Auto and crude oil imports reach record highs

The import of both vehicles and crude oil increased drastically during the first two months of the year, reaching some US$1.7 billion in value.
auto and crude oil imports reach record highs

Auto imports doubled during the first two months of this year, reaching US$1 billion in value.

The import of automobiles doubled during the two-month period, reaching US$1 billion in value, according to statistics released by the General Statistics Office of Vietnam.

Meanwhile, crude oil imports soared by nearly 17 times on year to US$693 million in value. This was largely driven by the skyrocketing demand by Nghi Son Refinery and Petrochemical LLC (NSRP).

The refiner said on its website that the NSRP project is a joint-venture project between Vietnam Oil and Gas Group, Kuwait Petroleum Europe B.V., and two Japanese partners, including Idemitsu Kosan Co., Ltd and Mitsui Chemical, Inc.

Notably, the industrial production index of the central province of Thanh Hoa, home to the NSRP Complex, increased by 46.7 per cent in the two-month period. This was attributed to the strong performance of the NSRP which has been in operation since mid-2018.

Total imports into Vietnam jumped 7.5 per cent on year to US$36.76 billion between January and February.

This two-month period saw China as the largest source of imports with the turnover amounting to US$10.7 billion. Electronic items, computers, and components imported from China leapfrogged by 61.8 per cent while machinery and spare parts surged by 33.5 per cent, and steel imports rose by 16.7 per cent.

Imports from the Republic of Korea (RoK) slid by 2.1 per cent on-year to US$7.4 billion during the reviewed period, making the East Asian country the second largest provider of imports. Electronic items, along with computers and their components purchased from the RoK decreased by 2.4 per cent while steel imports plunged dramatically by 18.3 per cent.

Imports from ASEAN member countries inched up 1.4 per cent to US$4.7 billion. Of these, electronic products, computers and their components edged up 6.6 per cent.

Source: VOV

Related News

Coconut export enter acceleration cycle

Coconut export enter acceleration cycle

VCN - The opening of large markets and the proactiveness of enterprises in investing in deep processing and green transformation will create momentum for the Vietnamese coconut industry to enter a stronger growth cycle in the coming time.
Increasing consumption demand, steel enterprises have many opportunities

Increasing consumption demand, steel enterprises have many opportunities

VCN - Vietnam’s steel industry is benefiting from growing domestic and export demand for steel. However, moving into 2025, the industry still faces many challenges.
The Middle East: a promising seafood export market for Vietnam

The Middle East: a promising seafood export market for Vietnam

VCN - Seafood exports to the Middle East experienced double-digit growth in 2024, placing the region among the top two fastest-growing seafood import markets, second only to China.
Preliminary assessment of Vietnam international merchandise trade performance in the first 11 months of 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first 11 months of 2024

Highlights 1. According to trade statistics of Vietnam Customs, in November of 2024, a 4.1% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of October 2024. Exports went down 5.3 %, to USD 33.73 billion and imports decreased 2.8%, to USD 32.67 billion in terms of month-on-month basis. As a result, there was a USD 1.07 billion surplus in Vietnam’s trade balance in this month.

Latest News

Việt Nam tightens fruit inspections after warning from China

Việt Nam tightens fruit inspections after warning from China

The Plant Protection Department has urged local authorities and relevant agencies to strengthen the inspection and monitoring of durian cultivation areas and export packing facilities following a warning from China.
Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Trade promotion, product introduction and brand promotion also need to be innovated to attract customers effectively.
Freight transport via China-Việt Nam cross-border trains posts rapid growth

Freight transport via China-Việt Nam cross-border trains posts rapid growth

The Nanning branch of China Railway Group Limited reported a sharp increase in freight transport on the China-Việt Nam cross-border railway last year, with trains departing from Guangxi carrying a total of 19,670 containers, marking a staggering annual increase of 1,153 per cent.
Vietnamese retail industry expects bright future ahead

Vietnamese retail industry expects bright future ahead

With a young and dynamic population, rising incomes and increasing urbanisation, the sector is emerging as one of the most promising engines for economic expansion in the coming years.

