Vietnam's 2008 Refined Oil Import Up 40.2 percent to US$10.81 Bln

Viet Nam is estimated to have spent US$10.81 billion on importing 12.65 million metric tons of petroleum products in 2008, up 40.2% on year in value and 1.5% in volume, said the General Statistic Office (GSO).

In December, the country imports 950,000 metric tons of the products worth US$370 million, down 13.34% but up 6.26%, respectively, GSO said.

Vietnam now 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 February 25, 2009.

The country plans to reduce imports of petroleum products by around three million metric tons to limit trade deficit next year, said Deputy Minister of Industry and Trade, Nguyen Thanh Bien.

The expected operation of Vietnam’s first oil refinery in February 2009 will cover the import reduction volume, help reduce the country’s dependence on fuel imports and lower the trade deficit, he added. (GSO Dec 2008)