Vietnam crude oil industry January 2026: imports -17.99% / exports -68.36% / production +3.15%

Vietnam imported US$598 million worth of crude oil in January, down 17.99 percent from US$729 million in December, according to preliminary data from Vietnam’s General Department of Customs.

Conversely, Vietnam exported US$41 million worth of crude oil in January, down 68.36 percent from US$131 million in December.

Vietnam also produced 726.92 thousand tons of crude oil in January, up 3.15 percent from 704.69 thousand tons in December.

Main import sources

Kuwait accounted for US$502 million worth of Vietnam’s crude oil imports in January. This was down from US$536 million in crude oil imports in December, a change of 6.26 percent. Year to date, Kuwait has shipped US$502 million worth of crude oil to Vietnam.

After Kuwait was Brunei Darussalam making up US$24 million worth of Vietnam’s crude oil imports in January.

Main export destinations

Australia accounted for US$22 million worth of Vietnam’s crude oil exports in January. This was down from US$67 million in crude oil exports in December, a change of -66.43 percent. Year to date, Vietnam has shipped US$22 million worth of crude oil to Australia.

After Australia was Thailand making up US$19 million worth of Vietnam’s crude oil exports in January. This was down from US$22 million in crude oil exports in December, a change of -14.65 percent. Year to date, Vietnam has shipped US$19 million worth of crude oil to Thailand.

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Listed crude oil companies

Key crude oil firms listed on the Vietnam stock exchange include:

Binh Son Refining and Petrochemical JSC

Binh Son Refining and Petrochemical JSC (BSR) operates the Dung Quat Refinery and engages in refining crude oil and producing petroleum products.

BSR closed at VND 31,200 on Friday, up 1.2 percent with 181,888,000 shares traded, worth VND 567,093 million.

Foreign ownership in BSR is currently capped at 79.1 percent, with current foreign ownership sitting at 3.6 percent.

PetroVietnam Transportation JSC

PetroVietnam Transportation JSC (PVT) operates a fleet transporting crude oil, petroleum, and chemicals across Vietnam and internationally.

PVT closed at VND 24,050 on Friday, up 1.55 percent with 219,858,000 shares traded, worth VND 524,059 million.

Foreign ownership in PVT is currently capped at 49.0 percent, with current foreign ownership sitting at 10.9 percent.

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Vietnam crude oil industry news

MoU with US firms on crude oil supply

The Binh Son Refining has signed memoranda with several United States firms to secure crude oil supplies for the Dung Quat refinery and explore biofuel cooperation in Washington on February 3, 2026.

The agreements with Chevron, Marquis Energy and ADM Asia-Pacific Trading cover crude supply stability and potential imports of bioethanol and corn feedstock for domestic biofuel production.

The agreements are in line with attempts to ease trade tensions with the US with respect to Vietnam’s trade surplus with the country.

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Vietnam’s crude oil industry

Vietnam’s crude oil industry centres on offshore fields in the southern continental shelf, supplying both exports and feedstock for domestic refineries.

State-owned PetroVietnam and its joint ventures play a leading role in exploration and production activities.

Output has fluctuated over time as mature fields decline and new projects face technical and investment constraints.

Vietnam both exports crude oil and imports crude to meet refinery demand, reflecting differences in quality, capacity and downstream configuration.

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The data

Vietnam imports of crude oil in January, US$m

Vietnam exports of crude oil in January, US$m