According to preliminary statistics from General Department of Customs, crude oil imports to Vietnam in August reached more than 1.08 million tons, equivalent to more than 684 million USD, down 23.7% in volume and down 18.3% in value compared to the previous month. In the first 8 months of 2024, Vietnam's crude oil imports reached more than 9.1 million tonnes, worth more than 5.7 billion USD, up 23.3% in volume and 26.7% in value over the same period in 2023.
In terms of market, Kuwait is the largest crude oil supplier to Vietnam. In the first 8 months of 2024, oil imports from this country reached more than 7.9 million tonnes, equivalent to 4.944 billion USD, up 32% in volume and 37% in value over the same period last year. Import prices increased by 5% compared to the first 8 months of 2023, reaching 624 USD/tonne.
Nigeria ranked second with more than 525.000 tonnes, worth more than 352 million USD and Brunei with more than 82.000 tonnes, reaching more than 55 million USD.
Kuwait currently has an estimated 101 billion barrels of oil reserves, according to OPEC and other international energy organizations. Kuwait is one of the world's leading oil reserves and plays an important role in global oil industry.
Kuwait's oil revenue reached nearly $82 billion, according to data in the budget for the fiscal year ending March 31, 2023, due to a sharp increase in oil prices in 2022. Oil generated more than 90% of the country's GDP.
In 2023, Vietnam imported more than 10 million m3 of gasoline and oil, equivalent to $8.4 billion, up 27.9% in volume and 1.1% in value compared to the same period in 2022.
Reason why Vietnam imports crude oil is because domestic production is gradually decreasing. Traditional oil fields have entered a period of depletion, causing domestic supply to be insufficient to meet demand.
In addition, it is necessary to maintain capacity at oil refineries, especially at Dung Quat and Nghi Son Refineries. Importing oil also helps Vietnam stabilize its energy supply, preventing risks due to disruptions in domestic supply. 80% of crude oil for these two factories comes from imported sources, while finished petroleum products still need to be imported about 30% more to meet consumer demand.

Source: Vitic/ congthuong.vn