An overview of the gasohol market in Vietnam, the next direction?
PETROVIETNAM
PETROVIETNAM JOURNAL
Volume 6/2021, pp. 55 - 62
ISSN 2615-9902
AN OVERVIEW OF THE GASOHOL MARKET IN VIETNAM,
THE NEXT DIRECTION?
Nghiem Thi Ngoan, Dao Minh Phuong, Pham Ba Nam
Vietnam Petroleum Institute
Email: ngoannt@vpi.pvn.vn
Summary
To ensure energy security, reduce greenhouse gas emissions and increase agricultural output, the Vietnamese government has
issued several policies to promote gasohol, resulting in remarkable achievements in gasohol development in recent years. However,
unexpected limitations have been seen by other countries after a period of using this fuel such as air pollution, threats to food security,
deterioration of natural forest area and severely depleted freshwater resources. This paper presents an overview of the current state of
Vietnam's gasohol market and a brief analysis of policy, supply - demand - price information, from which some hindrances are identified
and a few more optimistic directions to develop this type of fuel in the future are proposed.
Key words: Gasohol, ethanol, feedstock.
1. Current status of gasohol development in Vietnam
- From 1 December 2015, gasoline to be produced,
blended, and traded for consumption by road motor
vehicles in the whole nation would be E5.
1.1. Gasohol related policies
With the objectives of ensuring energy security,
protecting the environment, reducing greenhouse gas
emissions and stabilising agricultural product output, on
20 November 2007, the Prime Minister issued Decision No.
177/2007/QD-TTg approving the scheme for developing
biofuels up to 2015 with a vision to 2025 (hereinafter
referred to as“the Scheme”), aiming to increase bioethanol
and vegetable oil production to 250 thousand tons by
2015 and 1.8 million tons by 2025. To implement the
Scheme, on 22 November 2012, the Prime Minister signed
Decision No. 53/2012/QD-TTg to promulgate a roadmap
to apply the ratio of blending biofuels and traditional
fuels (hereinafter referred to as“the Roadmap”) with some
main targets as follows:
For E10 gasoline:
- From 1 December 2016, gasoline to be produced,
blended, and traded for consumption by road motor
vehicles in the provinces and cities of Hanoi, Ho Chi Minh
City, Hai Phong, Da Nang, Can Tho, Quang Ngai, and Ba
Ria - Vung Tau would be E10.
- From 1 December 2017, gasoline to be produced,
blended and traded for consumption by road motor
vehicles in the whole nation would be E10.
According to the Government Office’s Announcement
No. 255/TB-VPCP dated 06/6/2017, as of 1 January 2018,
only production of E5 RON 92 and RON 95 mineral
gasoline would be allowed. The Government also
introduced special consumption tax (SCT) incentives in
Official Dispatch No. 17125/BTC-CST dated 25 November
2014. Specifically, the SCT rate for mineral gasoline is 10%,
for E5 is 8%, and for E10 is 7%. Thus, in case that E5 and
mineral gasoline have the same taxable price, the net
price of the former is 3% lower than that of the latter.
These government’s efforts to bring E5 gasoline closer to
consumers are not strong enough to make any significant
change [1].
For E5 gasoline:
- From 1 December 2014, gasoline to be produced,
blended, and traded for consumption by road motor
vehicles in the provinces and cities of Hanoi, Ho Chi Minh
City, Hai Phong, Da Nang, Can Tho, Quang Ngai, and Ba
Ria - Vung Tau would be E5.
Date of receipt: 24/6/2020. Date of review and editing: 24/6 - 22/9/2020.
Date of approval: 11/6/2021.
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1.2. Potential feedstock for bioethanol production in
Vietnam
cost (VND 5,000 - 10,000/kg) is higher than that of cassava
while the production efficiency is lower (1 ton of sugar
molasses produce 0.18 tons of ethanol while 1 ton of
cassava produced 0.33 tons of ethanol) [3].
In Vietnam, ethanol is produced mainly from cassava -
the third most popular crop after rice and corn. This value
chain includes stages from cassava planting, cassava
slicing after harvest to blending products, distribution
and use of bioethanol.
1.3. Bioethanol production
By 2019, Vietnam has had 7 ethanol plants with a total
capacity of 612 million litres/year. Four of the plants are
designed to use 1.05 million tons of cassava to produce 420
million litres of bioethanol per year for gasohol blending.
