Japan’s Idemitsu Q8 Petroleum LLC has officially launched its first gas station inside Hanoi-based Thang Long Industrial Park, paving way for an inflow of other foreign investors in this profitable sector for the time being.
Idemitsu Q8 Petroleum is a 50-50 joint venture between Idemitsu Kosan Co., Ltd. and Kuwait Petroleum International Ltd., the two giant petroleum retailers who have gained a lot of achievements in the European and Japanese markets.
Recognizing the increasing demand for fuel in Vietnam, Hiroaki Honjo, general director of Idemitsu Q8 Petroleum, said that the participation of the firm in Vietnam’s gas retail market will contribute to the stable supply of petroleum in the country.
He also said that the firm will differentiate itself from local competitors by proactively equipping gas stations with POS (point of sale) terminals that allow for cashless transactions.
Nguyen Quang Dung, the deputy general director of Vietnam National Petroleum Group (Petrolimex), Vietnam’s state-owned gas retailer, said that the Group has anticipated the entry of foreign firms for many years. He said foreign firms may have huge amounts of capital but Vietnamese retailers have a long time experience understanding customer psychology and a wide range of pumping locations.
Nevertheless, the appearance of foreign-invested petroleum stations in Vietnam will increase the competitiveness in the market.
Many domestic firms are seeing it as a motivation to improve their operations and join the more transparent and fair market. However, to ensure the fair competition in terms of prices, according to Phan The Rue, chairman of the Viet Nam Petroleum Association, the State should only set the price frame for petroleum.
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