Vietnam exported petroleum products to the tune of US$32 million in February, up from US$24 million in January, a change of 32.22 percent, according to preliminary data from Vietnam’s General Department of Customs.
Year to date, Vietnam had exported US$55 million worth of petroleum products by the end of February.
Thailand accounted for US$15 million worth of Vietnam’s petroleum products exports in February. This was up from US$14 million in January, a change of 9.89 percent. Year to date, Vietnam has shipped US$29 million worth of petroleum products to Thailand.
Singapore followed, taking US$12 million worth of Vietnam’s petroleum products exports in February. This was up from US$5 million in January, a change of 153.37 percent. Year to date, Vietnam has shipped US$16 million worth of petroleum products to Singapore.
Malaysia was next with US$4 million worth of Vietnam’s petroleum products exports in February. This was down from US$4 million in January, a change of -8.76 percent. Year to date, Vietnam has shipped US$8 million worth of petroleum products to Malaysia.
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Vietnam petrol industry news
Recent developments include:
Vietnam petroleum imports
Vietnam imported US$721 million in petroleum products and US$246 million in other petroleum products in February, according to preliminary data from Vietnam’s General Department of Customs. Read more→
Ride-hailing driver fuel price support
Ride-hailing platforms in Vietnam are introducing fuel support programmes for more than 500,000 drivers as petrol prices rise sharply.
Drivers on some platforms can receive fuel support of up to VND800,000 (US$30.36) per month, depending on vehicle type and activity levels.
PM calls for tapping Price Stabilisation Fund
Prime Minister Pham Minh Chinh ordered authorities to immediately use the petrol price stabilisation fund to limit fuel price volatility amid Middle East tensions.
The prime minister also requested consideration of reducing environmental protection taxes on fuel to zero while promoting biofuel use and energy conservation.
See also: What is Vietnam’s Price Stabilisation Fund?
Hue gas station citation for fuel purchase limit
Authorities in Hue cited a petrol station for limiting sales to VND300,000 per customer (US$11.39), suggesting the behaviour amounted to hoarding.
The Department of Industry and Trade said the incident followed public concern over rising fuel prices linked to the conflict in Iran.
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Listed petrol companies’ performance February
Key petroleum firms listed on the Vietnam stock exchange include:
Binh Son Refining and Petrochemical JSC (BSR)
Binh Son Refining and Petrochemical JSC (BSR) operates the Dung Quat Refinery and engages in refining crude oil and producing petroleum products. (BSR)
In February, BSR shares moved from 22.40 to 31.20, a change of 8.80 (0.39 percent). Foreign ownership moved from 23,861,487.86 to 23,420,089.09, a change of -441,398.77 (-0.02 percent).
Petroleum Materials Distribution JSC (COM)
Petroleum Materials Distribution JSC (COM) trades petroleum products and distributes fuels and lubricants under the Petrolimex network. (COM)
In February, COM shares moved from 34.10 to 0.00, a change of -34.10 (-1.00 percent). Foreign ownership moved from 68,954.27 to 68,949.27, a change of -5.00 (0.00 percent).
Petrolimex Gas Corporation (PGC)
Petrolimex Gas Corporation (PGC)
In February, PGC shares moved from 14.60 to 16.75, a change of 2.15 (0.15 percent). Foreign ownership moved from 283,852.24 to 283,820.24, a change of -32.00 (0.00 percent).
Petrolimex Insurance Corporation (PGI)
Petrolimex Insurance Corporation (PGI) provides non-life insurance products, including vehicle, property, and marine coverage. (PGI)
In February, PGI shares moved from 19.30 to 20.00, a change of 0.70 (0.04 percent). Foreign ownership moved from 882,601.39 to 882,567.59, a change of -33.80 (0.00 percent).
Petrolimex Joint Stock Tanker Company (PJT)
Petrolimex Joint Stock Tanker Company (PJT) transports petroleum products by sea and provides maritime logistics services. (PJT)
In February, PJT shares moved from 9.90 to 0.00, a change of -9.90 (-1.00 percent). Foreign ownership was unchanged.
Petrolimex Group JSC (PLX)
Petrolimex Group JSC (PLX) is Vietnam’s largest petroleum distributor, operating fuel retail, storage, and logistics networks nationwide. (PLX)
In February, PLX shares moved from 58.90 to 57.80, a change of -1.10 (-0.02 percent). Foreign ownership moved from 586,651.49 to 592,337.72, a change of 5,686.23 (0.01 percent).
PetroVietnam Drilling and Well Services Corporation (PVD)
PetroVietnam Drilling and Well Services Corporation (PVD) provides oil drilling, engineering, and technical services for the petroleum industry. (PVD)
In February, PVD shares moved from 31.00 to 38.60, a change of 7.60 (0.25 percent). Foreign ownership moved from 2,093,115.71 to 2,015,550.29, a change of -77,565.42 (-0.04 percent).
PetroVietnam Transportation Corporation (PVP)
PetroVietnam Transportation Corporation (PVP) offers marine transportation and logistics for petroleum products. (PVP)
In February, PVP shares moved from 14.65 to 15.95, a change of 1.30 (0.09 percent). Foreign ownership moved from 504,399.97 to 503,902.87, a change of -497.10 (0.00 percent).
PetroVietnam Transportation JSC (PVT)
PetroVietnam Transportation JSC (PVT) operates a fleet transporting crude oil, petroleum, and chemicals across Vietnam and internationally. (PVT)
In February, PVT shares moved from 20.75 to 24.05, a change of 3.30 (0.16 percent). Foreign ownership moved from 1,789,709.06 to 1,792,474.01, a change of 2,764.95 (0.00 percent).
Vietnam Petroleum Transport JSC (VIP)
Vietnam Petroleum Transport JSC (VIP) transports petroleum products and provides maritime logistics and tanker services. (VIP)
In February, VIP shares moved from 11.80 to 12.60, a change of 0.80 (0.07 percent). Foreign ownership moved from 268,345.48 to 299,669.48, a change of 31,324.00 (0.12 percent).
Vietnam Tanker Corporation (VTO)
Vietnam Tanker Corporation (VTO) provides petroleum transportation and marine logistics services. (VTO)
In February, VTO shares moved from 11.80 to 12.25, a change of 0.45 (0.04 percent). Foreign ownership moved from 358,984.15 to 359,274.15, a change of 290.00 (0.00 percent).
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Vietnam’s petrol industry
Vietnam’s petroleum industry is centred on a combination of domestic crude production, refining capacity, and large volumes of imported refined fuels.
Domestic crude oil output is concentrated offshore and largely operated by PetroVietnam and its joint-venture partners.
Most of Vietnam’s refined petroleum supply comes from the Dung Quat and Nghi Son refineries, which together provide a significant share of domestic fuel demand.
Even so, Vietnam continues to import large volumes of petroleum products and other petroleum products to meet consumption growth driven by industry, transport, and electricity generation.
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The data
Vietnam’s exports of petroleum products in February, US$m
| February | January | MoM | YTD | |
| Total | 31.67 | 23.95 | 32.22% | 54.99 |
| Other | 0.00 | 0.00 | -100.00% | 0.29 |
| Thailand | 15.28 | 13.91 | 9.89% | 29.11 |
| Singapore | 12.05 | 4.76 | 153.37% | 16.35 |
| Malaysia | 3.63 | 3.98 | -8.76% | 7.52 |
| Indonesia | 0.55 | 0.21 | 160.84% | 0.75 |
| Laos | 0.16 | 1.10 | -85.83% | 0.96 |