Petrol imports this year should be sharply reduced as the Nghi Son Refinery comes into operation and the output of Dung Quất Refinery meets most of the local demand, said Deputy Minister of Industry and Trade Do Thang Hai.
A man has his motorbike refilled at a gas station (Photo: VNA)
Hanoi (VNS/VNA) - Petrol imports this year should be sharplyreduced as the Nghi Son Refinery comes into operation and the output of Dung QuatRefinery meets most of the local demand, said Deputy Minister of Industry andTrade Do Thang Hai.
The Deputy Minister also said the import of crude oil in 2019 and followingyears would be increased to serve refineries.
The output of the two refineries will meet up to 90 percent of the domesticmarket demand, gradually reducing the country’s reliance on imported petrol.
On December 23, 2018, Nghi Son Refinery officially came into full operation.The project has the largest scale and investment – 9 billion USD – of arefinery in Vietnam so far. The first phase of the project supplies 200,000barrels of oil per day following five years of construction.
The ministry said the refinery has provided around five million tonnes of oilsince June 2018. It produces RON 92, RON 95 petrol and diesel.
Once the refinery operates at 100 percent of its designed capacity, it willsupply 10 million tonnes of oil per year, meeting 40 percent of the country’sfuel demands and providing 17 percent of exports.
The Deputy Minister said that last year Vietnam imported around eight billiontonnes of petrol. Statistics from the General Department of Customs showedMalaysia was the biggest source of petrol for Vietnam with 3.12 million tonnesworth 1.97 billion USD, accounting for 29 percent of the import volume.
The petrol import price surged by 34.5 percent in 2018 to reach an average of 633.2USD per tonne. In November alone, the country imported 255,507 tonnes of petrolwith a value of 160.5 million USD, posting 19.4 percent and 5.5 percentincreases in terms of quantity and turnover, respectively.
The Republic of Korea, Singapore, China and Thailand were also big petrolexporters to Vietnam. — VNS/VNA
The growth of liquefied petroleum gas (LPG) consumption is forecast to slow down as LPG prices have tended to increase in 2018, according to the Vietnam Gas Association (VGA).
The Dung Quat biofuel plant in central Quang Ngai province resumed operations on October 14, after operations were halted three years ago for inefficiency.
The Nghi Son refinery plant in the Nghi Son Economic Zone of the central province of Thanh Hoa, is expected to contribute about 8 trillion VND (342.6 million USD) to the State budget in 2018.
The retail prices of oil and petrol will be kept unchanged for the next 15 days, the ministries of Finance and Industry and Trade announced on January 16.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
A man has his motorbike refilled at a gas station (Photo: VNA) 
