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.
Year-to-date performance remains largely unchanged. From January to October, crude oil exports totalled 2.26 million tonnes, with a value of US$1.53 billion, reflecting marginal declines of 0.3 percent in volume and 0.4 percent in value compared to the same period in 2023.
The October slump underscores ongoing volatility in global crude oil markets, with fluctuating prices and demand impacting export performance. Despite relatively stable year-to-date figures, the sector’s challenges highlight the need for diversification and efficiency improvements to mitigate future risks.
See also: Mining in Vietnam: Industry Overview