Marketing plan for ELF gaz Saigon company in selling LPG as fuel to taxi market in Ho Chi Minh city

LIST OF TABLE AND FIGURES No Content Page 2 Quantity of LPG used vehicles and LPG dispensing station 7 3 Petrol consumption volume of taxi market per year 8 4 Conversion from Petrol int

MINISTRY OF EDUCATION & TRAINING UNIVERSITEÙ LIBRE DE BRUXELLES

HO CHI MINH CITY OPEN UNIVERSITY SOLVAY BUSINESS SCHOOL

MBMM PROGRAM

TRAN HUU MINH

MARKETING PLAN FOR ELF GAZ SAIGON COMPANY

IN SELLING LPG AS FUEL TO TAXI MARKET

IN HO CHI MINH CITY

FINAL PROJECT MASTER IN BUSINESS & MARKETING MANAGEMENT

Tutor: Dr NGUYEN DINH THO

Ho Chi Minh City

2007

ACKNOWLEDGEMENT

This project is the result of contribution from many concerned organizations and people Therefore, I wish to express my gratitude to all concerned people and organizations for their supports and assistance during preparation of this project

Firstly, I would like to acknowledge and thank the Professors, Members, Coordinators, Classmates of the MBMM program who have delivered valuable experience, knowledge and assistance during the course

Secondly, I am grateful to Dr Nguyen Dinh Tho, who delivers his enthusiastic assistance, experience, guidance, advice to me during writing this final project Finally, I wish to thank my wife and family, who are the great foundation for my achievement

TABLE OF CONTENT

Page

EXECUTIVE SUMMARY OF THE FINAL PROJECT

1.3 Brief on business situation of ELF GAZ SAIGON Company 5

2.1 Overview of LPG used vehicle situation in Vietnam 7

2.7 Competitors in autogas segment and substitute fuel 13

3.3 Evolution of Petrol and LPG selling price in 2006 18

PART 4 STRATEGY OF ELF GAZ SAIGON COMPANY 20

REFERENCE

APPENDIX

LIST OF APPENDIX

1 Sales volume of the three sectors of EGS in 2006

2 Market share of main LPG companies in South Vietnam

3 Retail selling price evolution of Petrol and LPG in 2006

4 Guideline used in the in-depth interview

5 Summary of the in-depth interview

6 The pricing formula

7 Illustration of the pricing formula

8 Explanation of Appendix 6 and 7

9 Evaluating methods for the project

10 Explanation of investment cost

11 Procedure of registration for circulating LPG fuel automobiles

12 Typical installation of auto – LPG station

13 Typical installation of auto – LPG station

14 Types of vehicle tanks put in automobiles

15 Scheme of bicarburetion equipment

ABBREVIATION

EGS : ELF GAZ SAI GON Company

LPG : Liquefied Petroleum Gas

CNG : Compressed Natural Gas

WTO : World Trade Organization

HCMC : Ho Chi Minh city

LIST OF TABLE AND FIGURES

No Content Page

2 Quantity of LPG used vehicles and LPG dispensing station 7

3 Petrol consumption volume of taxi market per year 8

4 Conversion from Petrol into LPG consumption volume 9

9 Economical benefit comparison on the retail selling price

between LPG and Petrol in the whole year 2006

19

10 Cost saving per km if using LPG as fuel in stead of Petrol 24

B FIGURES

No Content Page

2 Retail selling price Evolution of petrol and LPG 18

EXECUTIVE SUMMARY OF THE FINAL PROJECT

company, located in HCMC, South Vietnam, specializes in selling gas (LPG)

over the whole country, but mainly, in South Vietnam It sells gas (LPG) to domestic sector for cooking and in industrial sector for industrial applications as

ceramics, paint drying, metal smelting, glass, metallurgy etc

The sales volume growth rate of EGS in some last years is sometimes negative

or unremarkable while the aggregate demand of LPG in Vietnam is more and more increasing Therefore, in order to protect and develop the business, EGS Company must find out and target to some new markets in order to increase its sales volume and its market share in Vietnam One of the new and potential markets in Vietnam in the future is autogas market It means that EGS sells LPG

as fuel to automobiles market

The objective of this final project is to make the marketing plan for EGS to feasibly penetrate in selling LPG as fuel for the first 100 taxi fleet of only one taxi company in HCMC with the minimum LPG consumption volume committed

by a taxi company in the five year contract term In order to be successful in this penetration, EGS has to provide its product with high quality and its package services as per its different way as follows:

