Wednesday, July 23, 2025 8:34:43 AM - Markets open
VN-INDEX 1,509.54 +24.49/+1.65%
HNX-INDEX 247.85 +2.06/+0.84%
UPCOM-INDEX 104.02 -0.25/-0.24%
Petrol imports to be reduced this year
Vietnam News - 1/22/2019 1:30:35 PM
 (0 ratings. You must sign in to rate.)
HÀ NỘI — Petrol imports this year should be sharply reduced as the Nghi Sơn Refinery comes into operation and the output of Dung Quất Refinery meets most of the local demand, said Deputy Minister of Industry and Trade Đỗ Thắng Hải.
 
Hải also said the import of crude oil in 2019 and following years would be increased to serve refineries.
 
The output of the two refineries will meet up to 90 per cent of the domestic market demand, gradually reducing the country’s reliance on imported petrol.
 
On December 23, 2018, Nghi Sơn Refinery officially came into full operation. The project has the largest scale and investment – US$9 billion – of a refinery in Việt Nam so far. The first phase of the project supplies 200,000 barrels of oil per day following five years of construction.
 
The ministry said the refinery has provided around five million tonnes of oil since June 2018. It produces RON 92, RON 95 petrol and diesel.
 
Once the refinery operates at 100 per cent of its designed capacity, it will supply 10 million tonnes of oil per year, meeting 40 per cent of the country’s fuel demands and providing 17 per cent of exports.
 
The deputy minister said that last year Việt Nam imported around eight billion tonnes of petrol. Statistics from the General Department of Customs showed Malaysia was the biggest source of petrol for Việt Nam with 3.12 million tonnes worth $1.97 billion, accounting for 29 per cent of the import volume.
 
The petrol import price surged by 34.5 per cent in 2018 to reach an average of $633.2 per tonne. In November alone, the country imported 255,507 tonnes of petrol with a value of $160.5 million, posting 19.4 per cent and 5.5 per cent increases in terms of quantity and turnover, respectively.
 
South Korea, Singapore, China and Thailand were also big petrol exporters to Việt Nam. — VNS
 
Read original article here
 
Newer News
17/07 Việt Nam’s credit conditions to remain stable in H2 2025
17/07 Circular economy seen as key to sustainable agriculture
11/07 Car sales increase sharply in June
09/07 UOB raises Việt Nam’s GDP growth forecast to 6.9 per cent for 2025
09/07 Việt Nam – US economic ties thrive as bilateral relations enter new chapter
07/07 Việt Nam remains attractive to foreign investors despite tariff headwinds
07/07 CPI rises over 3.3% in second quarter
07/07 Việt Nam posts strongest first-half GDP growth in over a decade
07/07 Việt Nam imposes five-year anti-dumping duties on Chinese hot-rolled steel
04/07 Petrol prices fall sharply on Thursday
Older News
19/01 Vietnam, US bolster economic cooperation
17/01 VN eyes private investment in infrastructure projects
16/01 Buon Ma Thuot coffee festival to take place from March 9-16
16/01 Quang Tri builds internationally-certified shrimp farming zones
16/01 Metalworking trade show offers opportunities for Vietnamese firms
16/01 CPTPP brings opportunities, challenges to Vietnam’s agriculture
16/01 Nearly 700 specialty products gain IP protection in 2018
16/01 Vietnam, UK discuss post-Brexit trade, investment ties
16/01 Vietnam-India trade hits 10.69 billion USD in 2018
05/01 Ministry tightens price control, market management
 
Newsletter Signup
Top Stories
HNX halts new stock listings in exchange restructuring
Market begins July with optimism, strong foreign investment
Việt Nam's GDP growth poised to beat forecast by 0.3%: official
Market extends rally as VN-Index surpasses 1,365 points
Corporate bond market surges in April, led by banks and real estate
Market Update
Last updated at 3:10:02 PM
VN-INDEX 1,509.54 +24.49/+1.65%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.