According to preliminary statistics from the General Department of Customs, Vietnam’s petroleum exports in March 2024 decreased by 13.1% in volume and 11.7% in value compared to the previous month, reaching 188,808 tons, worth 160.1 million USD.
In the first 3 months of 2024, exports reached 631,310 tons, worth 532.02 million USD, an increase of 13.9% in volume and 8.9% in value.
Cambodia remained Vietnam’s largest petroleum export market, with 119,761 tons and a value of 100.8 million USD in the first 3 months of 2024, a decrease of 25.2% in volume and 30.1% in value compared to the same period last year, accounting for more than 18% of total export volume and value; in March 2024 alone, it reached 30,847 tons, worth 25.9 million USD, a decrease of 31.7% in volume and 34.4% in value.
Following was the South Korean market, accounting for 9-10% of total volume and value, with 60,946 tons, a value of 55.5 million USD, an increase of 14.6% in volume and 4.9% in value; in March 2024 alone, it reached 19,352 tons, worth 17.8 million USD.
Petroleum exports to the Chinese market accounted for more than 8-9% of total volume and value, reaching 55,447 tons, worth 52.8 million USD, an increase of 38.1% in volume and 33.7% in value in the first 3 months of 2024; in March 2024 alone, exports decreased by 8.4% in volume and 7.04% in value.
Among the export markets, Thailand was the country that imported the most gasoline from Vietnam in the first quarter.
Specifically, in March, Vietnam exported 1,840 tons to Thailand, equivalent to nearly 1.8 million USD, a sharp increase of 3,307% in volume and 3,144% in value compared to March 2023.
In the first 3 months of 2024, the Golden Temple imported 5,490 tons, worth more than 5 million USD, an increase of 2,287% in volume and 1,955% in value compared to the same period in 2023. The average export price was 915 USD/ton, a decrease of 13.9%.
Despite having the strongest export growth among the markets, Thailand only accounted for a small proportion of 0.8-0.9%.
According to Global Petrol Price, Vietnam currently has the 35th highest gasoline price in the world and is cheaper than Thailand (ranked 76th). The gasoline price here is 48.23 THB/liter, equivalent to 1.31 USD/liter.
Despite the exports, Vietnam still has to import more than 70% of its crude and refined oil, and only 30% of domestic supply is met from domestic crude to refined oil.
Each refinery is designed to refine a specific crude, or a mixture of crudes with specific properties. The Nghi Son Refinery uses 100% imported crude from the Gulf region, the type of crude extracted from desert and shale. The Dung Quat Refinery, on the other hand, is designed to process crude extracted from the Bach Ho field.
As for the Nghi Son Refinery, it is designed for a mixture of Kuwaiti oil with a sulfur content of 2.52. Therefore, even if crude is extracted domestically, not all crude is suitable for the refining technology of the Nghi Son and Dung Quat refineries. Due to this heavy dependence, petroleum import activities are also strongly affected by world fluctuations, especially in terms of price.
