Vietnam’s production of refined petroleum products increased by 2.3 percent in December compared to November, according to Vietnam’s Industrial Production Index.
Year-on-year, the sector declined by 5.7 percent in December compared to December 2023. However, cumulative production for the full year of 2024 grew by 12.9 percent compared to 2023, highlighting strong overall annual growth despite monthly fluctuations.
Refined petroleum is a critical component of Vietnam’s industrial and energy landscape, supporting transportation, manufacturing, and power generation. Investments in refinery upgrades, including the Nghi Son and Dung Quat facilities, however, may be needed to boost production capacity and efficiency, and to strengthen Vietnam’s position in regional energy markets.
The sector’s strong annual growth underscores its importance in Vietnam’s economic development, despite short-term challenges.
See also: Vietnam’s Petroleum Industry