Cassava is planted mainly in lowland and plains with
a slope of over 8%. According to data of the General
Statistics Office (GSO), the cassava planting area of the
country in 2018 reached more than 566.3 thousand
hectares with a total output of 9.96 million tonnes of
fresh tubers. Tay Ninh is the province having the highest
cassava productivity, reaching over 1.86 million tons per
year, followed by Gia Lai with more than 1.18 million tons
per year.
Unstable feedstock is the first difficulty that
manufacturers cannot solve on their own. Although
cassava is an abundant raw material in biofuel production,
the lack of planning and mechanisms to help farmers
develop production areas makes the supply for plants
unsteady. Raw material deficiency is a crucial factor that
drives many factories to operate at a high cost since raw
materials account for 60% of the production cost.
Cassava is the main feedstock for ethanol production.
It is also considered the most suitable source of raw
materials for bioenergy development in Vietnam based
on the advantages of cultivation, the capacity to ensure
supply as well as the reasonable price for long-term
development. Compared to other raw materials, rice is
the most important food crop ensuring food security in
the country, and cannot be used as raw materials for bio-
alcohol production; maize productivity is inadequate to
meet the needs of food and livestock in the country; sugar
molasses can also produce bio-alcohol but its production
The business of E5 RON 92 gasoline is conducted
throughout the distribution system, thus the existing
infrastructure is considered an advantage for the
spreading of biofuel products. However, E5 is highly
volatile fuel, resulting in the fact that transportation and
storage costs as well as fuel loss are higher than those of
gasoline.
Petrolimex focuses on investing in a small number of
blending stations that have large capacity for distribution
Table 1. Planting area and crop productivity for bioethanol production in Vietnam [2]
Corn Sugarcane
Content
Area (thousand ha)
Cassava
2010
2018
1,125.7
1,039.0
-0.96
261.1
261.0
0.13
498.0
515.3
0.55
Growth 2010 - 2018 (%)
Productivity (thousand tons)
2010
4,625.7
4,905.9
0.78
16,161.7
17,836.5
1.43
8,595.6
9,960.3
2.03
2018
Growth 2000 - 2018 (%)
Table 2. Bioethanol plants in Vietnam [4]
Capacity (million
No
Plant
Location
Operation year
Status
litre/year)
1
2
3
Bioethanol Dung Quat
Bioethanol Binh Phuoc
Ethanol Tung Lam
Quang Ngai
Binh Phuoc
Dong Nai
100
100
72
2014
2012
2011
Stop production
Stop production
Operation
Sold to Tung Lam
Operation
4
Bioethanol Dai Tan
Quang Nam
125
2010
5
6
7
Ethanol Dac To
Ethanol Dai Viet
Bioethanol Phu Tho
Total
Kon Tum
Dak Nong
Phu Tho
65
50
100
2011
2008
-
Stop production
Stop production
Not yet operated
Total/Operation
612/197
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within a certain radius and that can easily be accessed
by waterways or pipelines. Meanwhile, PVOIL establishes
many small capacity blending stations across the country
to ensure an adequate supply for the entire distribution
system of 540 petrol stores of its own and more than
3,000 stores operated by general agents, agents, and
franchisees.
volume, reduce labour cost, and flexibly co-ordinate when
the supply-demand market of E5 gasoline fluctuates.
1.4. Gasohol demand
According to statistics from petroleum trading
companies, E5 gasoline consumption increased rapidly
in 2018 after the release of Announcement No. 255/TB-
VPCP. Specifically, E5 gasoline accounted for 50% of the
national petrol filling stations, E5 consumption increased
to 3,560 thousand m3, making up 40% of the total gasoline
consumption, which previously did not exceed 9%.
PVOIL's strategy helps to respond quickly to the rising
demand for E5 gasoline. It is also efficient in reducing costs,
losses and time of transportation from the blending station
to the distribution place, and improving the interactive
support among stations if any problem occurs. This is an
advantage when the bio-gasoline market becomes more
popular and demand increases sharply in the short term.
Petrolimex's strategy shows that the enterprise aims to
be a central hub with the capability to distribute large
There are many factors affecting the demand for bio-
gasoline such as product quality, consumer habits, and
accesstobio-gasstations, etc. However, priceisconsidered
the key factor, which greatly affects the demand for E5 in
Vietnam.
