news Published on March 4, 2019

Auto and crude oil imports reach record highs

VOV

The import of both vehicles and crude oil increased drastically during the first two months of the year, reaching some USD1.7 billion in value.

The import of automobiles doubled during the two-month period, reaching USD1 billion in value, according to statistics released by the General Statistics Office of Vietnam.

Meanwhile, crude oil imports soared by nearly 17 times one year to USD693 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% 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% on year to USD36.76 billion between January and February.

This two-month period saw China as the largest source of imports with the turnover amounting to USD10.7 billion. Electronic items, computers, and components imported from China leapfrogged by 61.8% while machinery and spare parts surged by 33.5%, and steel imports rose by 16.7%.

Imports from the Republic of Korea (RoK) slid by 2.1% on-year to USD7.4 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% while steel imports plunged dramatically by 18.3%.

Imports from ASEAN member countries inched up 1.4% to USD4.7 billion. Of these, electronic products, computers and their components edged up 6.6%.