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.