Product

• LPG mixture of 70% butane + 30% propane with high quality, ± 10% molecule (less impurity and low pressure)

Package service

• To bear and to loan the whole converting cost for the 100 petrol-used taxis

to dual- fuel taxis (taxis can run both fuels: LPG and Petrol) and the installation cost for a LPG dispensing station in the taxi Company ‘s garage with the commitment of the taxi owner for their minimum LPG consumption volume

The estimated initial investment of this project is 130,500 USD for converting

100 petrol-fuel taxis to dual fuel taxis (the taxis can run both fuels of Petrol and LPG) and for installing an appropriate LPG dispensing station placed in a taxi company’s garage With estimation, these 100 taxis will consume around 1,683 tons of LPG in the 5 year contract term, occupying 3% of sales volume of EGS

in the whole year 2006

In order to evaluate this project if it is interesting or not, the author use some evaluating methods as NPV, IRR, Payback time and Break even sales in unit The result are shown below:

• Earning after tax = 12, 245 USD each year except the first year (-5,584)

• NPV = 8,053 USD > 0

• IRR = 10% > capital opportunity cost (8.5%)

• Payback period = 3.8 years

• Break even sales = 870 tons of LPG

In sum, this project is not only to be the precedent step for penetrating in the autogas market in HCMC, for increasing the sales volume of EGS but also to partly participate environmental protection in HCMC in particular and in Vietnam in general

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INTRODUCTION OF THE FINAL PROJECT

LPG used as fuel for both automobiles (autogas) and motorbikes is not a new matter in Vietnam, but unpopular in Vietnam during last time because of some reasons as lacking LPG distribution network, detailed legal framework, high cost for conversion and uneasy psychology of people So, to penetrate into the autogas market in Vietnam with such current above mentioned conditions is really difficult In order to penetrate into this autogas market feasibly, there must

be gradual and appropriate marketing plan and this is the very objective of this final project

A OBJECTIVE

The objective of this final project is to make the marketing plan for EGS to feasibly penetrate in selling LPG as fuel for the first 100 taxi fleet of only one taxi company in HCMC with the minimum LPG consumption volume committed

by a taxi company in the five year contract term In order to be feasible in this penetration, EGS has to provide its product with high quality and its package services as per its different way

B SCOPE

• Period: The project of 05 years from the year 2008 to 2012

• Niche : The first 100 taxi fleet of only one taxi company in HCMC

C METHODOLOGY

The final project study utilized the following data sources:

• Internal data

• External data : Secondary and primary data

o Secondary : Public sources

o Primary : In-depth interview (See in the Appendix 4)

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D THE CONTENT

This marketing plan covers four Parts:

This Part describes the company ‘s type, operational scales, business situation and future orientation From this data, we find that the reason why EGS needs to find out some new markets in order to develop and protect its business in the future One of the new segment is autogas market for taxi companies in HCMC, which means that EGS sells LPG as fuel for taxi companies in HCMC

Part 2: Situation analysis

This Part covers some aspects concerning external and internal environment analysis From these information, EGS can find out possibilities to penetrate in the potential autogas segment in general and the taxi market in HCMC, in particular

Part 3 : LPG as fuel for automobiles and its benefits

This Part mentions the three aspects of LPG, including what is LPG; Benefit of LPG and the retail selling price evolution of Petrol and LPG last time These aspects provide the persuasive evidences concerning economical and environmental benefit of using LPG as fuel for automobiles in stead of Petrol and Diesel, which are the essential factors impacting people’s attitude on using

LPG as substitute fuel for petrol and diesel

Part 4: Strategy of ELF GAZ SAIGON Company

This Part covers marketing objective, marketing strategy, marketing program, implementation and control of EGS concerning how to feasibly penetrate into the taxi market as per EGS’s different way

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PART 1 ELF GAZ SAIGON COMPANY’S DESCRIPTION

current business situation and future business development orientation This section also mentions the reason why EGS has to find out more new segments for its business development in the future

1.1 INTRODUCTION OF FLF GAZ SAIGON COMPANY (EGS)

EGS, a joint-venture company between Total group (France) and HCMC General Construction Material Company (Vietnam), located at quarter 5, Tan Thuan Dong ward, Nha Be district, HCMC, Vietnam, founded in 1991, is the first Company supplying LPG in Vietnam after 1975 EGS operates over the country,

but mainly, in South Vietnam It supplies LPG in the three sectors:

