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Friday, June 14, 2024

South Korea is Vietnam’s largest fuel supplier

The Saigon Times

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HCMC – Vietnam has imported more than eight million cubic meters of fuel in the first nine months of the year, with the largest share coming from South Korea.

Statistics from the General Department of Customs showed that in September alone, Vietnam imported over 826,319 cubic meters of fuel valued at US$783 million. This represents a 24.7% decrease in volume and a 21% decline in value compared to the previous month.

Fuel prices edged up by 4.8% in September to US$948 per cubic meter, marking the fourth consecutive monthly rise and the highest level this year.

In the first nine months, Vietnam spent US$6.65 billion importing eight million cubic meters of fuel, a 23.1% increase in volume but a 2.4% decrease in value against the previous year.

The average price of imported gasoline during this period was US$829 per cubic meter, down 20.7% year-on-year.

The three largest fuel suppliers for Vietnam are South Korea, Singapore and Malaysia, accounting for 81% of the total imported volume.

According to the Ministry of Industry and Trade, despite Nghi Son oil refinery undergoing comprehensive maintenance from August 25, there was a stable fuel supply for the local market in September.

The refinery, which constitutes around 35% of the local fuel market, has resumed operations after the maintenance period and is expected to contribute to securing a stable fuel supply in the rest of the year.

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