Table 3. Domestic supply 2019 [4]
Number of blending station Capacity (million m3)
No
1
Enterprises
Petrolimex
PVOil
7
12
2
1.8
1.67
2
3
Saigon Petro
0.66
4
Military Petrochemical Joint Stock Company - MIPEC
Nam Song Hau Petroleum Investment and Trading Co., Ltd
Dong Thap Petroleum Trading Limited Company
Thanh Le Trading Import Export Company Limited
Nam Phuc Investment Joint Stock Company
Thien Minh Duc Joint Stock Company
3
0.108
0.072
0.1728
0.576
5
1
6
2
7
2
8
9
1.9
10
11
Trading - Investment - Investment Construction Bach KhoaViet
Hai Linh Co., Ltd
Total
6.9
10,000
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
0.0%
2014
2015
2016
2017
Total Gasoline
2018
%E5/Total Gasoline
2019
2020
E5
Figure 1. E5/total gasoline consumption in Vietnam during 2014 - 2020 [4].
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Although E5 consumption increased sharply in 2018,
it is trending down in the market. If in 2018, the consumed
E5 was more than 3.2 million m3, equivalent to 40% of the
total gasoline sold on the market, in 2020, this number
decreased to 32%.
- 2025 period will be 5% per year, equivalent to about 4
million m3; whilst the growth rate in the 2026 - 2030 period
will be about 3%, corresponding to 4.7 million m3 by 2030.
1.5. Gasohol prices
Price of gasohol is described in Figures 2, 3.
This shows that the government's price supporting
policy for E5 gasoline has not yielded impressive results,
because the deviation between E5 and RON 95 gasoline is
quite small, and not attractive enough to consumers.
The Government has incentives for E5 and mineral
gasoline through the composition of excise tax,
environmental protection tax, and stabilisation fund.
However, the price difference between E5 and RON 95
gasoline is quite small, about VND 1,400 - 1,600/litre.
In terms of demand, according to Wood Mackenzie
forecast, Vietnam's gasohol development rate in the 2020
25,000
20,000
15,000
10,000
5,000
0
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Gap price
RON 95
E5 RON 92
Figure 2. Retail prices of gasoline and gasohol in Vietnam [4].
(% RON92 × CIF price of RON92 + import tax) × foreign
exchange rate % E100 × E100 price)
Which:
95
gasoline
10
1,250
No
Information
Excise tax
Standard cost
Calculation unit
E5
1,250
Excise tax
1
2
%
8
Regulated operating cost
VND/litre
Depends on each
petroleum business
management
Price stabilisation fund
SUM
3
Stabilisation fund VND/litre
Expected profit
documentary
4
5
6
Standard proꢀt
Environmental
protection fee
VAT
VND/litre
VND/litre
%
300
4,000
10
300
3,800
10
Environmental protection fee
VAT
Other taxes, fees and funding (under current regulations of law)
Figure 3. Pricing structure of gasohol in Vietnam [5].
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2. Policies for production and use of biofuel in some
countries
has been one of the biggest gasohol producers and
consumers for the last 10 years.
There are various measures being used to promote
gasohol development around the world, but two important
policies are price subsidies and obligatory blending, with
ThailandandtheUSAasthetworepresentativesrespectively.
Compared to other countries, Vietnam introduced
gasohol to the market later. This fuel has been widely used
in the US, Europe, and many developed countries since
the 70s of the last century. In Southeast Asia, Thailand
Table 4. Policies of production and use of biofuels in some countries [6 - 8]
Country
Biofuel mandates Fuel excise tax reduction/exemption and other policy mechanisms
- No national renewable fuel target - Producer grant scheme (fuel excise reduction)
- New South Wales: 5% biodiesel
and 6% ethanol (volume)
Australia
- Queensland: 0.5% biodiesel and
4% ethanol (volume)
- 27% ethanol and 10% biodiesel
(volume)
- 100% hydrous ethanol is also
- There are tax incentives for biofuel producers, blenders and users
including tax incentives for ethanol-ꢀex fuel vehicles, tax incentives for
ethanol fuel and federal tax exemptions and incentives for biodiesel
Brazil
marketed in all gas stations in Brazil. production
- 500 million litres of ethanol
mandate (volume)
- No diesel oil delivery tax for B100
