to participate in the development of hydropower projects. The development process can be divided into planning, construction, operation, and handover to the Lao government.

Cambodia News

A fire broke out at the King's Palace in Siem Reap, Cambodia, but fortunately no casualties were caused.

At around 10 pm on March 12th, a fire broke out in the King's Palace of Siem Reap. Subsequently, Governor Di Siha of Siem Reap Province led the police and fire brigade to the scene to fight the fire.

According to Disiha, the fire was extinguished around 12 pm. Di Siha said he was "deeply saddened" by the fire at the King's Palace, but it is unclear what caused the fire.

Malaysia News

The Central Bank of Malaysia (BNM) recently announced that the country's economy will not fall into recession in 2023, and announced that the economic growth in 2022 is significantly higher than expected.

Specifically, data from the Malaysian Bureau of Statistics show that the country's gross domestic product (GDP) increased by 8.7% year-on-year in 2022.

It is reported that the World Bank previously predicted that Malaysia's GDP growth rate will reach 4% in 2023.