Viet Nam spent US$927 million on importing 1.66 million tonnes of petroleum products over the past two months, surging 2 per cent in volume against the same period last year.

Up to 750,000 tonnes of petroleum products, worth US$433 million, were shipped to Viet Nam in February alone, according to statistics from the Ministry of Industry and Trade.

During the two-month period, petroleum shipments from Singapore to Viet Nam hit more than 610,000 tonnes, valued at $304.7 million, making Singapore Viet Nam’s leading supplier for petroleum products.

South Korea came second with 428,300 tonnes, worth more than $263 million, followed by Malaysia with above 300,000 tonnes, or equivalent to $138 million, and Thailand with 180,000 tonnes, valued at $73 million.

In two months, Viet Nam also imported petroleum from China and Russia, amounting to 123,000 tonnes, worth $66.2 million, and 5,300 tonnes, worth $3.24 million, respectively.

Earlier this week, local petroleum retailers lowered the price of petroleum by VND76 per litre and E5 bio-fuel by VND58 per litre to VND18,022 (80 US cents) and VND17,760 per litre.

This marks the first time this year that the ministries of Industry and Trade and Finance reduced the price of petroleum.— VNS