• Domestic (for cooking): Selling LPG contained in 6kg, 12.5kg cylinders to end users (households)

contained in 39kg cylinders to small hotels, restaurants, assorted companies with small LPG consumption volume

smelting metal ): Selling LPG to assorted companies with big LPG consumption volume There are two sub-segments in bulk industry:

o Traditional segment (exclusive LPG supply): Loaning to the customers

the whole installation including tank, pipeline, vaporizer, primary regulator and sell LPG exclusively

o Wholesales segment (unexclusive LPG supply): Selling LPG for those

who possess their own tank systems

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1.2 THE MARKET SHARE OF EGS

1.2.1 Aggregate demand of LPG in Vietnam

Table 1 The aggregate demand of LPG in Vietnam

1.2.2 Sale volume of EGS for last 05 years

Figure 1 Sales volume

Sales volume (ton)

Source: Internal data

1 Estimated growth rate : 9% per year compared to the year 2005

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1.3 BRIEF ON BUSINESS SITUATION OF EGS

Presently, there are 02 LPG sources providing LPG in Vietnam:

• Local LPG source is supplied by Petrovietnam (State-own company)

• Imported LPG source is imported from foreign countries

The supplying capacity of local LPG source occupies around 30% of the aggregate demand in Vietnam and the remainder must be imported from foreign

countries as Thailand, Malaysia, Singapore etc

The competition in LPG market among LPG companies is more and more fierce, both in domestic and industry sectors Presently, there have been nearly 100 assorted LPG companies operating in Vietnam2 The LPG companies in Vietnam have to face both competing together to get their market share and preventing illegal LPG filling of some private LPG filling stations

The growth rate of EGS is not remarkable compared to that of the market and compared to that of some main competitors Some years, the growth rate is negative There are some main reasons leading to this situation:

• There are more and more new private LPG companies born in Vietnam

• The illegal practices of some private LPG companies

• The price dumping from some LPG companies in the market

• The unfair distribution for the LPG companies from local LPG source

• Not yet to exploit the new potential segments in the market

The current market share of EGS is around 5.5 % of the aggregate demand of LPG in Vietnam and around 9% in South Vietnam

2 Hoàng Lộc (23/02/2007), “ Cân nhắc kỹ khi đặt giá mua cổ phần gaz”, VNeconomy

(http://www.vneconomy.vn)

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As shown above, the business growth rate of EGS during last time is sometimes negative or unremarkable while the aggregate demand of LPG in Vietnam is more and more increasing Therefore, in order to protect and stably develop the business, EGS must have a proper development strategy to increase its sales volume and market share of the LPG market in Vietnam

1.4 DEVELOPMENT ORIENTATION OF EGS

In order to protect and develop the business, EGS must have proper development strategy to increase its sales volume and market share of the LPG market in Vietnam One of many ways to protect and develop its business is to re-segment the market in order to find out the new potential segment3 for its product and services

One of the new and potential segments for LPG supply in the future in Vietnam

is selling LPG as fuel for automobile market (autogas market), in which taxi in HCM is considered as the promising segment This is the new segment of EGS ‘s development orientation in the future

3 Jean Tondeur, “ Market research, Bis & competitive intelligence”, (material course), Solvay Business School, ULB

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PART 2 SITUATIONAL ANALYSIS

This Part covers some aspects concerning external and internal environment analysis as the overview of the trend of LPG-used vehicles in Vietnam; The taxi market in HCMC; Overview of HCMC; Legal, environment; SWOT, competitors From these information, EGS can find out possibilities to penetrate in the

2.1 OVERVIEW OF LPG USED VEHICLE SITUATION IN VIETNAM

Presently, the use of LPG as fuel for vehicles has not been popular in Vietnam during last time Some of the main reasons are to lack LPG distribution network,

legal framework for the autogas market, high cost for conversion kits etc It is proved through the below statistic:

Table 2: Quantity of LPG used vehicles and LPG dispensing station

No Province in Vietnam Petrol and LPG

used motorbikes

Petrol and LPG used automobiles

Number of LPG dispensing station

Source: Nguyen Tu- Dai Duong, htpp://www.tienphongonline.com.vn

: http://www.vnn.vn (Vietnamnet online dated 26/08/2006)

