Crude oil imports in the first quarter of 2023 rose 55% from a year earlier to 2.7 million tonnes, while coal imports rose 35% to 8.6 million tonnes, the Customs Department said in a report. Nguyen Thanh Son, a Hanoi-based energy expert, said importers might have taken advantage of lower import prices to increase their stocks.
"The strong rise in crude oil and coal imports in the first quarter doesn't necessarily mean domestic demand for fuel is strong," Son said.
The crude oil import value in the first quarter rose 46.4% from a year earlier to $1.7 billion, while the coal import value rose by only 0.9% to $1.5 billion, the customs report showed.
Vietnam's domestic crude oil and coal output in the first quarter stayed flat from the same period last year, at 2.1 million tonnes and 11.6 million tonnes, respectively.
Economic growth slowed to 3.32% in the first quarter, against a 5.92% year-on-year expansion in the fourth quarter of 2022, as exports were hit by weakening global demand.
The Southeast Asian country's overall demand for crude oil is forecast to be lower this year as both of its oil refineries are scheduled to undergo a lengthy shutdown for maintenance in the second half of 2023. (Reporting by Khanh Vu Editing by Ed Davies, Martin Petty)
