Japanese giant ‘jumped’ into petroleum retail: A test of domestic enterprises

The participation of Japanese giants in the petroleum retail business with many expectations will create healthy competition in this market – where domestic enterprises “monopolize” for a long time.

Japanese energy giant – Idemitsu Kosan and its partner, Kuwait International Petroleum Company (KPI) have just announced the establishment of Idemitsu Q8 Petroleum Co., Ltd. in Vietnam, operating in the wholesale and retail field of petroleum products. Currently, this company has received the Investment Registration Certificate from the Government and is waiting for enterprise registration.
If this process goes well, Idemitsu Q8 is not the only foreign giant “looking” at Vietnam’s petroleum retail market.
Total Group – a French energy brand has also appeared in the petroleum retail market since the 1990s, operating mainly in the fields of liquefied gas, lubricants and petroleum.
Worth mentioning, after nearly 20 years of operation, Total’s petroleum retail market share is very modest and the company is currently developing petrol stations in the Central region, under the form of a Total franchise.
Sharing with Infonet, economist Ngo Tri Long said that there are more than 23 major petroleum importers and retailers, but more than 75% of the retail market share mainly falls into the hands. 3 “giants” are Petrolimex, PVOil and SaigonPetro … Therefore, the establishment of the Idemitsu Company will be a good signal for the petroleum retail market and consumers – which has long been considered a “private land”. of domestic firms.