Vietnam Strategy – How the global oil price slump affects Vietnam’s O&G value chain

• We now expect oil prices to average at US$45/bbl in 2020F (vs. US$62/bbl earlier), as a result of the crude oil price war and weak demand due to the Covid-19 outbreak.
• Potential losers from declining oil prices are upstream and midstream players, while some downstream producers could be gainers.
• Investors should remain cautious, given the currently weak sentiment on the sector.

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