Vietnam's Refined Oil Imports Valued at US$5.92 Bln in First Half of 2008
Vietnam is estimated to have spent US$5.92 billion importing 6.81 million metric tons of petroleum products in the first six months of this year, up 68.9 per cent on year and 4.4 per cent, respectively, said the General Statistics Office (GSO).
In June, the country is estimated to have imported 1.05 million metric tons of the products worth US$1.05 billion, up 75.29 per cent on year in value and 3.96 per cent in volume, the office said.
The higher spending on petroleum imports in the month is attributed to the global surging oil price, the Ministry of Industry and Trade said.
Vietnam heavily relies on imported petroleum products as it has no oil refineries. Its first Dung Quat refinery is under construction and is slated for operation in early 2009.
GSO said that Vietnam is the third largest crude oil producer in Asia, exporting 6.72 million tons of crude oil valued at US$5.6 billion in Jan-Jun of this year, up 49 per cent on year in value and down 12.1 per cent in volume.
Vietnam is forecast to consume nearly 70 million tons of oil equivalents by 2015.
Vietnamese petroleum traders are estimated to have lost VND7.2 trillion (US$450 million) in the first five months of this year, said the Ministry of Finance.
The Vietnamese government plans to compensate a total VND10 trillion (US$625 million) for their losses and VND2 trillion (US$125 million) for beneficiaries of social policies though the end of June this year. (GSO Jun 2008)
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