In recent years, Vietnam has emerged as an increasingly important player in the global energy landscape. Rapid industrialization, strong economic growth, and expanding domestic energy demand have transformed the country’s oil market structure. Once recognized as a modest crude exporter, Vietnam has now transitioned into a net importer of crude oil as domestic production declines and refining capacity expands.
According to recent vietnam crude oil import data, the total value of crude oil imports reached approximately $8.1 billion in 2024, representing a 5% increase compared with the previous year. This structural shift is not temporary; it reflects deeper changes in Vietnam’s upstream production capacity and downstream refining strategy. As refineries grow and domestic oil fields mature, vietnam crude oil imports are expected to play an even more crucial role in supporting the country’s energy needs.
This article explores the major trends behind Vietnam’s crude oil imports, the top supplier countries, and the role of vietnam crude oil importers in shaping the country’s evolving energy market.
Vietnam’s Shift from Exporter to Importer
Vietnam’s crude oil industry has undergone a significant transformation over the past decade. Historically, the country exported crude oil from offshore fields such as the Bach Ho (White Tiger) field in the Cuu Long Basin. However, declining production from these mature fields has significantly reduced domestic supply.
In 2024, Vietnam’s crude oil production dropped to approximately 8.1 million tonnes, representing a decline of more than 6% compared with the previous year. At the same time, domestic demand for refined petroleum products continued to rise due to economic expansion, industrial development, and growing transportation needs.
As a result, vietnam crude oil imports have grown rapidly to fill the gap between declining domestic supply and increasing refinery demand. The expansion of large refineries has further accelerated this trend.
According to global trade estimates and vietnam customs data, crude oil import value has more than tripled in recent years. This reflects both higher global oil prices and the country’s increasing reliance on imported feedstock.
Vietnam Crude Oil Import Growth Over the Last Decade
Historical trade data highlights how dramatically Vietnam’s import needs have increased over time.
In 2014, Vietnam imported only about $516 million worth of crude oil. The value dropped sharply in 2015 but gradually increased as new refining capacity came online. By 2018, imports reached $2.9 billion, and by 2021 they had exceeded $5 billion.
The most recent figures show a further surge. In 2024, vietnam crude oil imports climbed to $8.1 billion, marking the highest level recorded so far.
This growth reflects both higher consumption and structural changes within Vietnam’s energy sector. As domestic oil production continues to decline, imports will remain essential for maintaining refinery operations and supporting the broader energy market.
Vietnam Crude Oil Import by Countries
Vietnam relies on several international partners to meet its crude oil requirements. However, one country dominates the supply chain.
The latest Vietnam Crude Oil Import by countries analysis reveals that Kuwait provides the vast majority of crude oil shipments to Vietnam, while several other nations contribute smaller volumes.
Below are the top suppliers of crude oil to Vietnam during 2024–25:
Kuwait
Kuwait is by far the largest supplier, accounting for approximately $6.99 billion in crude oil exports to Vietnam. This represents over 86% of Vietnam’s total crude imports.
The strong relationship between the two countries is closely linked to the Nghi Son Refinery, which was designed to process Kuwaiti medium-sour crude. Long-term supply agreements ensure a stable flow of crude oil, making Kuwait the cornerstone of Vietnam’s import strategy.
Azerbaijan
Azerbaijan ranks second, supplying crude oil worth around $436 million. Although its share is much smaller compared with Kuwait, Azerbaijan remains an important supplier for diversification and blending purposes.
Nigeria
Nigeria is another major contributor, exporting crude oil valued at $433 million to Vietnam. Nigerian crude offers different characteristics that can complement other grades used by Vietnamese refineries.
Taiwan
Taiwan supplied approximately $50 million worth of crude oil, representing a small but meaningful share of the import market.
Brunei
Brunei exported about $55 million in crude oil to Vietnam. Its geographical proximity provides logistical advantages and helps diversify the country’s supply sources.
Libya
Libya contributed roughly $35 million in crude oil exports to Vietnam despite facing challenges in its domestic oil industry.
United Arab Emirates
The UAE supplied around $30 million worth of crude oil, reflecting its broader role in global energy markets.
United States
The United States supplied approximately $25 million in crude oil shipments. Although the volume is still small, U.S. oil exports to Vietnam represent a growing diversification trend.
Russia
Russia exported about $20 million worth of crude oil to Vietnam, contributing a modest share of the market.
Angola
Angola completes the top ten list with exports valued at $15 million.
Together, these countries represent the core supply network supporting Vietnam’s energy security.
