Vietnam spends $9 bln to import gasoline, oil in 2022

Vietnam spent $8.97 billion to import nearly 8.9 million tons of gasoline and oil of all kinds in 2022, up nearly 28% in volume and 118.5% in value compared to 2021.

Of this, imported diesel oil reached 4.74 million tons, accounting for 54% of imported gasoline and oil. Imported gasoline reached 1.7 million tons, accounting for 21%, while imported jet fuel hit 1.46 million tons, or 16%.

The imports mainly came from South Korea with 3.22 million tons, up 96.3%, followed by Singapore and Malaysia with nearly 1.5 million tons and 1.42 million tons, respectively.

According to Vietnam Customs, the amount of gasoline and oil imported in December, 2022 was more than 944,000 tons, worth $823 million, up by more than 22% in volume and nearly 11% in value compared to November.

Data for the first half of January shows that Vietnam spent about $540 million importing fuel, up $223 million, and 70% year-on-year.

Domestic refineries will increase production and state-owned enterprises will increase imports until June 2023 to ensure enough supply, the Ministry of Industry and Trade reported.