Vietnams Jan-July Crude Oil Export Value Up 52.2 per cent to US$6.8 Bln

<div align="justify">Vietnam is estimated to have gained US$6.8 billion from exporting 7.8 million metric tons of crude oil in the first seven months of this year, up 52.2 per cent on year in value and down 12.1 per cent on year in volume, said the General Statistics Office (GSO).</div> <div align="justify"> </div> <div align="justify">In July, the country is fore to have exported 1.09 million metric tons of crude oil, up 5.82 per cent on month and down 10.65 per cent on year, the office said.</div> <div align="justify"> </div> <div align="justify">The Southeast Asian country is estimated to have obtained US$1.14 billion from shipments abroad in the month, representing a rise of 6.54 per cent on month and 60.78 per cent on year, according to the GSO.</div> <div align="justify"> </div> <div align="justify">&ldquoThe higher earning is mainly attributed to higher crude oil price in the global market that nearly hit over US$144 per barrel in early July,&rdquo an official of the Ministry of Industry and Trade said.</div> <div align="justify"> </div> <div align="justify">Crude oil is now Vietnam&rsquos largest forex earner, contributing 18.44 per cent to the country&rsquos export revenues between January and July, said the GSO.</div> <div align="justify"> </div> <div align="justify">Currently, Vietnam has no refineries, and it has to import refined oil products to meet its fuel demand.</div> <div align="justify"> </div> <div align="justify">Vietnam is fore to have spent US$7.75 billion importing 8.29 million metric tons of petroleum products in the first seven months of 2008, up 90.7 per cent on year and 11.4 per cent, respectively, the office said. (GSO July 2008)</div>