Vietnam’s gasoline and oil production for December 2024 is projected to be 1.33 million tons, with an estimated total of 17.13 million tons for the entire year, according to Vietnam’s General Office of Statistics. This represents a year-on-year increase of 14 percent compared to 2023, showing strong growth in the sector.
In November 2024, the country produced 1.30 million tons of gasoline and oil, maintaining a steady output despite slight fluctuations in December. The gasoline and oil industry is expected to achieve 94.8 percent of its target for December, while the full-year production is projected to reach approximately 114 percent of the initial forecast for 2024.
Vietnam’s gasoline and oil production is a critical component of the country’s energy and industrial landscape, supporting domestic energy needs and contributing to economic growth. The sector primarily relies on crude oil extracted from offshore fields, with a portion refined domestically and the rest exported. Two key facilities—Dung Quat Refinery in Quang Ngai Province and Nghi Son Refinery in Thanh Hoa Province—handle Vietnam’s domestic refining needs, producing gasoline, diesel, jet fuel, and other petroleum products.
Dung Quat, operated by Binh Son Refining and Petrochemical Company, was Vietnam’s first refinery and remains a cornerstone of domestic oil production. Nghi Son Refinery, a joint venture with international investors, significantly increased Vietnam’s refining capacity upon its launch. These facilities aim to reduce Vietnam’s reliance on imported petroleum products and enhance energy security.
Despite this, domestic production meets only a portion of the growing demand for gasoline and oil, driven by rapid industrialisation, urbanisation, and increased vehicle ownership. Vietnam continues to rely on imports of refined petroleum products to fill the gap. Global fluctuations in crude oil prices and the geopolitical complexities of the South China Sea also pose challenges for the sector.
To address these issues, Vietnam is exploring ways to modernise its refineries, enhance efficiency, and potentially develop additional refining capacity. Investments in renewable energy and natural gas are also part of the broader strategy to diversify the country’s energy mix. While the gasoline and oil production sector faces challenges, it remains vital to Vietnam’s energy infrastructure and economic resilience.
See also: Crude Oil Industry in Vietnam