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Vietnam spends over US$1.2 billion on fuel imports

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HCMC – Vietnam spent around US$1.27 billion importing over three million tons of fuel products between January and May, dipping by 22.3% in volume and 48.1% in value year-on-year.

The coronavirus pandemic has seen the consumption of fuels decline over the past few months of the year, VietnamPlus news site reported.

Data from the Ministry of Industry and Trade indicated that the country imported some 650,000 tons of fuels worth US$152 million in May for domestic consumption, down 20.6% in volume and 71.3% in value year-on-year.

South Korea remained Vietnam’s largest fuel supplier, followed by Singapore, Malaysia and China.

The fuel inventory at the Vietnam National Oil and Gas Group (PVN) fell in late May due to the group’s effective production and business strategies.

Meanwhile, the Binh Son Refining and Petrochemical Company and the Nghi Son Petroleum Products Distribution Branch – PVN saw their inventories of fuels down by 23%-65% month-on-month.

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