- A special tax incentive for the consumption of ethanol
- Import of bio-ETBE encouraged through a zero tariꢁ
Japan
- Introducing 10 million litres
(crude oil equivalent) of second
generation biofuels (volume)
- GHG emission reduction of 2.6%
for gasoline and 19.3% for diesel
- Volume targets for biofuels
- The tax exemption has varied from full to reduced tax exemption. From
January 2018, all biofuels are fully exempted from tax
- California’s Low-Carbon Fuel Standard (LCFS)
Sweden
The United including conventional corn-based - Biodiesel producer’s credit
States (US) ethanol and advanced, cellulosic
and diesel biofuels
- No oꢂcial national mandate for
ethanol and biodiesel use in the
transportation sector
- The 20% and 5% blending
targets are proposed (volume)
- No excise tax exemption/reduction for ethanol and biodiesel
- Deregulated diesel prices
- Allow 100% foreign direct investment in biofuel technologies
- Over USD 30 million investment in biofuel R&D and second-generation
ethanol technology
India
- Biofuel imports are banned but the import of feedstock for production of
biodiesel is permitted to the extent necessary
- GHG reduction of 3.5%/4%/6% in There is no tax relief for FAME biodiesel, HVO/HEFA fuels, vegetable oils and
the fuel mix for the entire fuel
sector from 2015/2017/2020
onwards
ethanol:
- FAME biodiesel, HVO/HEFA fuels and vegetable oils have the same fuel tax
as diesel fuel (€ 0.4104/litre)
Germany
- Ethanol has the same fuel tax as gasoline fuel (€ 0.6545/litre)
- The fuel tax for CNG and biomethane is € 0.0139/kWh until 2023
- A carbon tax is indirectly applied via CO2 tax for passenger cars
- An excise tax exemption and the price subsidies are provided by the State
Oil Fund (see Table 5, 6 for details)
- Producers/Investors can take advantage of a 0% import tax for equipment
produced outside Thailand and exemption of corporate income tax for up
to 8 years, with an additional 50% reduction for 5 years
- Thailand’s government provides over THB 1.5 trillion (USD 45.7 million) in
ꢃnancial support over the next 10 years to ensure success of bioeconomy
Thailand
- The government also supports the manufacturing of vehicles that are
compatible with E20 and E85 gasohol. Improvements in the fuel eꢂciency
of vehicles is promoted by setting the excise tax rate for Eco-cars (less than
1,300 cc engines with fuel consumption rate of no more than 5 litres per 100
kilometres) at 17% compared to 30% for E10 vehicles. An additional 3%
reduction in the excise tax rate was provided for the manufacturing of Eco-
cars that are able to use E85 gasohol. This helped increase annual sales of
E20 and E85 passenger cars, which account for approximately 60% of total
passenger cars
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Table 5. Excise tax rates applied on gasoline and similar products in Thailand in 2019 [11]
Gasoline products
Tax rate (Baht per litre)
Unleaded gasoline
Gasoline other than unleaded gasoline
6.50
6.50
5.85
5.20
0.975
E10
E20
E85
Table 6. Oil fund levied on petroleum products in Thailand in 2019 (Baht/litre) [12]
Products
Unleaded gasoline 95
Gasohol 95 E10
Gasohol 95 E20
Gasohol 95 E85
Gasohol 91 E10
Retail price
35.33
Oil fund
7.77
1.81
-1.08
-6.68
1.82
27.68
24.67
20.04
27.41
In the world rankings, Thailand stood in the 6th
position in terms of ethanol production and the 7th
in terms of consumption in 2018 [9]. This country has
introduced gasohol to the domestic market early, since
2002. Thailand’s government imposed many policies to
promote the gasohol demand and supply, of which fiscal
policies are most important. By reducing excise tax and
offering subsidies through the State Oil Fund, gasohol
was made 20 - 40% cheaper than the premium gasoline.
These government price subsidies have led to increase
of gasohol consumption up to 97% of total gasoline
consumption in 2019 [8, 10]. Table 5 describes more detail.
Alternative Energy Development Plan 2015) to 2.6 billion
litres in 2036, down by 37% from the initial target of
4.1 billion litres, due to the uncertainty over the ability
to further increase molasses and cassava supplies, the
primary feedstocks for ethanol production.
