Energy Vietnam petroleum product exports plunge 34.36% in May

Vietnam’s exports of petroleum products reached US$60.23 million in May 2025, according to figures released by Vietnam’s General Department of Customs. This marks a significant decrease of 34.36 percent compared to April, bringing the year-to-date (YTD) export value to US$413.38 million.

Major Market Shifts:

• The overall decline was largely driven by sharp drops in exports to Cambodia, which plummeted by 80.93 percent to US$3.87 million, and Malaysia, which saw an 85.06 percent decrease to US$3.11 million. These two markets were major contributors in April but saw substantial reductions in May.
• Singapore also experienced a significant decline of 44.90 percent.

Key Markets with Positive Growth:

• South Korea emerged as the top destination in May, with exports surging by an impressive 67.33 percent to US$23.78 million, making it the largest YTD market with 26.30 percent of the total.
• China also showed positive growth, with a 5.26 percent increase to US$15.31 million.
• Russia recorded a substantial 41.22 percent increase.
• Laos saw a 12.80 percent increase.
• Notably, Hong Kong and Thailand appeared as new export markets in May.

The May data for Vietnam’s petroleum product exports indicates a challenging month with a significant overall decline, primarily due to drastic reductions in shipments to Cambodia and Malaysia. However, the strong performance in South Korea, China, and Russia suggests a shift in market focus and potential for diversification. This volatility reflects the dynamic nature of global petroleum markets and regional demand changes.

See also: Vietnam Petroleum Industry 2025: Consumption, Trade & Key Players

Vietnam exports of petroleum products, May 2025, US$ millions