02:40 (GMT +7) - Monday 25/09/2017

Vietnam Today

1H gasoline imports at $3.31bn

Released at: 20:13, 17/07/2017

1H gasoline imports at $3.31bn

Illustrative image (Source: news.zìng.vn)

Volumes steady in first half while value up 30%.

by Hai Van

Imports of gasoline in the first half of the year were estimated at 6.4 million tons, down slightly in volume year-on-year but up in value by more than 30 per cent, to VND75.350 trillion ($3.31 billion), according to figures from the General Department of Vietnam Customs.

The imports came as local supply fell short of demand by some 2.6 million tons.

Vietnam now imports gasoline from six countries, most of which are in Asia, though it cut its imports from Taiwan and Hong Kong in the first half.

Singapore continued to be the largest supplier, holding a 42 per cent volume market share. The value of gasoline imports from the country in the first half reached more than VND29.7 trillion ($1.3 billion), accounting for 39 per cent of value and up 44 per cent year-on-year.

South Korea followed, with VND19.85 trillion ($873.4 million) spent on importing 1.45 million tons, increases of 125 per cent and 71 per cent, respectively.

Vietnam’s oil refineries can meet more than 30 per cent of domestic demand, according to the Binh Son Refining and Petrochemical Company Limited (BSR), a member of the Vietnam Oil and Gas Group (PetroVietnam) and which continues to invest in expanding the Dung Quat Oil Refinery to raise its capacity from 6.5 million tons per year to 8.5 million tons.

It is forecast that over the next five years, domestic demand may rise to 15 million tons. With the opening of the Nghi Son Oil Refinery next year, the country’s total output will still only meet about 80 per cent of domestic demand.

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