Vietnam Crude Oil Imports: Volumes and Market Dynamics
In 2024, Vietnam imported roughly 9.1 million tonnes of crude oil, valued at approximately $8.1 billion. Compared with 2023, this represented significant growth in both volume and value.
During the first eight months of 2024 alone, imports reached 9.1 million tonnes worth $5.7 billion, reflecting strong year-on-year increases in both quantity and price.
Monthly trade patterns indicate consistent supply flows, particularly from Kuwait. For example, in February 2025, Vietnam’s crude oil imports reached approximately $804.8 million, with Kuwait accounting for about 80% of the total.
While imports fluctuated slightly in later months, Kuwait continued to dominate the supply chain. Nigeria and Brunei maintained smaller but consistent roles.
These figures highlight the growing importance of vietnam crude oil importers, who manage the procurement and logistics of crude supplies for domestic refineries.
Key Vietnam Crude Oil Importers and Industry Players
Several major organizations play critical roles in managing vietnam crude oil imports and supporting the country’s energy infrastructure.
PetroVietnam (PVN)
PetroVietnam is the state-owned energy company responsible for overseeing Vietnam’s oil and gas sector. It plays a central role in exploration, production, refining, and trading.
PetroVietnam Exploration and Production (PVEP)
PVEP focuses on upstream exploration and development of domestic oil and gas resources.
Binh Son Refining and Petrochemical (BSR)
BSR operates the Dung Quat Refinery, Vietnam’s first refinery, and is one of the major vietnam crude oil importers responsible for sourcing crude oil for refining operations.
PetroVietnam Oil Corporation (PV Oil)
PV Oil manages trading activities, distribution, and some crude oil imports.
Vietsovpetro
This joint venture between PetroVietnam and Russia’s Zarubezhneft operates several offshore oil fields, including the Bach Ho field.
These companies collectively form the backbone of Vietnam’s oil industry and play essential roles in managing the country’s increasing dependence on imported crude.
Why Vietnam Crude Oil Imports Are Rising
Several factors explain the rapid growth in vietnam crude oil imports.
Declining Domestic Oil Production
Vietnam’s major offshore oil fields are mature and experiencing natural production declines. The Bach Ho field, once the country’s largest oil producer, now produces only a fraction of its historical peak output.
New discoveries tend to be smaller and more technically challenging, limiting future production growth.
Expanding Refining Capacity
Vietnam has invested heavily in refining infrastructure to reduce reliance on imported refined fuels.
The two main refineries currently operating in the country include:
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Dung Quat Refinery, operational since 2009
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Nghi Son Refinery, with a capacity of approximately 200,000 barrels per day
A third project, the Long Son Petrochemical Complex, is under development and will further increase crude oil demand once completed.
Rising Energy Demand
Vietnam’s rapidly growing economy continues to increase energy consumption. Industrial expansion, transportation growth, and rising living standards all contribute to higher demand for petroleum products.
Strategic Supply Diversification
Vietnam is also exploring new suppliers to reduce dependence on a single source. The first U.S. crude shipment in 2025 signals Vietnam’s interest in diversifying its import portfolio.
Future Outlook for Vietnam’s Oil Market
Looking ahead, Vietnam’s oil and gas sector is expected to grow steadily over the next decade. Industry analysts estimate a compound annual growth rate of around 3% for the sector.
However, upstream production is likely to continue declining. Without major new discoveries, domestic oil output will remain limited.
As a result, vietnam crude oil imports will continue to rise, driven by refinery expansion and growing energy demand.
Kuwait will likely remain the dominant supplier, but other countries such as the United States, Nigeria, and regional producers may gradually increase their market share.
At the same time, vietnam crude oil importers will play an increasingly strategic role in securing stable and diversified supply chains.
Conclusion
Vietnam’s crude oil market is undergoing a profound transformation. The country’s transition from a net exporter to a net importer reflects the combined effects of declining domestic production, expanding refinery capacity, and rising energy demand.
Today, vietnam crude oil imports have become essential to maintaining refinery operations and supporting economic growth. Kuwait remains the primary supplier, while countries such as Nigeria, Azerbaijan, and the United States contribute to supply diversification.
Supported by detailed insights from vietnam crude oil import data, vietnam customs data, and broader vietnam imports statistics, it is clear that Vietnam’s reliance on imported crude will continue to grow in the coming years.
For businesses, traders, and analysts, understanding the evolving landscape of Vietnam Crude Oil Import by countries and identifying leading vietnam crude oil importers will be critical for navigating opportunities in Vietnam’s expanding energy market.
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