VINACHEM

Vietnam's fuel import expenditure has soared, with the country importing 47.25 million tons of fuel worth $13.88 billion in the first half of 2024. This marks a rise of 29.9% in volume and 14.1% in value compared to the same period last year.

In June 2024 alone, the country imported 8.4 million tons of fuel, a decrease of 7.7% from the previous month, with a value of $2.11 billion, a 19.6% decline, equivalent to a $514 million reduction.

Cumulatively, in the first half of 2024, Vietnam's fuel imports reached 47.25 million tons, up 29.9% in volume and valued at $13.88 billion, up 14.1% (an increase of $1.71 billion) compared to the same period in 2023.

The import value of this commodity group in the first half of 2024 accounted for 8% of the country's total import value, second only to the import value of computer, phone, camera, electronic products, and components.

Specifically, coal imports reached 33.43 million tons, up 38.6%, and crude oil imports reached 6.81 million tons, up 16.1% compared to the same period last year.

Imports of petroleum products in the first half of 2024 reached 5.44 million tons, up 4.3% year-on-year. Of these, Diesel accounted for the majority (47%) with imports totaling 2.57 million tons, a decrease of 8.7% from the same period in 2023.

The increase in petroleum imports is attributed to the temporary shutdown of the Dung Quat Refinery for maintenance starting in April 2024, leading traders to increase imports to ensure supply.

Vietnam primarily imports fuel from the following markets: Indonesia at 14.34 million tons, up 60%; Australia at 8.2 million tons, down 23%; and Kuwait at 6.1 million tons, up 23.2% from the same period in 2023.

In 2023, the country imported 74.92 million tons of various fuels, a decrease of 29.6%, with a value of $24.2 billion, down 4.7% from 2022. The volume of coal imports was 51.16 million tons, up 61.4%; crude oil was 11.19 million tons, up 9.7%; various petroleum products were 10.05 million tons, up 13.3%; and liquefied natural gas was 2.52 million tons, up 27.9%.   – VNN –