Vietnam spent nearly $5 billion importing fuel in the first seven months of 2023, up 61% year-on-year, to ensure adequate supply as its biggest refinery Nghi Son is set to shut down for major maintenance.
Its biggest import markets were South Korea, Singapore and Malaysia.
Nghi Son in the central province of Thanh Hoa, which accounts for around 35-40% of domestic fuel supply, will undergo its first major maintenance since establishment starting from August 25. The maintenance will last around two months.
The Ministry of Industry and Trade said it has carefully monitored fuel supply this year to prevent shortages.
Vietnam exported 1.26 million tons of fuel worth around $1 billion in the first seven months of this year.