Vietnam's Crude Oil Export Value Up 43.2 per cent to US$9.46 Bln in Jan-October
Vietnam is estimated to have obtained US$9.46 billion from exporting 11.10 million metric tons of crude oil in the first ten months of this year, up 43.2 per cent on year in value but down 10.1 per cent in volume, said the General Statistic Office (GSO).
In October, the country has shipped 1.1 million metric tons of crude oil abroad, up 7.84 per cent on month and down 12.69 per cent on year, the office said.
The Southeast Asian nation is forecast to have attained US$700 million from the outbound shipment during the month, down 13.36 per cent on month and down 14.32 per cent on year, according to the GSO.
“The smaller volume is resulted from Vietnam’s recent decision to apply a 2.5-fold increase in crude oil export tax to 20 per cent,” an official of the Ministry of Industry and Trade said.
Crude oil is now Vietnam’s largest forex earner, contributing 17.59 per cent to the country’s export revenues between January and October, said the office.
Currently, Vietnam has no refineries, and it has to import almost petroleum products to meet its fuel demand.
Vietnam is forecast to have spent US$10.25 billion importing 11.05 million metric tons of petroleum products in the first nine months this year, up 71.1 per cent on year and 5.3 per cent, respectively, respectively, the office said. (GSO Oct 2008)
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