Vietnam spends nearly $3 billion on gasoline and oil imports in the first quarter

Vietnam spent nearly $3 billion on imports of gasoline and oil products in the first quarter, up 78% from the same period last year, according to data from the General Department of Customs (Ministry of Finance).

Q1 import surge in value

In March, Vietnam imported nearly 1.2 million tonnes of gasoline and oil products, worth about $1.46 billion. The volume rose about 13% in quantity and more than 94% in value compared with February.

For the first three months, Vietnam imported nearly 3.4 million tonnes of gasoline and oil products, equivalent to more than $2.9 billion. Import volume increased nearly one-and-a-half times year-on-year.

Crude oil imports down

In contrast, crude oil imports fell 15% year-on-year to just over 3.1 million tonnes in Q1, equivalent to nearly $1.7 billion.

Drivers: higher global prices and supply management

Leading importers said the higher import value was mainly due to global oil prices rising as the Middle East conflict escalated from late February, pressuring supply. Importers boosted shipments and diversified sources to avoid domestic gasoline shortages.

Government measures and domestic supply status

During the April 10 socio-economic discussion, Minister of Industry and Trade Le Manh Hung said the ministry has prepared contingency scenarios. Two domestic refineries, Dung Quat and Nghi Son, have enough feedstock to operate until the end of April. Domestic fuel supply can ensure production and consumption for the month.

Mr. Hung also said domestic stocks have risen from 15 to 26 days.

He noted that Vietnam maintains gasoline and diesel prices below the world average by about $1.3 per liter, roughly VND 35,000 per liter. RON 95-III gasoline is currently around VND 23,000-24,000 per liter, while some regional countries face difficulties due to supply chain disruptions.

Tax cuts through June

Under a resolution passed by the National Assembly on the morning of April 12, taxes on gasoline and oil—including environmental protection taxes, value-added tax (VAT), and special consumption tax—were reduced to 0% through the end of June.

Need for a national reserve

Despite the tax reductions, lawmakers argued during the socio-economic discussions that Vietnam should accelerate the establishment of a national gasoline and oil reserve as insurance for the economy. The government said Vietnam aims to form a gasoline and oil reserve system with at least 90 days of imports by 2030.