Vietnam to spend VND259.2 billion on biofuels

Vietnam plans to invest VND259.2 billion (US$13.319-million) to develop biofuels in the country from 2007 to 2015. By 2015, the nation will strive to produce 250,000 tons of ethanol and biodiesel to satisfy 1% of the nation’s petroleum demand. Vietnam plans to boost the biofuel marketshare by 5% by 2025 to 1.8 million tons by 2025. Recently, Dong Xanh Joint Stock Company held a ceremony to announce the first locally made ethanol blended gasoline in Vietnam. The firms Dai Tan ethanol plant, located in the central province of Quang Nam, started commercial production in July. Meanwhile, the state-run Vietnam Oil and Gas Group (PetroVietnam) has started selling E5 at 20 petroleum stations in Hanoi, Ho Chi Minh City, Haiphong City, Hai Duong and Ba. (August 19, 2010)