4 Son Lam, Sai Gon Giai Phong newspaper, 9/11/2005

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2.2 OVERVIEW OF TAXI MARKET IN HO CHI MINH CITY

2.2.1 Market size (LPG consumption volume) of taxi market

The traffic density in HCMC is rather heavy with assorted vehicles from motorcycles, motorbikes, cars , buses to light and heavy trucks etc in order to satisfy traveling demand for people and to transport goods Therefore, taxi is one

of indispensable means to satisfy this demand

The taxi quantity in HCMC in some last years has been remarkably increased from over 7,000 taxis in 20055 to over 10,000 taxis of 37 assorted taxi companies operating around HCMC in 2007 6 under the names of Mai Linh (1,400 taxis)7, Vinasun (over 1,000 taxis)8, Vina Taxi (over 1,000)9, M taxi, Gia Dinh, Deluxes, Saigon tourist taxi companies etc Therefore, the petrol consumption volume per

year for such the huge taxi quantity is remarkable It is shown below:

Table 3 Petrol consumption volume of taxi market per year

Fuel liter/taxi/

day 10

liter/taxi month

liter/taxi year (*)

Taxi quantity

Total consumption (liter/year)

Note: (*) Estimated operation time of a taxi is 11 months/years, 01 month for

maintenance and other reasons

5 V.H, vnexpress.net , 07/09/2005

6 Phương Thanh, “ Có chấn chỉnh được taxi dù”, Báo Tuổi Trẻ, thứ Bảy, 10 /03/ 2007

7 Báo Sài Gòn Tiếp Thị online, “Kiểm tra đâu, vi phạm đó”, 20/04/2007

8 Vinasun taxi Company, April, 2007

9 Nguy n Sa,VietNamNet, 11/04/2005

10 Vinasun taxi Company, April, 2007

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With the above table, we have the petrol consumption volume per year of 10,000 taxis in HCMC is 66,000,000 liters, which is equivalent to 44,000,000 kg (44,000 tons) of LPG per year through the conversion below

Table 4 Conversion from Petrol into LPG consumption volume

No Parameter Petrol consumption LPG consumption

2.2.2 Expectation of taxi companies in HCMC

After in-depth interviews with Managers of the taxi Company12 and taxi drivers through direct contact and telephone methods to understand their need and expectation, the author finds that most of the taxi companies and taxi drivers pay attention to convert fuel from petrol to LPG for taxis with 02 purposes:

Economical and environmental benefits, but they still need to be satisfied

some concerned questions as:

• They want to see the actual sample (an automobile) which is already converted from petrol to both petrol and LPG fuels

• They want to see the actual parameters like economical benefit, operation

of engines through actual test on the converted automobiles

• They want to know how to distribute LPG for their taxis It means that how

to get LPG for their taxis when fuel is empty

• They want to know who will bear the fuel conversion cost

• The legal formalities is not yet detailed in the autogas domain

11 Internal data

12 Vinasun taxi Company, April, 2007

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With the above mentioned concerns, if satisfying their need and expectation, EGS has a lot opportunities to succeed in selling LPG to the taxi market in HCMC

2.3 OVERVIEW OF HOCHI MINH CITY

HCMC has an area of approximately 2,094 square kilometers and 24 districts with the population of over eight million inhabitants (permanent and temporary inhabitant) HCM city is considered as the economic, cultural, industrial center of the whole country

The city has looked for and adopted new economic development and management models to replace the previous subsidy mechanism and become the country’s largest economic hub Since 1986, the annual average economic growth is 10.3 percent GDP per capita reached VND30 million (equivalent to US$1,875) in 2006 The city has set targets of achieving an economic growth rate

of between 12.2-12.5 percent, increasing export growth by more than 15 percent and generating 250,000 jobs in 200713

So far, 13 industrial and export processing zones in the city have attracted more than US$2.2 billion in investment capital and generated tens of thousands of jobs The city has accelerated the integration process and boost economic growth

to become an industrial, service and scientific-technological centre in Southeast Asia14

In sum, with the above mentioned things, HCMC has favorable conditions for trading business

13 http://www.cpv.org.vn/details_e.asp?topic=14&subtopic=99&leader_topic=125&id=BT2940773816

14 http://www.cpv.org.vn/details_e.asp?topic=14&subtopic=99&leader_topic=125&id=BT2940773816

