Vietnam's Refined Oil Imports Rise in Volume, Value
The fast-growing economy of Vietnam demanded 2.92 million metric tons of petroleum products, valued US$1.41 billion, in the first three months of 2007, up 13.2 per cent in volume and 13.6 per cent in value, according to the General Statistics Office (GSO).
In March alone, Vietnam will import 1 million metric tons, worth US$483 million, unchanged from February.
A Ministry of Trade official said rising imports over the three months are attributed to the use of distillated fuels by the fast-growing national economy.
For the time being, Vietnam relies heavily on imported petroleum products, as it lacks refining facilities. Its first refinery, Dung Quat, is under construction and slated for operation in early 2009.
Also according to the GSO, Vietnam is the sixth largest crude oil producer in Asia, exporting 3.9 million metric tons of crude oil worth US$1.73 billion in January-March, down 7.9 per cent in volume and 14.6 per cent in value on year.
Vietnam is projected to import more than 13 million metric tons of petroleum products to feed energy demand in 2007, up over 20 per cent on year. (GSO March 2007)
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