Vietnam's petroleum imports surge

Vietnam is estimated to spend nearly US$4.9 billion importing 5.8 million tons of petroleum products in the first five months of this year, up 68.7% in value and 6.2% in volume against the same period last year. Between January and May, Vietnam exported 5.7 million tons of crude oil worth US$4.5 billion, down 11.3% in volume but up 45.5% in value, according to the country’s General Statistics Office. To reduce reliance on petroleum imports, Vietnam, in late 2005, started the construction of its first oil refinery with an annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery is scheduled to be operational in early 2009. (May 29, 2008)