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2.4 ENVIRONMENT, POLITICS, LAW AND REGULATION

Presently, procedures and regulations on fuel conversion, inspection, LPG filling stations from the State for automobiles are not clear and detailed Therefore, it is necessary to set up and bring the detailed regulations on autogas into practices in

the earliest time, which will create good condition for autogas development

With the integration of Vietnam in WTO, the State step by step will cut down the subsidization on gasoline selling price Therefore, the increasing of gasoline selling price in the coming time is unavoidable This is proved by the Decision No:55/2007/ND-CP dated 06 April, 2007 of Vietnamese Prime Minister concerning gasoline stations who can decide their retail selling price of gasoline based on market mechanism and under the management of the State15

Moreover, according to recent Decision No: 17/2007/Q -BGTVT of Ministry of Communication and Transport in terms of Passenger transport by taxi means

“… Taxi enterprises must have right of land use or land rent agreement for parking area (minimum parking area for at least one third of taxi quantity and minimum term of the agreement for 03 year period)…”16 Additionally, to protect environment protection is one of priority policies of the Vietnamese State in particular and of the world in general in the 21st century

2.5 OPPORTUNITIES AND THREATS ON AUTOGAS DOMAIN

2.5.1 Opportunities

With the above mentioned information, the opportunities for selling LPG to the

taxi segment is realistic through some main factors:

15 htpp://www.trade.hochiminhcity.gov.vn

16 htpp://www.hochiminhcity.gov.vn

on the international price This means that using LPG as fuel for automobiles

is good solution for reducing the fuel cost proved in the Part 3 of this project

• With mentioned LPG consumption volume, the taxi market in HCMC is considered as the potential and promising market on autogas domain for LPG companies in the future

• HCMC has favorable conditions for business doing

• Additionally, with the heavy traffic density, environment pollution from exhaust fumes is the concerned issue in HCMC

2.5.2 Threats

• The due date of cutting subsidization on the gasoline price is unknown

• Legal formalities on autogas sector is not yet detailed

• Policy of the HCMC authorities on taxi operation in HCMC is unpredictable

2.6 EGS’ S SWOT ANALYSIS

“ SWOT analysis is a distillation of the findings of the internal and external audit which draws attention to the critical organizational strengths and weaknesses and the opportunities and threats facing the company”.17

17 Page 81, Part 3: Strategic Marketing Planning, Philip Kotler; Gary Armstrong; John Saunders; Veronica Wong, “Principles of Marketing”, Third European Editor

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Strengths

• Trade name in Vietnam is well-known, “foreign company’s trade name”

• Experienced on LPG business in Vietnam for long time

• Strong financial, efficiency in business

• Well-trained, skilled and experienced staff on LPG business

• Supported from the Total group if necessary, one of four LPG companies belonged to Total group in Vietnam ( development interconnection)

Weaknesses

• No gasoline stations available in Vietnam

• Not yet having technical experience on autogas segment

Opportunity

• With the above mentioned concerns of Part 2, it is the right time for EGS to

plan and to deploy the project of selling LPG for this potential taxi market

Threats

• Vietnamese people in general and taxi drivers in particular are not familiar and not fully aware on effectiveness and efficiency of using LPG for vehicles

• High imported duty rate for LPG converter kits and its accessories

• Regulations of local authorities on taxi operation is unpredictable

2.7 COMPETITORS IN AUTOGAS SEGMENT AND SUBSTITUTE FUEL 2.7.1 Main competitors

selling companies belonged to Petrolimex Gas Joint Stock Company in Vietnam

• To already sell LPG for one available LPG dispensing pump installed and located in the gasoline filling station of Petrolimex Fuel Company in HCMC

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• To have good relationship with Petrolimex Fuel Company which belongs to the State and possesses 1.500 gasoline stations and its distributor system of 6,000 selling units over the country.18 This is a good condition for them to associate and to install the LPG dispensing pumps in these gasoline stations

b Petrovietnam Gas (PVG): The State-owned company

Their advantages

• They both process and trade some local products as LPG, CNG

• The local LPG source supplied to local LPG companies comes from them

• They are decider on local LPG price and the LPG quantity supplied to LPG trading companies in Vietnam

• They have had the strategy with big scale for developing autogas domain through two main fuels: LPG and CNG in the whole country, Vietnam19