The United States is the world’s largest producer and
consumer of gasohol, and has established a mandatory
policy (The Renewable Fuel Standard - RFS) to produce
and consume E10 since 2005. This programme assigns to
obligated parties (fuel refiners, blenders, and importers)
a renewable volume obligation (RVO). The RVO for each
party is the volume of renewable fuels it is obligated
to sell, based on a percentage of the company's total
fuel sales. However, meeting RVO is not easy, oil refiners
bear hundreds of millions of dollars each year to comply
with the RFS ethanol blending requirements. Similar to
Thailand, in the US, air quality has regularly been a subject
of controversy. Through July 2003 in California, which
had recently switched to ethanol in gasoline, the ozone
exceedances in the South Coast Air Basin were twice the
levels of the prior 3 years. Moreover, RFS has resulted in
unintended consequences which include higher food
prices, a boom-and-bust ethanol industry that is now
looking to export its product. As a result, opposition to the
RFS and ethanol use in the U.S. has been mounting. Twelve
automotive manufacturers have even opposed any further
increase above 10 vol.% ethanol in gasoline over concerns
about corrosion of automotive components [13].
Since 2007, E10 has been introduced nationwide
in Thailand. The National Oil Fund was adjusted many
times lower for gasohol, especially E85. Table 6 shows the
differences of this factor among the types of gasoline in
2019.
Although using gasohol can reduce CO2, bad air
quality persists in Thailand’s major cities. The Air Quality
Index (AQI) used by cities to determine levels of air
pollution measured 175 in Bangkok in January 2019,
while AQI levels under 25 are considered to be acceptable
for humans to breathe regularly, according to the World
Health Organisation. The reason given is that ethanol
increases gasoline vapour pressure (RVP), eventually
leading to increased volatile organic compound (VOC)
emissions and ozone. Land use change (LUC), especially
change in soil carbon stock, to increase ethanol feedstock
supply is an important factor in overall greenhouse
gas (GHG) emissions of the first-generation biofuels,
contributing about 58 - 60% of the net GHG emissions.
In addition, the government is expected to lower the
ethanol consumption target under AEDP 2015 (Thailand
3. Which direction for gasohol?
It can be seen that after more than 2 decades of
bio-gasoline development, the positive side of gasohol
development is to reduce the dependence on mineral
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gasoline,reduceCO2 emissions,andopenupopportunities
for more advanced development in the future. On the
other hand, the reality also indicates the limitations that
the supply of raw materials is not guaranteed, consuming
many fertile lands that should be used to grow food for
the world’s population.
and also promote the development of electric vehicles
and hydrogen vehicles. Therefore, in our point of view, for
the current E5 production and distribution infrastructure,
Vietnam should maintain a proportion of E5 gasohol from
30 - 40% of the total gasoline consumption as at present,
stop developing E10 and set a strategy/plan to develop
electric and hydrogen vehicles.
The planting of crops also requires a lot of water
and fertiliser, which can cause chemical residues in the
soil and the lack of freshwater for people. According to a
2013 report of the United Nations Food and Agriculture
Organisation (FAO), it takes 1,000 - 4,000 litres of water to
produce 1 litre of ethanol.
To increase the diversification of the energy resource
mix for transportation, the government as well as
gasohol production and distribution enterprises need to
implement synchronous policies and solutions:
For the government:
Moreover, although using gasohol emit low CO2,
contributing to reducing climate change, the process
of consuming them gives off other harmful gases such
as CO, VOC, and NOx which badly impact human health
[13, 14]. It was indicated by the Ministry of Environment
in 2014 in Brazil, the 2nd country in the world in terms of
gasohol consumption.
- Set specific goals and a roadmap for the
development and transition to environmentally friendly
vehicles, including a clear biofuel development goal and
a mandatory roadmap on the minimum blending ratio
of biofuels for wholesalers and monitor implementation;
consider supporting to develop research and application
of the second- and third-generation biofuels.
Besides, many countries are turning to second- and
third-generation development. Second-generation
biofuels are derived from cellulose, hemicellulose, lignin
or pectin, for example, waste or waste in agriculture-
forestry, or plant materials grown not intended for
food (short-term plantations, some grasses, etc.). Third-
generation biofuels are derived from natural aquatic
organisms (algae). These may be research directions
for development because the advantages of the next
generation biofuels are less usage of agriculture land,
exploiting waste and saving farming area while getting
higher efficiency: algae can deliver energy efficiency 60
times more than land crops and can grow in brackish
water in rural areas or barren villages.
- In the short-term, regional planning can be
considered to meet the amount of raw materials;
help farmers increase productivity; create a policy of
price difference between traditional gasoline and E5
gasoline large enough to encourage consumers through
environmental fees and petroleum stabilisation fund, the
difference is about 15 - 20% like Thailand's policy.
