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Sunday, November 27, 2022

Vietnam spends US$6.8 billion importing fuels

The Saigon Times

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HCMC – Vietnam’s fuel imports in the first nine months of this year amounted to over 6.5 million tons valued at US$6.8 billion, an increase of 22.7% in volume and 131.8% in value compared to the year-earlier period.

According to General Department of Vietnam Customs statistics, September saw 627,652 tons of fuels imported with a total value of US$616 million, up 34.8% in volume and 27.8% in value against August.

Among Vietnam’s major fuel suppliers is South Korea, which shipped 2.5 million tons valued at over US$2.7 billion, surpassing China which exported 627,123 tons worth US$960 million to Vietnam.

Vietnam also imported fuels from other countries such as Malaysia with 965,148 tons, Singapore with 960,508 tons and Thailand with 877,870 tons.

The third quarter of this year saw a 40% decrease in gasoline imports and a 35% decline in diesel oil imports against the previous quarter.

Some fuel trading firms refrained from gasoline imports in the third quarter due to rising operating costs at home, resulting in widespread closures of gas stations, especially in HCMC and other southern provinces.

According to the Domestic Markets Department under the Ministry of Industry and Trade, Vietnam’s oil and gas demand exceeds 22 million cubic meters per year, of which imports make up 20% and the remainder is supplied by the nation’s two oil refineries — Dung Quat and Nghi Son.

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