Nearly US$5 billion spent on fuel imports in Jan-July

HCMC – Vietnam spent nearly US$5 billion importing oil and gasoline products between January and July, up 61% year-on-year.

Data from the Ministry of Industry and Trade showed that Vietnam imported 1.05 million tons of oil and gasoline products worth US$790 million in July alone, taking the total volume and value in the first seven months of the year to 6.26 million tons and US$4.95 billion.

During the seven-month period, Vietnam increased fuel imports from South Korea, Singapore and Malaysia to ensure sufficient domestic fuel supply.

The Nghi Son oil refinery, which supplies around 35-40% of the domestic fuel demand, recently announced its 55-day maintenance shutdown beginning August 25.

The Ministry of Industry and Trade, in collaboration with other relevant ministries and local authorities, will continue to closely monitor the fuel market to ensure sufficient fuel supply in the nation.

Vietnam also exported about 1.26 million tons of oil and fuels during the first seven months of the year, generating revenue of US$1.02 billion.

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