Vietnam's Jan-Nov Refined Oil Import Up 58.3 per cent to US$10.55 Bln
Vietnam is estimated to have spent US$10.55 billion on importing 11.8 million metric tons of petroleum products in the first eleven months this year, up 58.3 per cent on year in value and 3.1 per cent in volume, said the General Statistic Office (GSO).
In November, the country imports 900,000 metric tons of the products worth US$490 million, down 26.09 per cent and 10 per cent, 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 importation 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 Nov 2008, Thanh Nien Daily)
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