mining

Year-on-year, the sector recorded a significant growth of 25.5 percent in December 2024 compared to December 2023. For the full year of 2024, cumulative growth stood at 10.0 percent compared to 2023, highlighting the steady expansion of these essential services.

Vietnam’s ores and other minerals products exports total US$215.74 million for 2024.

Year-on-year, the sector saw a 4.4 percent decline in December 2024 compared to December 2023. However, for the full year of 2024, cumulative production rose by 14.4 percent compared to 2023, reflecting strong growth over the year despite monthly and annual fluctuations.

Year-on-year, the sector saw a 2.6 percent decline in December 2024 compared to December 2023. Over the full year, the mining of coal and lignite contracted by 5.5 percent in 2024 compared to 2023, indicating sustained challenges in the industry.

Year-on-year, crude oil production declined by 3.8 percent in December compared to December 2023. For the full year of 2024, the sector recorded a cumulative contraction of 6.1 percent compared to 2023, reflecting sustained challenges throughout the year.

Year-on-year, the sector contracted by 6.2 percent in December 2024 compared to December 2023. However, for the full year of 2024, non-ferrous metal ore mining recorded a strong 17 percent increase compared to 2023, reflecting overall growth despite short-term challenges.

Year-on-year, the sector grew by 2.0 percent in December 2024 compared to December 2023. For the full year of 2024, cumulative production rose by 2.9 percent compared to 2023, reflecting steady growth in this critical industry.

Year-on-year, the industry saw a 3.7 percent decline in December 2024 compared to December 2023. Over the entirety of 2024, the extractive sector experienced a cumulative contraction of 6.5 percent compared to 2023, indicating a challenging year for the industry.

The United States remained the largest importer, purchasing US$66.03 million, a growth of 4.7 percent month-on-month. India followed with US$47.08 million, slightly decreasing by 1.89 percent.

Japan emerged as a standout market, importing US$3.02 million, a staggering increase of 5,840 percent compared to the previous month.

The United States retained its position as the largest market, importing US$21.97 million, a slight 0.16 percent rise from October. South Korea displayed the most significant growth, increasing its imports by 50.56 percent to US$5.82 million.

Year-to-date (YTD), the mining sector has attracted a total of 1 new project with US$2.8 million in newly registered capital, indicating limited investment activity for the year.

Year-to-date imports totalled US$8.65 billion. China led the imports with US$252.78 million, an increase of 10.55 percent month-on-month. Significant growth was also observed in imports from the Philippines, which surged by 94.59 percent.

Year-on-year, however, the extractive sector showed a significant decline of 9.85 percent in November 2024 compared to the same month in 2023. For the first 11 months of 2024, the IPI decreased by 7.31 percent compared to the same period the previous year, highlighting ongoing challenges faced by the industry.

However, year-to-date performance remains weak. From January to October, exports in this category totalled US$523.14 million, marking a significant 38.3 percent decline compared to the same period in 2023.

Year-to-date figures also reflect stable growth. From January to October, exports in this category totalled US$3.47 billion, a 3.6 percent increase compared to the same period in 2023.

However, year-to-date performance presents a mixed picture. From January to October, exports totalled 1.71 million tonnes, marking a 28.8 percent decline in volume compared to the same period in 2023. Despite this, export value rose by 11.1 percent, reaching US$174.41 million, likely reflecting higher unit prices.

Vietnam’s crude oil exports faced a sharp decline in October 2024, with export volumes dropping to 118,275 tonnes and a value of US$73.29 million. This represents a significant 58.6 percent decrease in volume and a 61.4 percent fall in value compared to September, which recorded 285,624 tonnes valued at US$189.70 million, according to Vietnam’s General Department of Customs

While the sector plays a role in Vietnam’s resource extraction, it has seen lower FDI interest compared to more dynamic sectors. Future growth will likely depend on policy reforms and sustainability initiatives to attract responsible and long-term investment in mining…