Crude oil import value Vietnam 2014-2023

In 2023, the value of crude oil imports in Vietnam amounted to 7.1 billion U.S. dollars. The crude oil import value has increased significantly over the past eight years to meet domestic consumption demands in conjunction with the decline in domestic crude oil production. 

Crude oil production in Vietnam

Vietnam's unique geographical and geological advantages give it a high potential for mineral exploitation, of which oil and gas are the largest resources on the continental shelf. Most of Vietnam's crude oil and natural gas reserves are located offshore, mainly in the Cuu Long and Nam Con Son basins. According to Offshore Technology, Vietnam ranked 3rd in Southeast Asia in terms of oil production in 2023, with over 10 million metric tons of crude oil produced that year. 

Why does Vietnam export crude oil and then import it for sale?

Although nearly 80 percent of Vietnam's crude oil exploitation covers the domestic consumption demand, the country also imports refined gasoline and petroleum products from other countries, mainly from South Korea. The reason for this is the type of domestic crude oil extracted in Vietnam is not particularly suitable for the existing plants. As a result, more than 20 percent of petroleum products in Vietnam are imported from other nations. Nonetheless, a significant volume of crude oil was imported into Vietnam as raw materials for the Nghi Son and Dung Quat oil refineries.