- In the long-term, impose environmental taxes (CO2
taxes) on fossil fuels. The Environmental Law promulgated
in 2020 has introduced the law on environmental tax. The
implementation roadmap will be applied experimentally
from now until the end of 2027 and applied officially from
2028.
For the bioethanol production enterprises:
Vietnam will continue to consume gasoline in
transportation in the next period, and gasohol is still
more environmentally friendly than gasoline which is
a type of mineral fuels. Furthermore, the energy picture
in the future will be a diversification of environmentally
friendly energy/fuel sources. Energy for transportation
will focus on biofuel, electrical energy (for electric
vehicles-EV) and hydrogen (for fuel cell electric vehicles -
FCEV). Specifically, EV and FCEV will be widely developed
in the next 10 - 20 years, and biofuels are considered as
a transitional step in the gradual transition from mineral
fuels to eco-friendly fuels/energy. It is a fact that many
countries in the world such as Thailand, the US, and
European countries still use E5, E10, and E20 gasoline,
- Ethanol production enterprises need to closely
associate with cassava farmers, negotiate and sign
cassava offtake contracts to ensure a stable source of
input materials and harmonise the interests of the parties.
For the gasohol production and distribution
enterprises:
- The wholesalers need to build a gasohol strategic plan
including measures to cut costs; and improve right
awareness of consumers about gasohol to promote
biofuel consumption.
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4. Conclusion
của Thông tư liên tịch số 39/2014/TTLT-BCT-BTC ngày
29/10/2014 quy định về phương pháp tính giá cơ sở;
cơ chế hình thành, quản lý, sử dụng Quỹ bình ổn giá và
điều hành giá xăng dầu theo quy định tại Nghị định số
83/2014/NĐ-CP ngày 3/9/2014 của Chính phủ về kinh
doanh xăng dầu. 2016.
These days, gasohol is used in over 50 countries
worldwide. This is considered a solution to help protect
the environment and reduce the dependence on fossil
fuels. From 1 January 2018, Vietnam has applied the policy
that only E5 biofuel and RON 95 would be produced and
available for purchase.
[6] Mahmood Ebadian, James D.McMillan, Jack
(John) N.Saddler, and Susan van Dy, “Implementaation
agendas: 2018-2019 update compare and contrast
transport biofuels policies”, IEA Bioenergy, 2019.
However, ethanol production facilities in Vietnam
sometimes struggled with a shortage of raw materials
because the export price of cassava to China is higher
than the domestic purchase price. Besides, the difference
of retail price between E5 RON 92 gasoline and traditional
gasoline is not attractive enough and people's concerns
causes a trending down of the consumption E5 RON 92
gasoline from 40% in 2018 to 32% in 2020.
[7] Matthew Fielding and May Thazin Aung,
“Bioeconomy in Thailand: A case study”, Stockholm
Environment Institute, 2018.
[8] Sakchai Preechajarn, Ponnarong Prasertsri, and
Maysa Chanikornpradit,“Thailand biofuels annual”, United
States Department of Agricultural, Foreign Agricultural
Service, 15/11/2019.
In our point of view, for the current E5 production
and distribution infrastructure, Vietnam should maintain
a proportion of E5 gasohol from 30 - 40% of the total
gasoline consumption as at present, stop developing E10
and set a strategy/plan to develop electric and hydrogen
vehicles. The development of biofuel requires close co-
ordination between businesses and the government while
ensuring biodiversity, soil and water quality. In addition,
there are some sustainable solutions which should be
implemented to reduce carbon in the transportation
sector including electric and hydro vehicle conversion.
[9] Narin Tunpalboon, “Thailand industry outlook
2019-21: Ethanol industry”, Krungsi Research, 7/2019.
getmedia/0c42d6fd-18d7-41c1-9369-96dded234800/
IO_Ethanol_190710_EN_EX.aspx.
[10] Anuman Chanthawong, Shobhakar Dhakal,
John K.M.Kuwornu, and Khalid Farooq, “Impact of subsidy
and taxation related to biofuels policies on the economy
of Thailand: A dynamic CGE modelling approach”, Waste
and Biomass Valorization, Vol. 11, pp. 909 - 929, 2020. DOI:
10.1007/s12649-018-0417-4.
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“Sustainable bioenergy production and use in Southeast
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[11] Thailand Board of Investment, “A business guide
go.th/upload/content/A%20Business%20Guide%20
to%20thailand%202019.pdf.
[2] General
Statistics
Office
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PETROVIETNAM - JOURNAL VOL 6/2021
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