More News

Complying with regulations of each market for smooth fruit and vegetable exports

Complying with regulations of each market for smooth fruit and vegetable exports

VCN - According to Mr. Dang Phuc Nguyen (photo), General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), with the development momentum and increasing consumption demand from the Chinese market, the Vietnamese fruit and vegetable industry is setting new records and is expected to reach an export turnover of US $10 billion by 2030. With great potential and advantages in developing agricultural products, Vietnam has been affirming its position as one of the world's leading agricultural exporters.
Fruit and vegetable industry aims for $10 billion in exports by 2030

Fruit and vegetable industry aims for $10 billion in exports by 2030

Based on impressive export results in recent years, Việt Nam’s fruit and vegetable industry has set a target of achieving US$10 billion in export value by 2030, according to the Việt Nam Fruit and Vegetables Association.
GDP grows by over 7 per cent, exceeds target for 2024

GDP grows by over 7 per cent, exceeds target for 2024

The growth rate is relatively impressive for the 2011-24 period, only lower than the rates of 2018, 2019 and 2022.
Vietnamese pepper: decline in volume, surge in value

Vietnamese pepper: decline in volume, surge in value

In December 2024, Việt Nam exported 15,265 tonnes of pepper of all types, including 12,771 tonnes of black pepper and 2,494 tonnes of white pepper, generating a total turnover of $100.6 million.
Việt Nam maintains position as RoK’s third largest trading partner

Việt Nam maintains position as RoK’s third largest trading partner

Việt Nam continued solidifying its position as the Republic of Korea (RoK)’s third-largest trading partner in 2024, trailing only China and the US, marking the third consecutive year of the significant trade relationship.
Greater efforts to be made for stronger cooperation with European-American market

Greater efforts to be made for stronger cooperation with European-American market

The European-American Market Department (MoIT) will monitor regional developments and explore opportunities to strengthen Việt Nam’s economic and trade ties.
Leather, footwear industry aims to gain export growth of 10% in 2025

Leather, footwear industry aims to gain export growth of 10% in 2025

The footwear sector will still focus on exporting to available and easy-access markets such as Africa and Asia to increase revenue.
Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises

Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises

VCN - Green transformation not only helps enterprises minimize the risk of being eliminated from important export markets, but also creates opportunities to build sustainable brands, enhance product value and reach high-end customer segments globally.
Việt Nam to complete database of five domestic manufacturing industries in 2026

Việt Nam to complete database of five domestic manufacturing industries in 2026

The project to build a comprehensive database of domestic industries aims to enhance the capacity and efficiency of trade remedy investigations. It also serves as a strategic tool to protect domestic production.
Read More

Your care

Latest Most read
Việt Nam tightens fruit inspections after warning from China

Việt Nam tightens fruit inspections after warning from China

The Plant Protection Department has urged local authorities and relevant agencies to strengthen the inspection and monitoring of durian cultivation areas and export packing facilities following a warning from China.
Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Trade promotion, product introduction and brand promotion also need to be innovated to attract customers effectively.
Freight transport via China-Việt Nam cross-border trains posts rapid growth

Freight transport via China-Việt Nam cross-border trains posts rapid growth

The Nanning branch of China Railway Group Limited reported a sharp increase in freight transport on the China-Việt Nam cross-border railway last year, with trains departing from Guangxi carrying a total of 19,670 containers, marking a staggering annual increase of 1,153 per cent.
Vietnamese retail industry expects bright future ahead

Vietnamese retail industry expects bright future ahead

With a young and dynamic population, rising incomes and increasing urbanisation, the sector is emerging as one of the most promising engines for economic expansion in the coming years.
Complying with regulations of each market for smooth fruit and vegetable exports

Complying with regulations of each market for smooth fruit and vegetable exports

VCN - According to Mr. Dang Phuc Nguyen (photo), General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), with the development momentum and increasing consumption demand from the Chinese market, the Vietnamese fruit and vegetable indu
Mobile Version