Fuel imports rise over 60% this year
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Vietnam spent nearly $5 billion importing fuel in the first seven months of 2023, up 61% year-on-year, to ensure adequate supply as its biggest refinery Nghi Son is set to shut down for major maintenance.
Its biggest import markets were South Korea, Singapore and Malaysia.
Nghi Son in the central province of Thanh Hoa, which accounts for around 35-40% of domestic fuel supply, will undergo its first major maintenance since establishment starting from August 25. The maintenance will last around two months.
The Ministry of Industry and Trade said it has carefully monitored fuel supply this year to prevent shortages.
Vietnam exported 1.26 million tons of fuel worth around $1 billion in the first seven months of this year.
Questions & Answers
Q.Why has Vietnam's fuel import bill increased so significantly this year?
Why has Vietnam's fuel import bill increased so significantly this year?
Vietnam increased its fuel imports by 61% year-on-year to almost $5 billion in the first seven months of 2023. This is to ensure sufficient supply while its Nghi Son refinery undergoes major maintenance, which is its first since establishment.
Q.Which countries are Vietnam's main sources for imported fuel?
Which countries are Vietnam's main sources for imported fuel?
Vietnam's primary import markets for fuel are South Korea, Singapore, and Malaysia. These countries are supplying the increased quantities needed to cover domestic supply shortfalls during the refinery shutdown.
Q.What proportion of Vietnam's domestic fuel supply is usually met by the Nghi Son refinery?
What proportion of Vietnam's domestic fuel supply is usually met by the Nghi Son refinery?
The Nghi Son refinery, located in Thanh Hoa province, typically accounts for 35-40% of Vietnam's domestic fuel supply. Its two-month maintenance period significantly impacts the nation's energy independence.
Q.When is the Nghi Son refinery scheduled to begin its maintenance work?
When is the Nghi Son refinery scheduled to begin its maintenance work?
The Nghi Son refinery is set to begin its first major maintenance since establishment on August 25. This essential work is expected to last for approximately two months, affecting domestic fuel production.
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