In the first 9 months of 2024, Vietnam imported nearly 2.39 million tons of liquefied gas, worth over 1.54 billion USD, up 24.73% in volume and 33.79% in value over the same period.
According to preliminary statistics of the General Department of Customs, in September 2024, the country imported 208,338 tons of liquefied gas, equivalent to nearly 136.06 million USD, with an average price of 653 USD/ton, down 36.19% in volume, down 25.26% in value but up 1.75% in price compared to August 2024.
In the first 9 months of 2024, the country imported nearly 2.39 million tons of liquefied gas, worth over 1.54 billion USD, with an average price of 645.1 USD/ton, up 24.73% in volume, up 33.79% in turnover and up 7.26% in price compared to the first 9 months of 2023.
Vietnam still imports liquefied gas from three main markets: Qatar, UAE and Saudi Arabia; of which, the largest import from the Qatar market reached 506,499 tons, equivalent to over 309.93 million USD, priced at 611.9 USD/ton, a sharp increase of 186% in volume, 173.19% in turnover but a decrease of 4.5% in price compared to the first 9 months of 2023; accounting for 21.2% of the total volume and 20.1% of the total import turnover of liquefied gas of the whole country.
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| Vietnam spent more than 1.54 billion USD importing liquefied gas in the first 9 months of 2024. Photo: PVGAS |
Saudi Arabia is the second largest import market, reaching 297,447 tons, equivalent to over 194.21 million USD, price 652.9 USD/ton, down 45.8% in volume, down 38.97% in turnover but up 12.6% in price, accounting for 12.5% of total volume and 12.6% of total turnover.
Next is the UAE market with 294,718 tons, worth over 187.19 million USD, price 635.2 USD/ton, down sharply 30.46% in volume, down 24.17% in turnover but up 9% in price, accounting for 12.3% of total volume and 12.2% of total turnover.
In general, liquefied gas import turnover in the first 9 months of 2024 from most markets increased compared to the same period in 2023.
The Vietnamese liquefied petroleum gas market was formed and developed since 1991, with an output of only about 400 tons. In 1998, the Dinh Co Liquefied Petroleum Gas Plant came into operation, a prominent event marking a milestone in the Vietnamese LPG market.
Currently, domestic LPG production is supplied from Dinh Co Factory and Dung Quat Oil Refinery with an output of about 750,000 tons/year.
LPG in Vietnam is mainly used to fill tanks to serve people's needs such as heating, cooking, industry, use in vehicles, refrigerants... Besides, other applications from LPG products are still low such as use in petrochemical technology.
Currently, domestic gas supply can only proactively meet about 60% of consumption. Therefore, domestic gas retail prices are controlled and affected by world gas prices. Since the beginning of the year, domestic gas prices have increased 3 times and decreased 2 times.
The demand for LPG consumption is increasing, while local supply has not kept up, LPG import continues to be the solution to make up for the shortage in the coming years.
Domestic retail gas prices continued to increase in October following world prices. This is the third consecutive month that domestic retail gas prices have been adjusted upward.
Accordingly, the retail price of Petrolimex gas cylinders (including VAT) in October 2024 in the Hanoi market is 456,100 VND/12 kg household cylinder; 1,824,300 VND/48 kg industrial cylinder, respectively increasing by 4,600 VND/12 kg cylinder and 18,500 VND/48 kg cylinder (including VAT).
Similarly, the selling price of Petro VietNam Gas cylinders will increase by VND 500/kg (including VAT), equivalent to VND 6,000/12 kg cylinder and VND 22,500/45 kg cylinder compared to September 2024. Gas prices of Thu Duc Gas, VT Gas, City Petro Gas, Vina Pacific Petro Gas and Vimexco Gas brands... all increased by VND 6,000/12 kg cylinder. Saigon Petro Company alone announced that the selling price of SP gas cylinders increased by VND 458/kg (including VAT), equivalent to an increase of VND 5,500/12 kg cylinder.
Thus, since the beginning of the year, domestic retail gas prices have increased 6 times, decreased 3 times and remained unchanged once.
Source: https://congthuong.vn/viet-nam-chi-hon-154-ty-usd-nhap-khau-khi-dot-hoa-long-trong-9-thang-nam-2024-355799.html
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