Vietnams Jan-Aug Crude Oil Export Value Up 53.3 per cent to US$7.88 Bln
Vietnam is estimated to have gained US$7.88 billion from exporting 8.98 million metric tons of crude oil in the first eight months of this year, up 53.3 per cent on year in value but down 10.8 per cent on year in volume, said the General Statistics Office (GSO).
In August, the country is forecast to have exported 1.29 million metric tons of crude oil, up 30.3 per cent on month and 10.1 per cent on year, the office said.
The Southeast Asian country is estimated to have obtained US$1.17 billion from shipments aboard in the month, representing a rise of 11.53 per cent on month and 78.2 per cent on year, according to the GSO.
“The smaller volume is resulted from Vietnam’s recent decision to apply a 2.5-fold increase in crude oil export tax to 20 per cent,” an official of the Ministry of Industry and Trade said.
Crude oil is now Vietnam’s largest forex earner, contributing 18.19 per cent to the country’s export revenues between January and August, said the GSO.
Currently, Vietnam has no refineries, and it has to import almost petroleum products to meet its fuel demand.
Vietnam is forecast to have spent US$9.11 billion importing 9.61 million metric tons of petroleum products in the first eight months of 2008, up 94.3 per cent on year and 13.7 per cent, respectively, the office said. (GSO Aug 2008)
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