HÀ NỘI — The southern province of Vĩnh Long’s Department of Industry and Trade on Monday officially launched e-commerce platform www.trade.vinhlong.gov.vn.
The e-commerce website features images of the province’s localities, industries and their specialties and updated information of markets and legal documents, serving as a bridge to connect enterprises.
Enterprises seeking trade and business opportunities on the platform will have their own page to introduce themselves, the products and services that they provide and their discount policies offered to consumers.
According to the department, the website was built to support enterprises to access business and investment opportunities, help them save costs and trading time, thereby enabling them to efficiently increase their competitiveness, diversify consumer markets and make full use of the digital economy.
Phạm Tứ Phương, director of the department, said in the time ahead, the department would boost the application of e-commerce, disseminate legal documents related to e-commerce, provide public services online to businesses and focus on improving firms’ awareness of this kind of trading platform. — VNS
How will oil prices shape the Covid-19 recovery in emerging markets?
– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability
A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.
Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.
The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.
Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.
In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.
While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.
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