Vietnam’s petroleum imports up 23.1% over nine months

Vietnam’s petroleum imports over 826,319 cubic meters of petroleum, valued at $783 million, representing a 24.7% and 21% respectively decrease in both volume and value in September compared to the previous month. 

Petroleum prices in September edged up a 4.8% increase to $948 per cubic meter, making the fourth consecutive monthly rise and the highest level this year.  This represents a notable acceleration in price increases compared to previous months. 

South Korea, Singapore, and Malaysia were the three main petroleum suppliers for Vietnam in the first nine months of 2023, accounting for over 81% of the country’s total petroleum imports. 

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

With accounting for 35% of the local fuel market, the refinery’s resumption of operations is significant in mitigating potential fuel shortages and securing a stable fuel supply in the remaining months of the year. 

Source: Công Thương