Vietnam spends 25.8 billion USD to import crude oil, liquefied gas, coal

In 2024, the country spent about 25.8 billion USD to import raw materials and fuels, including coal, gasoline, crude oil and liquefied gas for production and consumption.

In 2024, the country spent about 25.8 billion USD to import raw materials and fuels, including coal, gasoline, crude oil and liquefied gas for production and consumption.

Vietnam will spend 25.8 billion USD importing crude oil, gasoline, coal, and liquefied gas in 2024.

Every year, Vietnam spends a large amount of foreign currency to import raw materials (including coal of all kinds, crude oil, gasoline of all kinds and liquefied petroleum gas) to serve production, consumption and economic development.

Total import volume of this group of raw materials and fuels in December 2024 reached 8.03 million tons, an increase of 35.4% over the previous month (equivalent to an increase of 2.1 million tons).

In 2024, the total import volume of this group of goods was 90.79 million tons, an increase of 21.3% over the same period last year (equivalent to an increase of 15.9 million tons), according to data from the General Department of Customs.

With an import volume of over 90 million tons, it has cost foreign currency of 25.8 billion USD.

Of which, the import volume of all kinds of coal was 63.82 million tons, up 24.9%, worth 7.63 billion USD, the import volume of all kinds of crude oil reached 13.44 million tons, up 24.9%, worth 8.115 billion USD and the import volume of liquefied gas was 3.11 million tons, up 24%, worth more than 2 billion USD.

For all kinds of gasoline and oil, the import volume in 2024 is 10.42 million tons, up 3.6% over the previous year, worth nearly 8 billion USD.

Accordingly, the amount of imported diesel reached 5.11 million tons, down 7.9% and accounting for 49% of the country's imported gasoline; the amount of imported gasoline reached 2.79 million tons, up 36.4% and accounting for 27%; the amount of imported jet fuel reached nearly 2 million tons, up 7.8% and accounting for 19% of the country's imported gasoline.

With an import expenditure of over 8 billion USD in 2024, crude oil is the commodity group with the largest import value, followed by petroleum of all kinds and coal, and finally liquefied petroleum gas.

The volume of raw materials imported into Vietnam in 2024 will mainly come from Indonesia at 27.45 million tons, up 41.8%; Australia at 17.49 million tons, down 12.1% and from Kuwait at 11.9 million tons, up 28.2%.

Demand for fuels for production and economic growth has increased sharply in recent years and is forecast to continue to increase.

For example, with coal, Customs statistics show that Vietnam's coal imports have increased sharply since 2021.

Specifically, in 2021, coal imports were 36.379 million tons with a value of 4.47 billion USD. In 2022, the country imported 31.7 million tons of coal of all kinds with a value of 7.12 billion USD. In 2023, coal imports also skyrocketed to 51.1 million tons with a value of 7.1 billion USD and by the end of 2024, it was 7.63 billion USD.

The Ministry of Industry and Trade calculates that in the period 2025 - 2030, Vietnam will have a large demand for coal imports, about 60 - 100 million tons/year.

Regarding petroleum, in 2025 alone, the Ministry will balance the supply and structure of petroleum to serve production and consumption with a total of at least nearly 29.5 million m3/ton of all types.

With a growth rate of gross domestic product (GDP) of about 6.5 - 7.0% and striving for about 7.0-7.5% according to Resolution 158/2024/QH15 of the National Assembly on the Socio -Economic Development Plan for 2025, gasoline and oil consumption output is expected to increase by over 8% compared to the actual figure in 2024.

Source: https://baodautu.vn/viet-nam-chi-258-ty-usd-nhap-khau-dau-tho-khi-dot-hoa-long-than-da-d243419.html