Preliminary statistics from the General Department of Customs show that nearly 2.18 million tonnes of fuel were imported during the January-February period. Compared with the same period last year, fuel imports rose 43 percent in volume and 31.4 percent in value.

In contrast, Vietnam imported more than 2.16 million tonnes of crude oil worth US$1.08 billion, down 10 percent in volume and 25 percent in value year-on-year.

On the export side, Vietnam recorded crude oil export turnover of US$200.3 million and nearly US$55 million from exports of refined petroleum products in the first two months of the year. Compared with the same period last year, exports of these commodities declined by 16.7 percent and 62.3 percent respectively.

In 2025, Vietnam imported about 9.9 million tonnes of fuel products with a total value of roughly US$6.8 billion. Meanwhile, crude oil imports reached 14.1 million tonnes with a turnover of about US$7.7 billion.

Vietnam is currently a net importer of petroleum products. Against the backdrop of escalating military tensions in the Middle East, the sharp increase in energy imports helps ensure supply for domestic production and consumption.

The Ministry of Industry and Trade said petroleum wholesalers are continuing to import refined fuel products to supply the domestic market, even as import and transportation costs show signs of rising.

Together with the circulating reserves that businesses are required to maintain, fuel supply for the domestic market in March 2026 is basically secured.

In addition to imported supplies, according to a report from the Vietnam National Industry - Energy Group (Petrovietnam), current crude oil production stands at around 180,000 barrels per day.

Of this total, roughly 150,000 barrels per day are supplied to the Dung Quat oil refinery.

Regarding production capacity, the Dung Quat refinery can maintain stable operations at around 118 percent of capacity at least until the end of April 2026, ensuring fuel supply under contracts signed with wholesalers.

Meanwhile, the Nghi Son oil refinery continues to operate steadily with sufficient feedstock to maintain its production plan in the coming period.

As a result, the country’s two major refineries, Dung Quat and Nghi Son, are operating normally and ensuring petroleum supply for wholesalers under signed contracts through the end of March, according to the Ministry of Industry and Trade.

However, if military conflict in the Middle East continues into April, the market could face greater challenges.

Tam An