2.7.2 Potential competitors

a Saigon Petro (LPG): Located in HCMC, belonged to the State

b Petronas Company : Belonged to Petronas Group in Malaysia

2.7.3 Threat of substitute fuel: Petrovietnam has planned to build the CNG station in the suburb of HCM city CNG is a popular fuel used for automobiles in the world It can be a substitute for LPG 20

In sum, with the above mentioned concerns, the opportunity for EGS to penetrate into the taxi market (autogas domain) is possible, but how to feasibly penetrate into this domain is an important question which will be mentioned in the Part 4 of

this project

18 htpp://www.petrolimex.com.vn

19 Leaflet of Petrovietnam gas (Công Ty Chế biến Và Kinh Doanh Các Sản Phẩm Khí)

20 Do Pham Hong Minh, “The situation of autogas/NGV in Vietnam and its trend”

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PART 3 LPG AS FUEL FOR AUTOMOBILES AND ITS BENEFIT

This Part covers three aspects of LPG including what is LPG; Benefit of LPG and the evolution of Petrol and LPG selling price last time These aspects provide the persuasive evidences concerning benefit of using LPG as fuel for automobiles in stead of Petrol and Diesel, which are the essential factors impacting people’s attitude on using LPG as substitute fuel for petrol and diesel in the coming time

3.1 WHAT IS LPG

LPG is the abbreviation of Liquefied Petroleum Gas LPG is a mixture of hydrocarbons which exists as a vapor under ambient conditions and can be changed into liquid state by applying moderate pressure Typical composition: 60-70% butane (C4H10) and 30-40% propane (C3H8) This is the clean and non-

polluted fuel LPG is used in many domains as cooking, horticultural,

agricultural, heating, drying process, other industrial applications and autogas

(LPG is used as fuel for automobiles)

3.2 BENEFITS OF LPG

3.2.1 LPG is good solution to protect environment

Vietnam becomes the full member of WTO Therefore, sooner or later, Vietnam has to comply with the WTO regulations in many domains One of them is environment protection corresponding to the worldwide common tendency LPG used as fuel for vehicles is one of the best solutions to reduce environment pollution which is certified by the specialist and worldwide organizations

The following tables will express the source of emission in HCMC and the

environmental benefit when using LPG as fuel in stead of petrol and diesel

Source : Do Pham Hong Minh,“The situation of autogas/NGV in Vietnam and its trend”

Table 6 Comparison between LPG and Gasoline, Diesel on environmental benefit

75% less Carbon Monoxide 90% less Carbon Monoxide

85% less Hydrocarbons 90% less Hydrocarbons

40% less Nitrogen Oxides 70% less Nitrogen Oxides

87% less ozone forming potential 60% less ozone forming potential

10% less Carbon Dioxide

Source: Seminar, 17th November, 2005, based on tests undertaken by Millbrook Emissions Laboratories (UK) in 1998 and 1999

3.2.2 Economical benefit

As mentioned in 2.4 of Part 2, the Decision No: 55/2007/ND-CP dated 06 April,

2007 of Vietnamese Prime Minister allowing gasoline stations who can decide their retail selling price of gasoline based on market mechanism and under the management of the State This means that step by step the gasoline selling price

in Vietnam will not be subsidized any more This is a good opportunity for

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developing autogas market in Vietnam because it concerns to the economical benefit Following is the economical benefit comparison:

Table 7 Economical benefit comparison between LPG and Petrol for a taxi/month

2 Average fuel consumption liter/month 60022 660

3 Unit price (VAT included)23 VND/liter 11, 800 9,086(*)

Density of 01 liter of LPG (70% butane + 30% propane) at 15oC , 1013 mbar

= 0.568 kg/liter 24 equivalent to 1kg of LPG =1.761 liters of LPG

Table 8 Cost saving in May, 2007 of taxi market in HCMC if using LPG as fuel

1 Cost saving/taxi/month VND/taxi/month 1,083,240 (*)

Note: (*): The result from Table 7

21 Petrovietnam gas (Công Ty Chế biến Và Kinh Doanh Các Sản Phẩm Khí)

22 Vinasun taxi company (April 2007)

23 Petrolimex gasoline stations in HCMC and the average retail LPG selling price of EGS’s cylinders at the gas shops in HCMC in May, 2007

24 Internal data

25 Phương Thanh, “ Có chấn chỉnh được taxi dù”, Báo Tuổi Trẻ, thứ Bảy, 10 /03/ 2007